While the birth of GameFi can be traced back to before the advent of cryptocurrencies, this trend has only recently begun to become widespread. One example that demonstrates GameFi’s growing popularity is the massive success of Axie Infinity. More than a million active players enter this game every day, and the volume of Axie infinity token sales on the securities market exceeded $1 billion in August 2021.
The ever-evolving technology behind crypto games has advanced to the point where new GameFi projects are attracting huge numbers of fans as well as corporate funding. Industry experts believe that cryptogames are the most successful way to widely adopt blockchain technology. As GameFi projects become more popular among traditional gamers, the adoption of cryptocurrencies will only increase.
Further development
As you might expect, GameFi is increasing its influence in the $175 billion gaming market. Video games have long been enjoyed with the concepts of in-game currencies, scarce digital items and tokenization, but without the receipt of monetary value. There is no doubt that GameFi projects will grow in popularity because they have all of these elements and at the same time directly empower users financially.
These are exciting times for GameFi. Industry leaders such as game studios Ubisoft and MOBOX, as well as semiconductor manufacturer AMD, have become part of the Blockchain Game Alliance, an organization created to raise awareness about GameFi. Welcomed by developers and gamers alike, the BGA promotes cryptogames by providing development infrastructure and forums for developers and players. where they can communicate, collaborate and share knowledge.
GameFi is growing rapidly, with the total market capitalization of leading blockchain games exceeding $14 billion. But given the enormous size of the gaming industry, the overall market offers even more growth opportunities.
With the unbridled success of Axie Infinity, CropBytes and other cryptogames, the future of GameFi seems promising. With many more GameFi games in development, new innovations are to be expected. Some of the cryptogame projects currently in development include:
Star Atlas.
Ember Sword.
Guild of Guardians
The Sandbox
Dr. Who: Worlds Apart.
These new games will open up even more profit opportunities for the private investor and multifaceted gaming experience.
But that’s not all. Game platforms like MOBOX are being developed so that marketers can create their own NFTs and games. The platform also has DeFi features, which are pools of stacking and liquidity that allow players to generate income from their assets. This revenue can then be used to buy in-game items or create keys to unlock new NFTs.
The GameFi concept better overtakes existing online games. A mechanism with the ability to earn money is ultimately a pass to wider adoption of cryptocurrencies, as blockchain and NFT games hint at what lies ahead.
So it’s no surprise that this explosive trend is only growing. At this rate, GameFi and NFT will be the starting point for DeFi. With growing public interest and an influx of capital, the prospects for this nascent industry are limitless.