While playing games before it used to be a dream that in-game gems or cash can be withdrawn so that the hard-earned rewards can be used in real life and get paid for playing all day long. Fast-forward to this day, where games have emerged on crypto that the market can’t even deny the fact that GameFi has taken a high spot on cryptocurrency.
The massive emergence of the interest of the majority has turned the tide on GameFi. And as Q2 is closing to an end, is GameFi still going to rise for the rest of the year?
But first, let’s have a quick introduction to GameFi.
What is GameFi?
Game-Fi is a combination of game and DeFi. Just like any other game, it allows players to generate in-game rewards by completing virtual tasks, going on quests, battles or tournaments, or advancing to higher levels. But these in-game rewards and assets, such as costumes, lands, avatars, or gems, can be then converted to a cryptocurrency, to NFTs (Non-Fungible Tokens) that can be traded or sold outside the game, or even to a fiat currency. That’s the dream!
In 2021, Axie Infinity skyrocketed on GameFi. It paved the way for other game developers and players to hop into the train. Even those with zero knowledge on cryptocurrency have entered the GameFi for the etization opportunities by raising and battling these cute little pet sters, which made them gain millions of community members. As the crypto market plummeted, the noise kind of reduced. But according to an interview of co-founder Jeff Zirlin on TechCrunch, “2021 was a year of growth and scaling, 2022 is a year of building, shipping products, and delivering better and more accessible gameplay experiences.”
Crypto, in general, is cyclical, it has its ups and downs. One cannot stay on the top or bottom forever. There will always be a time for growth and for building— for trophies and for making improvements in Web3. Just make sure to always DYOR!
Latest GameFi Mania
Despite the fact that a lot of questions have been raised on whether Move-To-Earn is actually considered a real game, StepN ($GMT) and StepApp ($FITFI) gained popularity with the public. These are move-to-earn NFT games that reward players for moving their bodies or being physically active.
Let’s admit it, keeping in shape is pretty much demanding particularly when your body and mind are not simply committed to it. The Move-To-Earn business model in crypto gaming promotes a healthy lifestyle and boosts physical activities. Running or walking for miles can now be a lot more rewarding, not only elevating your endorphins and trimming down some fats yet also giving you financial gains. It is having an active lifestyle with passive income.
It is with no question that everyone knows about Poké and Tamagotchi, so imagine a consolidated game of these models into the blockchain as part of the move-to-earn ecosystem. Another on the list is GenoPets ($GENE), the world’s first move-to-earn NFT game. A Genopet is considered as your NFT spirit animal, encoded with your personality and fitness data. As stated on their Whitepaper, compared to Axie Infinity’s model, GenoPets allows users to play for free, eliminating the upfront cost to commence with evolving their Genopet— making it available at a global scale.
Welcoming GameFi on Hyperverse
We have already introduced Emerald City DAO as the First Protocol DAO of the Hyperverse, and are now in development of their first GameFi Smart Module set and starter application (Dappstarter) for Hyperverse.
We wanted to be part of the process of making your dream game into reality.
Are you also into gaming, what are your thoughts about GameFi? Let us know, come over on our Discord channel.
HyperverseDAO, Community Ambassador
Here’s a 🧵 by one of our Community Ambassadors, @cryptoyieuWhat you basically need to know about GameFi: A 🧵
🎮 GameFi = Game + DeFi (Finance)
GameFi refers to a blockchain incorporated in gaming, it’s like backing-up all your game data on the blockchain network.
So, what’s the difference between Traditional Games and GameFi?
🎮 Traditional Game = Play-to-Win
Players may have to pay for subscriptions, to remove ads, or to unlock the next levels, or they may play for free. And that’s it.
AIM: To FINISH & WIN
🎮 GameFi = Play-to-Earn
Players can buy their way up or play with 0 investment. The catch is players can earn ey that they can use outside the game— here in the real world.
AIM: WIN MORE to EARN MORE
These In-game Rewards can be converted or exchanged to:
💰 Cryptocurrency token/coin
👾 NFTs that can be traded/sold in the marketplace
💵 Fiat Currency
Secured Ownership on GameFi 🔐
Aside from the financial incentives of GameFi, another advantage is that players have complete control over their virtual assets; the devs of the games have no say over it. Players can customize/design their assets without restraint.
Let’s have a look at companies engaging in the GameFi ecosystem..
#Dexioprotocol is a blockchain company developing an ecosystem of GameFi apps on its own blockchain network.
A play-to-earn, move-to-earn, and learn-to-earn in one.