GameFi Is Booming as Play-to-Earn Games Are Getting Wildly Popular

2021/08/13 10:07:40

If you ever felt like games should reward their players for their loyalty and time, then you’d probably like hearing about a new craze that is quickly emerging into mainstream media, GameFi.

GameFi, short for Game Finance derived from Gaming and DeFi, is the gamification of financial mechanisms where players can finally earn profit by playing games and get rewarded for the hours they put into a game. Utilizing a ‘play-to-earn’ model instead of the traditional ‘pay-to-win’ model, GameFi is all the rage nowadays.

Blockchain-based games prove that players can finally be rewarded for their skills and the hours they put into a game. Unlike other games, these games are successful in keeping their players incentivized to play more and promote a healthy and rewarding ecosystem for the gaming industry.

Axie Infinity (AXS)

After the success of the blockchain-based game Axie Infinity (AXS), we were met with a whole new perspective in the gaming industry. Axie infinity is built by the Yield Guild Games, one of the pioneers in catalyzing the ‘play-to-earn’ model that rewards gamers for playing games.

Yield Guild Games aims to serve home to the biggest virtual world economy by leveraging the hype around NFTs and Decentralized Finance. It brings yield gaming to game economies as well as adding value to those virtual worlds through developing their content and economy.

Yield Guild games also launched its YGG community token, which sold out in 32 seconds and raised over $12 million on SushiSwap’s MISO launchpad via its Initial DEX Offering. Axie Infinity (AXS) generated over $3.69 billion in annualized revenue, making it the highest revenue generator among all DeFi protocols and blockchains, including Ethereum.

Axie infinity market cap and total protocol revenue | Source: Token Terminal

Platforms are competing to demonstrate amazing use cases for blockchain-based games and welcome a more rewarding ecosystem for the gaming industry. With added success from first-mover platforms within the GameFi industry, we could soon see gaming titans enter the space and change the space forever.

Fear (FEAR)

Fear is a gaming platform on the Ethereum blockchain, that is developing horror gaming with FEAR tokens and interactive NFTs. The first game of their series is ‘Whack It’ with FEAR token as a core part of the Whack It ecosystem.

Fear recently announced a partnership with Soph-Oria, the lead animator of Game of Thrones, which is a big factor in it’s recent growth. Soph-Oria will now be bringing its fear-inducing designs to Fear NFT games.

Fear also integrated with ChainPort that will allow the platform to communicate with other chains. This cross-chain interoperability will expand the reach of Fear to an entirely new user-base.

Chain Guardians (CGG)

ChainGuardians is a blockchain-based gaming platform working on a Play-to-Earn model to enable player-driven economies. Players on the ChainGuardians platform can earn income and rewards by participating in the role-playing game and mining platform.

ChainGuardians has a native token called CGC, which is used for governance, staking and payments in the Chain Guardians ecosystem. CGC was listed as the top gainer within the Polygon ecosystem. ChainGuardians has a very strong focus on community building, and they have been actively involved in giveaway activities to interact with the community.

Crowns (CWS)

Seascape Network is a blockchain based gaming platform that is designed around the DeFi and NFT economies. Seascape Network has a native platform token called Crowns (CWS) designed to reward all key stakeholders of the gaming ecosystem.

Seascape Network is creating an ecosystem where users can collateralize and earn from in-game assets. The project has released an NFT collection in collaboration with Binance NFT. These NFTs are only available on BSC, and are very limited edition.

All the games under the umbrella of Seascape Network on BSC platform are ranked among the top 10 DeFi games. This indicates the rising popularity of the gaming titles and the success of the Seascape Network.

Binance Smart Chain previously outclassed Ethereum on the number of transactions because of the success of PancakeSwap, a compelling decentralized exchange that led the DeFi craze; however, this time, Binance’s success attributes to gaming platforms that are gaining massive popularity among the gaming geeks.

Gaming is a sector that has seen billions of players worldwide for a very long time, and it’s the perfect playground to attract users who aren’t familiar with cryptocurrencies and blockchain to participate.

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