Games that use blockchain add a whole new economic element to the experience. GameFi, also called “play-to-earn,” is a way to make money through games and the blockchain. Through quests, trading, and other methods, players can earn digital assets that they can use in-game. Even though most traditional games encourage players to collect and trade digital goods, these sometimes rare items are rarely sold for real-world money. But in the world of GameFi, valuable in-game items are kept as blockchain assets, and players are actively encouraged to sell them for crypto, which can be traded for real money. This gives players real benefits for the time they spend playing.
Recent changes in the gaming and GameFi industries include big purchases and more investments, as well as the speeding up of cloud gaming and the start of making money off of hardware that isn’t being used. Here are the five biggest trends that could change GameFi over the next few months.
In January, there were a lot of big studio purchases in the traditional gaming market. For example, Microsoft recently bought Activision Blizzard for $69 billion. After Take-Two bought US-based social game company Zynga for a billion dollars, this deal, which was pretty much the biggest in gaming history, was made. The buying spree in January has led people to think that big gaming companies are in a Metaverse race, with Meta playing a big part in the VR takeovers.
During the last quarter of 2022, $3.1 billion was put into blockchain-based gaming. Both BITKRAFT and Galaxy Interactive announced that they would put more than $400 million of their own money into the GameFi industry. Increased financing backs up the idea that the industry will grow quickly in the future.
The industry has contributed $6.9 billion in capital, and by 2021, it is expected to have invested $10.2 billion, which is 20% more than the $4 billion it will have invested in 2021. Cointelegraph says that investors should be optimistic about GameFi, even though the market is uncertain.
NFTs and the Metaverse
NFTs are likely to become the main source of income for GameFi. Between in-game purchases and the unique digital ownership rights that NFTs give, there is a strong link between these two new industries that will only get stronger as time goes on. Because there are more metaverse start-ups and more money for them, there is now a three-way connection where each part helps the others. Metaverse games use VR and AR to create immersive 3D worlds where players can buy, sell, and earn cryptocurrency by trading non-fungible tokens (NFTs).
More gaming decentralized apps
There are more and more games that run on the blockchain. By 2021, that number will have quadrupled, bringing more ideas, money, and energy to the area. When you look at all of these trends together, you can see that the ecosystem is growing quickly and moving up.
Written by: XiroVerse