Can GameFi pave the way for mass adoption of NFTs?

Authors: Evan Luthra, Shilpa Lama, beincrypto Translation: Shanoba, Golden Finance

For decades, video games have featured a variety of in-game economies that advance the game by collecting and exchanging tokens, whether it’s collecting gold coins in the Super Mario series or dodging trains in Subway Surfers to earn shiny gold tokens.

Gaming is just one of the many industries that have been disrupted by the blockchain industry. There is no doubt that the crypto industry revolves around pioneers in the search for the next big thing and in the constant search for the most lucrative investment opportunities. GameFi is an abbreviation for gaming finance that offers the opportunity to earn cryptocurrency tokens while playing online games.

Explore the world of GameFi

GameFi represents a dynamic convergence of cutting-edge blockchain technology, DeFi, and the exciting gaming landscape. At the heart of GameFi introduces the revolutionary concept of P2E, where participation in in-game activities can translate into earning valuable digital assets, coveted rare items, and more.

Traditionally, players accumulate in-game rewards by completing missions, participating in battles, and progressing through the game’s different levels. These virtual assets are not limited to the gaming sector; They are also present in the gaming sector. Players can transfer it outside of the game to trade it on cryptocurrency exchanges and NFT marketplaces.

Blockchain technology is the driving force behind these games and their in-game tokens, while smart contracts play a key role by decentralizing all aspects of the online gaming experience. NFTs, on the other hand, can enable the ownership of game characters and facilitate seamless asset exchanges. In the P2E ecosystem, players are rewarded for their active participation, which includes completing levels, nurturing game characters, developing virtual land, competing with other players, and more. These rewards cover everything from digital tokens to coveted collectibles.

Gaming industry and web3 frontiers

Heading into 2023, the video game market is poised for another record high, with revenue expected to reach a staggering $334 billion. According to Statista’s projections, this growth trend is expected to continue, with the video game market expected to surge to 3.1 billion users by 2027 and the market size expected to reach $467 billion.

In this dynamic landscape, GameFi has carved out a niche for itself, albeit with a relatively small market share of around $9 billion. However, Business Research Insights paints an optimistic picture and is expected to grow tenfold by 2031, soaring to more than $90 billion.

Web3 gaming is known for its enhanced security, enhanced control over user data, and promising revenue potential, but it still faces specific challenges. It lags behind traditional video games in terms of user experience, entertainment value, and ease of setup and play. Still, several big-name players in the Web3 space are stepping up their efforts to compete with established game studios in an effort to create engaging play-to-earn experiences that appeal to a wider audience.

Gala Games is a blockchain gaming platform that enables players to earn cryptocurrencies and non-fungible tokens (NFTs) through immersive gaming experiences. Essentially, the GALA token is essential for securing the platform and incentivizing active players. With over 1.3 million monthly users, Gala Games has not only attracted the attention of the huge gaming community, but has also proven itself by selling over 26,000 NFTs. The solid holder base of over 200,000 people highlights its popularity and reach.

Sidus, a trailblazer in the GameFi industry, has introduced a unique video game concept that operates in a play-to-earn model. One of its distinguishing features is giving players ownership of their in-game items. Sidus pushes the envelope even further by experimenting with casual gaming on the Telegram platform and offering a diverse ecosystem of four games.

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Nakamoto Games is an innovative Play-to-Earn gaming ecosystem designed to facilitate seamless deployment of games by developers. At the heart of the ecosystem is the NAKA token, which has utility in every aspect – from in-game transactions and rewards to market campaigns, governance decisions, token burning, and research efforts. With an impressive user base of over 650,000, Nakamoto Games has cemented its position in the cryptocurrency gaming space. Notably, the platform has established partnerships with major entities such as MATIC, Facebook, and the Thai government, further highlighting its popularity.

Age of Dinosaurs is set to redefine the massively multiplayer online (MMO) strategy game landscape. This next-generation experience promises unparalleled adventures for gamers and digital collectors alike, setting a new standard in the world of online gaming.

UpOnly aspires to take a leading position in the gaming industry by establishing itself as the ultimate knowledge base and directory for Web3 games. Its mission revolves around collating and presenting comprehensive data extracted from the vast P2E gaming landscape. This data includes key metrics such as prize size, gaming activity, and winning odds. In addition, UpOnly strives to categorize blockchain-based games, evaluate their usage, and token price movements, providing a valuable resource for the growing Web3 gaming community.

In the world of GameFi, we find ourselves in the early stages of the gaming revolution, with only a handful of promising games that have the potential to bring the play-to-earn model into the mainstream. As blockchain technology continues to advance and new use cases continue to emerge, GameFi is poised to introduce new frontiers of innovation and engagement to the gaming community.