Can GameFi pave the way for the widespread adoption of NFTs?

Could GameFi Be the Key to Propelling NFTs into Mainstream Use?

Author: Evan Luthra, ShilLianGuai Lama, beincrypto Translator: Shanooba, LianGuai

For decades, electronic games have featured various in-game economies, advancing through the collection and exchange of tokens, whether it’s collecting coins in the Super Mario series or dodging trains to earn shiny gold tokens in Subway Surfers.

Gaming is just one of the many industries disrupted by the blockchain industry. There’s no doubt that the crypto industry revolves around pioneers looking for the next big thing and constantly seeking the most lucrative investment opportunities. GameFi, short for Game Finance, offers the opportunity to earn cryptocurrency tokens while playing online games.

Exploring the World of GameFi

GameFi represents the dynamic fusion of cutting-edge blockchain technology, DeFi, and the exciting gaming sector. At the core of GameFi is the revolutionary concept of Play-To-Earn (P2E), where in-game activities can be converted into valuable digital assets, coveted rare items, and more.

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Traditionally, players accumulate in-game rewards through completing missions, participating in battles, and progressing through different levels of the game. These virtual assets aren’t limited to the gaming realm; they also exist outside of games. Players can transfer them out and trade them on cryptocurrency exchanges and NFT markets.

Blockchain technology powers these games and their in-game tokens, while smart contracts play a crucial role in decentralizing various aspects of the online gaming experience. On the other hand, NFTs enable ownership of game characters and facilitate seamless asset exchange. In the P2E ecosystem, players are rewarded for active participation, including completing levels, nurturing game characters, developing virtual land, competing with other players, and more. These rewards span across various domains, from digital tokens to coveted collectibles.

The Gaming Industry and the Web3 Frontier

Entering 2023, the video game market is expected to reach new highs with projected revenues of a staggering $334 billion. According to Statista’s forecast, this growth trend is expected to continue, with the number of video game market users estimated to surge to 3.1 billion and the market size expected to reach $467 billion by 2027.

In this vibrant landscape, GameFi has carved out a niche market for itself, although its market share is relatively small, at around $9 billion. However, Business Research Insights paints an optimistic picture, projecting a tenfold growth to over $90 billion by 2031.

Web3 games are known for their enhanced security, improved user data control, and promising revenue potential, but still face specific challenges. It lags behind traditional video games in terms of user experience, entertainment value, and ease of setup and play. Nevertheless, several prominent players in the Web3 space are actively competing with established game studios, striving to create engaging “play-to-earn” experiences to attract a broader audience.

Gala Games is a blockchain gaming platform that allows players to earn cryptocurrency and non-fungible tokens (NFTs) through immersive gaming experiences. Essentially, GALA tokens are crucial for safeguarding the platform and incentivizing active players. With over 1.3 million monthly users, Gala Games has not only attracted the attention of a massive gaming community but has also proven its strength by selling over 26,000 NFTs. Its solid base of over 200,000 holders highlights its popularity and influence.

Sidus is a pioneer in the GameFi industry, introducing a unique video game concept that operates on a play-to-earn model. One of its notable features is granting players ownership of in-game items. Sidus further challenges the limits by experimenting with casual games on the Telegram platform and offering a diverse ecosystem consisting of four games.

Nakamoto Games is an innovative Play-to-Earn game ecosystem aimed at facilitating seamless game deployment for developers. At the core of this ecosystem is the NAKA token, which serves practical purposes in various aspects, from in-game transactions and rewards to market activities, governance decisions, token burning, and research efforts. With an impressive user base of over 650,000, Nakamoto Games solidifies 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 underscoring its prominence.

“Dinosaur Age” is set to redefine the landscape of massively multiplayer online (MMO) strategy games. This next-generation experience promises unparalleled adventures for gamers and digital collectors, setting new standards in the online gaming world.

UpOnly aspires to take a leading position in the gaming industry by becoming the ultimate knowledge base and directory for Web3 games. Its mission revolves around curating and presenting comprehensive data extracted from the vast P2E gaming landscape. This data includes key metrics such as prize sizes, game events, and winning odds. Additionally, UpOnly strives to categorize blockchain-based games, assessing their usage and token price trends, providing valuable resources for the ever-evolving Web3 gaming community.

In the world of GameFi, we find ourselves in the early stages of a gaming revolution, with only a few promising games having the potential to mainstream the play-to-earn model. As blockchain technology continues to advance and new use cases emerge, GameFi is ready to introduce innovative and engaging new realms for the gaming community.

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