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- The cryptocurrency market is going through a heavy turbulence, causing massive havoc in prices of crypto assets.
- However, the GameFi sector has remained intact amid this event, and have survived the Covid-19. The pandemic actually contributed to the sector’s growth.
- It appears like crypto winter is not very far, and folks are gonna have to deal with it soon. The question remains about GameFi’s survival in such conditions.
What is GameFi Actually?
To make it very simple, when Gaming and Decentralized Finance (DeFi) are conjoined together, they give rise to GameFi. It is basically a gaming realm based on blockchain offering the folks to play and earn through these games, you may know this concept as play to earn (P2E).
In these games, players are able to acquire NFTs as well as crypto tokens which offers a real life utility to folks. They can sell or trade their NFTs or the gaming tokens earned by them to generate real world income.
One of the best examples of GameFi games is Axie Infinity, a game similar to Pokemon, where players can earn AXS tokens, Axies (which are in-game assets and NFTs), and SLP.
While conventional games have implemented the concept of in-game money before, a major difference persists here. The tokens from the blockchain games can be withdrawn and traded or sold on a digital asset exchange against fiat money.
Major GameFi Games
As I have already mentioned Axie Infinity above, it is a GameFi game allowing the folks to earn. Players can use their Axies to complete quests and earn AXS and SLP Tokens, which can be sold on crypto exchanges. Also the Axies, characters that the players control, can be treated as NFTs and can be sold on the marketplaces.
Another example is The Sandbox, which is a play to earn metaverse game. Players here are allowed to purchase and sell lands, and do other activities, eventually generating income in the form of SAND, the native token of the game.
Decentraland, Alien Worlds, Illuvium, Town Stars, are some more examples of GameFi.
Will GameFi Thrive?
As we are witnessing the blood shed in the crypto market, many expect that associated areas will be affected by this too.
But in the case of GameFi, there’s a light at the end of the tunnel. The pandemic showed how vital this concept can be, as it allowed them to generate income while the rest were struggling to find jobs during that time.
As per a survey organized by Animoca Brands-backed Balthazar, several folks will quit their jobs if they get an opportunity to earn via NFT games.
Another point is that many think that GameFi will be implemented in almost every game that we play today.
I think this says a lot, ain’t it.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
