Gamefi is a relatively new concept gaining popularity in the blockchain and gaming industries. It is short for “game finance,” and it combines blockchain technology and gaming to enable players to benefit from both.
In this article, we will introduce the Gamefi trend for 2023 after explaining what Gamefi is, how it works, and the benefits it provides for players and developers.
What is Gamefi?
Gamefi is a blockchain-based platform that allows players to earn cryptocurrency while playing games. It uses decentralized finance (DeFi) to create a new type of gaming experience that is fairer and more rewarding for players.
Players can earn cryptocurrency by completing in-game tasks, participating in tournaments, or staking their assets. These rewards can then be used to purchase in-game items or traded for other cryptocurrencies.
While some people have earned significant profits by obtaining cryptocurrency through games, others have suffered losses due to subsequent selling pressures and market downturns.
In response, more products are emerging that do not issue their own cryptocurrency as a reward, but instead offer NFTs and other incentives.
How does Gamefi work?
Gamefi integrates blockchain technology into games to provide a transparent and secure system where players can earn rewards without interference from third parties.
Game developers create games integrated with Gamefi, which players can access through a web browser or an app. Players can earn rewards for completing tasks or achieving milestones, which are recorded on the blockchain to ensure transparency and tamper-proofing.
However, some products are still centralized and lack transparency. The ongoing debate over how much decentralization is necessary remains, but excessive centralization goes against the essence of blockchain and undermines its purpose.
Benefits of Gamefi
Gamefi provides several benefits for both players and developers. For players, it offers a new way to enjoy games and earn rewards that can be used to buy in-game items or traded for other cryptocurrencies. It also provides a fairer system for earning rewards, as there is no interference from third parties.
For developers, Gamefi offers a new revenue stream that can be used to fund game development. It also provides a way to attract new players and retain existing ones by offering rewards and a unique gaming experience.
Future of Gamefi
As Gamefi continues to gain popularity, we can expect to see more games and platforms utilizing this technology. Gamefi has the potential to revolutionize the gaming industry and change the way we interact with games.
One of the exciting aspects of Gamefi is that it is not limited to a specific type of game or genre. Any game can be integrated with Gamefi, from casual mobile games to complex multiplayer games.
Challenges of Gamefi
While Gamefi offers many benefits, there are also some challenges that need to be addressed. One of the main challenges is the complexity of integrating blockchain technology into games. It requires significant development resources and expertise to create a seamless integration that provides a good user experience.
Another challenge is the regulatory environment around cryptocurrency, with different laws and regulations across countries. Gamefi developers need to ensure compliance with all relevant laws and regulations while providing a compelling gaming experience.
Finally, there is the issue of scalability. As more players start using Gamefi, the blockchain network can become congested, leading to slow transaction times and high fees. Gamefi developers need to find ways to address these scalability issues to ensure that the platform remains accessible and user-friendly.
Using Gamefi for Social Impact
GameFi has the potential to make a positive social impact. By leveraging blockchain technology, GameFi can create new opportunities for financial inclusion and economic empowerment.
GameFi can be used to provide financial services to people who are unbanked or underbanked, enabling them to participate in the global economy. It can also be used to support microfinance initiatives, providing small loans to entrepreneurs in developing countries.
GameFi can also be used to support charitable causes and social impact initiatives. Players can earn rewards by participating in games that support these initiatives, and the rewards can be donated to these causes.
By using GameFi for social impact, we can create a more equitable and inclusive society while still enjoying the benefits of blockchain technology and gaming.
Best Gamefi Projects of 2023
In addition to Axie Infinity, The Sandbox, and Decentraland, there are many other GameFi projects that are worth exploring. Here are some of our recommendations.
For a list of articles about the Gamefi project, please click here.
Big Time will participate in dungeons and defeat monsters. While defeating monsters, players collect NFTs and tokens. This action RPG supports multiplayer and can be played as a team with as many as 6 players. Big Time is available for free play at the time of game launch. Currently, Early Access Pass holders can play the game. Early players will be able to collect their NFTs before anyone else and be the first to experience the game. One of the reasons this game has attracted so much attention is the stellar production team. The game is being developed by Big Time Studios, a company that consists mainly of members of the Decentraland metaverse, with experience from Epic Games (of Fortnite fame) and Infinity Ward (which makes Call of Duty). According to Big Time’s CPO (Chief Product Officer) Alexander, the game will combine fast action gameplay like God of War with cooperative play like World of Warcraft or Diablo.
Legends of Venari is an NFT game where you catch and battle monsters called Venari, like in Pokemon. Currently, the only way to play is by capturing Venari, but we are also playing on our website and will demonstrate later. To play, you need to buy a “Pass NFT (avatar)” on Opensea or borrow one for free from someone else.
SHRAPNEL, an NFT game and a full-fledged FPS. SHRAPNEL was developed with Unreal Engine 5, and one of the advantages of utilizing this engine is that it can reproduce very beautiful images. We also utilize a mechanism called subnets in the Avalanche blockchain. It has already successfully raised $17.5 million in seed rounds and private token sales and has attracted tremendous industry attention.
SORARE is a game in which you can predict the success of players and earn rewards based on the actual results of the players. Specifically, you register five players in a league with various weekly signups, and when the players perform well, the players earn points, and you earn rewards based on the total points of the five players. Each league has different rewards. Selection of NFT cards is important, but if you buy players who earn points well and consistently, you can earn up to $50 ETH or more about once every 3-4 days. Points are determined by the game play of the registered players. Play is scored overall, including offensive-offensive play and defensive-defensive play. Leagues are played weekly and rewards are earned based on total points. Rewards earned vary depending on the league. For example, in the Rare All Star league, you can earn $50 worth of ETH every week for every 250 points earned. In addition, the higher the points you earn, the more ETH you are rewarded with, and the more luxurious the rewards become, such as more ETH, rare NFT cards, etc. NFT cards are available in five rarities: common, limited, rare, super rare, and unique. The higher the rarity, the more luxurious the rewards are for participating in the league.
Aradena is a revolutionary and exciting competitive strategy game, set in the medieval fantasy Kingdom of Aradena, that combines Hearthstone-like deck-building mechanics with the strategic gameplay of Civilization, Warhammer, XCOM, and more, utilizing innovative gameplay developments and web3 technologies to provide a deeply immersive gaming experience where players have full decentralized ownership of their in-game items, such as NFTs, and the ability to earn real financial rewards through trading and engaging in meaningful and exhilarating gameplay experiences on the 3D battlefield.
Cross The Ages is a trading card game using NFT. It will be free to play on Mac and Windows, as well as Android, iOS, and other smartphones. As of January 2023, early access is only available to those who have card packs traded on Opensea and other sites. The game is based on seven free-to-read novels that will be written, published and translated into multiple languages over the next few years. Like Gods Unchained, a well-known NFT-based TCG, it is developed on Immutable X, a layer 2 solution for Ethereum. Card packs traded on Opensea and elsewhere are actually played on the Polygon Chain by using the need to be bridged to Immutable X. One of the biggest differences from other games is that we plan to take a physical approach. The plan is to link the digital asset, the NFT, to the actual card. It is planned to be possible to create NFTs from real cards by placing a smartphone close to the real card and using near field communication NFC, the same short range wireless communication used for My Number cards, wallet phones, etc.
Gods Unchained is a TCG (trading card game) about building tactics and winning battles, and it is also a “play-to-earn” game where you can earn money by playing. The cards used in the game are (or can be made into) NFTs, allowing you to monetize the rare cards you own by selling them through the marketplace. The game is free to play even if you do not own NFTs. The game is won by players building decks with different tactics and reducing their opponents’ 30 life points to 0. There are currently six different deck attributes. Each attribute will have different card abilities and tactics. Each God of each attribute represents 30 life points. Gods can use a power called God Power once per turn. The game’s content and rules are similar to those of Yu-Gi-Oh, Hearthstone, Shadowverse and Duel Masters in some respects, and is especially recommended for those who have enjoyed card games before.
Champions Ascension is an AAA quality gladiator battle game, with PvP as the main content, developed by the blockchain division of Jam City led by Josh Yguado and Chris DeWolfe. The game is currently operated by Plai Labs, a new company. Josh Yguado and Chris DeWolfe are the founders of MySpace, a music-oriented SNS that was popular in the past.
The founders have established the following companies:
- MySpace: A music-oriented SNS that was popular in the past and was sold to News Corporation for $580 million in 2005.
- Jam City: A large game company with more than $3 billion in total sales and over 1.3 billion cumulative game installs, with many successful case studies.
- Plai Labs: The company currently operating Champions Ascension, which has successfully raised $32 million in funding.
Champions Ascension is being developed with the backing of abundant financial and development resources. You can watch gameplay footage below.
Players can explore the map while controlling their own unique character NFT (Champion) with individual abilities, and enjoy battles, crafting, breeding, land ownership, market, staking, mini-games, and more. It can be played on a wide range of platforms including web, PC, and mobile.
Sweatcoin allows users to earn Sweatcoin based on the number of steps they take each day, and the Sweatcoin they earn can be used or exchanged for various items within the app. The app has been downloaded more than 60 million times worldwide, making it a relatively reliable app. It can also be used in conjunction with other Move to Earn apps such as STEPN and Genopets to double up.
These projects offer unique gaming experiences that allow players to earn cryptocurrency and participate in decentralized finance. As more GameFi projects emerge, we can expect to see even more innovation and growth in the space.
The GameFi industry is still in its early stages, and there is a lot of room for growth and development. As the industry matures, we can expect to see more sophisticated games and platforms that offer even more benefits for players and developers.
Illuvium is an NFT game where you explore, capture, and battle monsters called Illuvials, similar to Pokemon, that live in an open world. It incorporates the Play-to-Earn element and is planned to be a highly immersive open-world RPG game. It won the BEST RPG award at the GAM3 AWARDS on December 15, 2022, which is the world’s largest game award presented by the overseas media “Polkastarter Gaming,” indicating the high expectations that the public has for Illuvium.
BLOCKLORDS is a simulation NFT game set in a medieval world. Players choose various roles such as farmer, knight, raider, lord, lady, and ruler in the game. Each player’s individual decisions and skills affect the game’s story and world. Regardless of whether they choose to lead a fulfilling life on a farm or execute grand strategies to ascend to the throne, the game’s future is determined by the choices of in-game players. By the way, the above game trailer has already received over 1.1 million views, indicating the high level of attention from the world.
What is the purpose of using oracles for Gamefi?
In GameFi, oracles bring real-world data into blockchain-based games and decentralized applications (dApps). This is important because blockchain technology cannot access external data sources on its own.
Oracles act as intermediaries between blockchain-based smart contracts and off-chain data sources, such as market data, weather data, sports scores, and other information that can be used to drive gameplay mechanics and outcomes. They can also provide verifiable randomness to games, ensuring fairness and preventing cheating.
GameFi developers can create more engaging and immersive games and dApps using oracles, with dynamic gameplay that responds to real-world events. This can lead to more exciting and rewarding gaming experiences for players, while also enabling new business models and revenue streams for developers.
In conclusion, Gamefi is a relatively new concept that is gaining popularity in the blockchain and gaming industries. It has the potential to revolutionize the way we play games and interact with blockchain technology.
The Gamefi platform allows players to earn cryptocurrency while playing games, utilizing decentralized finance (DeFi) to create a fairer and more rewarding gaming experience. Players can earn cryptocurrency by completing in-game tasks, participating in tournaments, or staking their assets. These rewards can then be used to purchase in-game items or traded for other cryptocurrencies.
Gamefi also offers many benefits for developers. It provides a new revenue stream that can be used to fund game development, and it offers a way to attract new players and retain existing ones by offering rewards and a unique gaming experience.
However, there are also challenges that need to be addressed, such as the complexity of integrating blockchain technology into games and the regulatory environment around cryptocurrency. Gamefi developers need to ensure compliance with all relevant laws and regulations while providing a compelling gaming experience.
Another challenge is scalability. As more players start using Gamefi, the blockchain network can become congested, leading to slow transaction times and high fees. Gamefi developers need to find ways to address these scalability issues to ensure that the platform remains accessible and user-friendly.
Despite these challenges, Gamefi has the potential to make a positive social impact by leveraging blockchain technology. It can create new opportunities for financial inclusion and economic empowerment, and it can be used to support charitable causes and social impact initiatives. Players can earn rewards by participating in games that support these initiatives, and the rewards can be donated to these causes.
As Gamefi continues to gain popularity, we can expect to see more games and platforms utilizing this technology. It is not limited to a specific type of game or genre, which means that any game can be integrated with Gamefi, from casual mobile games to complex multiplayer games. These projects offer unique gaming experiences that allow players to earn cryptocurrency and participate in decentralized finance. As more Gamefi projects emerge, we can expect to see even more innovation and growth in the space.
In summary, Gamefi is an exciting concept that combines blockchain technology and gaming to provide a fairer and more rewarding gaming experience. It offers benefits for both players and developers and has the potential to create new opportunities for financial inclusion and social impact. As the industry matures, we can expect to see even more innovative projects and growth in the Gamefi space.
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