GameFi is a compound word of the words “game” and “finance”, and refers to a gaming platform that allows players to receive rewards in the form of digital assets during the game.

While the “cold value” of the cryptocurrency “winter” remains strong, the GameFi market has shown unprecedented steady growth over the past two years. Currently, the industry’s total market capitalization is approximately $9.2 billion and is expected to reach $74.2 billion by 2031.

Invest in GameFi tokens on StormGain

How does GameFi work?

GameFi products are blockchain-based platforms that use their in-game economy to reward players with digital items. This usually comes in the form of NFTs (non-fungible tokens) that can be traded with other players and collectors on online marketplaces. NFTs can represent items for player characters, skins, cosmetics, or housing/land. It can be seen as a tokenized form of the popular market developed by previous popular multiplayer games such as RS Jianghu and Counter-Strike.

Many popular GameFi platforms, such as Axie Infinity (AXS) and Decentraland (MANA) , employ a “play and earn” (P2E) model, i.e.: provide the base game world for free, but require the possession or consumption of certain digital assets to pass the game The system goes to higher levels, and the game usually offers more valuable rewards as well. Therefore, the game rewards those players who put in the most time.

Sign up on StormGain

Why GameFi is so important to cryptocurrency

GameFi has only been around for a few years, but the latest data shows that more than 800,000 players participate in blockchain games every day, and a recent survey shows that 75% of players will exchange their hard-earned in-game assets for currency (whether it is cryptocurrency or fiat). The game is traded using its own cryptocurrency, which makes it easier, faster and cheaper to trade these items internationally, increasing the earning potential of these in-game assets.

Another advantage of the GameFi platform for players is that many platforms provide players with channels to create or customize their own NFTs to trade, making the virtual world they participate in personal.

By showing the use cases of cryptocurrencies beyond pure speculation and virtual worlds, giving more meaning to unique digital projects such as NFTs, GameFi has been driving the adoption of both blockchain-based tokens. In 2022, the GameFi industry continues to grow and attract investors, raising over $3.5 billion in the first half of this year alone.

Invest in GameFi tokens on StormGain

What is the future of the industry?

Major players in the gaming industry such as Ubisoft, Tencent, and Zynga are all making inroads into the GameFi space, partnering with Web3 and blockchain development companies to leverage the experience of major big-budget game studios to fund innovation in the GameFi space .

Such collaborations can be important for users to overcome major dissatisfaction with GameFi (ie: the gaming experience itself is often shallow or lacks long-term appeal, with no clear incentive to earn NFTs and in-game currency). Issues like this have led to a backlash against GameFi in the mainstream gaming community, with fan backlash prompting them to quit or redesign games after major studios made crypto-related announcements, as did EA CEO Andrew Wilson last November. such situations.

It is hoped that cooperation with established game studios can create blockchain games that combine the best elements of the modern AAA game industry with the profitability and trading potential of the GameFi space. Only then will we be able to get rid of the bad reputation of being “only for profit”.

Go to StormGain’s Official Website

Choose StormGain, the smart GameFi token, to meet more possibilities

If you want to trade or invest in the popular GameFi cryptocurrency, StormGain is the right choice, the platform offers the best conditions to profit in the market. Trade AXS, ENJ, SAND and other top crypto tokens with low fees and great benefits. Not a StormGain user yet? Sign up in seconds and discover the power of the world’s best cryptocurrency platform.

Invest in GameFi tokens on StormGain