Ethereum-based NFT game Axie Infinity has been causing many uproars with unprecedented performance. By far, it has crossed $1 billion in sales, a record high. The success of Axie Infinity proves that “GameFi” is feasible, generating a play-to-earn market.
Play-to-Earn GameFi: A New Hotspot and Trend
“GameFi” was first brought up by Mary Ma, Chief Strategy Officer of Mix Marvel, at the 2019 World Internet Conference in Wuzhen. In simple words, it is a combination of Game and DeFi. There are two explanations. First, the familiar DeFi + NFT, i.e., NFT staking added to DeFi, of which the best example is MeMe which went viral in 2019. Another explanation is bringing DeFi and game together and allowing players to earn money by playing games, which is represented by the above-mentioned Axie Infinity.
In the wake of the Internet boom, the game has grown to be a key market in the Internet community. When players top up in a traditional game, they could not earn any money, and the value growth of the game has nothing to do with them either. The Internet deprives users who have contributed greatly to the company of their rights to share the profit as investors. Tencent has raked in billions from the King of Glory, yet those players can’t get a piece of that cake. Instead, the money they spend on skins makes the game so profitable.
By contrast, GameFi changes everything. As a new business model, GameFi is about Play to Earn. For example, 95% of transaction revenue goes to the players in Axie Infinity. That difference is revolutionary. For new-generation consumers, no entertainment is just for fun. But more often, they are looking for investment opportunities or financial resources that are rewarding. This is what GameFi is about: allowing participants to have fun while earning real money.
On the other hand, GameFi can be seen as an experiment of human imagination. Online games are being denounced as the spiritual opium by the majority. But if we look at it from a different angle, the Internet world will become another real world when the metaverse era comes. Will making money through games or other scenarios in that world become a normal thing? It is like we can get paid through some interesting activities in real life. Maybe fiction can become a reality and playing games to exchange money will be a career option for the public. Against such a background, it is just a matter of time before the rise of GameFi.
As GameFi reshapes the ecosystem of game value, CoinEx keeps up with the trend and seizes the first-mover advantage
As we believed, there was a clear boundary between games and finance, and game players and investors enjoy themselves in different fields, sharing nothing in common. Things are different now as the emergence of GameFi has organically integrated the two, allowing players to gain profits while playing games, a brand new prospect for the broad market. In addition, GameFi also endows NFT with more practical value. Through gamification settings, NFT items are no longer just items to be sold on the NFT trading platform, but can also be traded directly on the market in the game. The entire transaction process is simpler than in traditional games.
For traditional games, GameFi comes as Archimedes’ lever to move the world. It makes the game more interesting, drives the development of the play-to-earn game ecosystem, and brings more opportunities to the blockchain industry. In the future, DeFi applications may be designed to be more gamified, and users’ assets may also become equipment used in DeFi games. It is fair to say that GameFi has made new hotspots and new megatrends in the history of blockchain development.
As GameFi projects unleash huge potential, a new era has kicked off, drawing many industry giants. As a forward-looking cryptocurrency trading platform, CoinEx always keeps up with industry trends and has marched into the GameFi segment ahead of its peers. Apart from a series of high-quality GameFi game coins listed, recently it has launched a GameFi trade-driven mining event. The event lasts for 10 days, with everyday rewards of 100,000 CET, that is, a total reward of up to 1,000,000 CET. It aims to benefit GameFi fans while boosting the development of the GameFi ecosystem.
Games have always been an indispensable part of the blockchain industry as well as the first major breakthrough in the application of blockchain technology and the best application scenario to liven up blockchain users. Although the current chain games are still in their infancy, they have made considerable progress compared with 3 years ago. As it develops, GameFi is bound to become a new top market segment in the blockchain field, attracting an increasing inflow of players who will add more diversity and fun to the blockchain world!
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