If there’s one thing that can be said about anything remotely connected to the web and a computer screen, it’s that if it’s obscene or if it’s a video game, it’s most likely generating turbulence in the market.
GameFi is a bit like this: think you play 2K Sports PGA Golf and create a golf course and instead of giving it away for free, you can rate other people for it. They pay in the 2KSports token, and 2K gets a discount, and you get a discount. If you’re famous, like Tiger Woods, you earn millions from the Tiger Woods-designed golf course in the game. This is the style of play to win if it were part of the classic world of console games.
Other games, such as Star Atlas (ATLAS), allow you to create worlds or avatars and earn a lot of money.
“Yes, you can buy players and other people do exactly that,” says John Sarson, founder of Sarson Funds, a cryptocurrency investment firm with offices in Indiana and Massachusetts. “These platforms are becoming metaverse solutions. They have the perspective of a microeconomy and a microlife,” he says.
“Scholarship systems have been established around the world where you pay a player to make money from your crabs in the game and you percentages of the revenue,” sarson says.
STEPN (GMT) is another game GameFi. Il is a Web3 application that other people download to their phones to record their physical activity and can earn walking chips. Yes, that sounds ridiculous and that’s why it fell 26% on Wednesday alone. . (Don’t feel bad about the “hodlers” GMT, the CRA fell 38% on the same day. )
But, “you have other people making about $900 a day in this game,” Sarson says. “Am I serious? Yes, I am very serious.
The more people who enter those gaming communities to win, the more valuable those coins will be. This is no other than classical fairness in this sense. the threat of Apple becoming the next BlackBerry.
All of those blockchain games are communities and many of them are set up for players to earn cryptocurrencies in them that they can exchange for fiat money, called genuine money.
Some games have more to do with winning cash for players, like Crabada, and others have more to do with participation in the network, like STEPN, where you can make money, but it’s more about the game than the winnings.
In emerging markets where players can earn $100 a day with those apps, it’s a job in the workplace. Imagine that in India and parts of Southeast Asia and the interior of China. There have been several articles about players in the Philippines who checked to locate paintings. Covid lockdowns through the game Axie Infinity.
The blockchain market is still in its infancy. NFT games generated $2320 million in profits in the third quarter of 2022, according to blockchain Game Alliance. The global gaming industry is expected to succeed at $203 billion this year.
Blockchain-based gaming is adjusting to a more vital component of the gaming universe, so if this grows and crypto is the only way to access that market, then it may be a position that investors can invest in once the dust has calmed down a bit. this disastrous Luna-Apocalyptic market.
Konstantin Dinev, CEO of the new startup GameFi Time Shuffle in Switzerland, does the baptism of fire. They will launch this year on Avalanche. Dinev, says TimeShuffle will use a play-and-win style, its spin-off the play- to win the style it already knows.
“Our main team is made up of players,” Dinev tells me. “We come from the classic game progression industry with over 30 years of experience. We have over 20 game titles under our belt and titles from over 40 million registered users. I was looking to create a game that made you laugh and didn’t focus so much on the winning element,” he says. “It’s not a game where you win first, it’s a game where you laugh first. “
In it, there are guys who look like Salvador Dalí and others who look like Albert Einstein, and both sides live in an age when humanity has discovered an extraterrestrial generation that gives us the ability to go back in time. Controlling the chronology and course of history is the difference between anarchy and peace. That’s the combat in TimeShuffle. Se looks pretty good.
Users will be able to play, progress, and unlock larger characters without the need for game-related cryptocurrency wallets. But on the cash side, players can participate in the Web3 economy of the game by interacting with their NFTs.
“We have ancient or mythological figures that have been remodeled from diversifications in the temporal continuum,” Dinev explains. “Each of those characters and their other professions will offer other fighting tactics. The purpose is for the user to build the most productive skill deck. for character and take a look at other methods when they go into battle.
They raised about $2. 1 million in seed funding, with Shima Capital in Silicon Valley as an investor, followed through Blizzard Fund.
The cooler the game, the more investors will attract those things, Sarson says. This goes for retail investors buying tokens on the inventory exchange, venture capital firms, and investment budgeting companies like Sarson Funds.
“Everyone enjoyed the player trailer for Star Atlas, so other people bought the coin,” Sarson said. ATLAS is in a strongly bearish market. Honestly, what have we learned from its construction in value?All of that mattered what we discovered. how smart he looked. Within the GameFi space, Axie is the real star. This is because you see thousands of other people making a living betting on this game. So with Axie, it’s not about entertainment and graphics, it’s about building a team. of players to earn as much money as possible.
Their small coin strategy fund has a 25% percentage for gaming and metaverse companies. Some of the entries discussed here come with Illuvium (ILV), still in beta mode, and Blocktopia (BLOK).
Maggie Rokkum-Testi, senior advisor at Sortium Blockchain Studios in Switzerland, said she joined GameFi after Axie. Sortium’s CryptoGene game looks pretty cool. You cut and cut DNA and create fighting monsters.
“I played Axie in its early days, just to see how it worked,” he says. “I fully understand how it can become addictive. The NFT generation is transforming the gaming industry by giving participants authentic ownership of their assets while giving content creators a good percentage of the ecosystem.
Some investors see the world of blockchain gaming merging with the global metaverse and becoming its own economy. You live in the game (but don’t worry, you can also escape to the real world, you may not make that much money).
“There is a genuine opportunity for metaverse economies for their player bases around the world in tactics we’ve never noticed in the game before,” he says. “That’s one of the things we’re focusing on for CryptoGene: creating viable virtual economies for players. “through the players. “
GameFi is developing and maturing. Games are evolving into a broader genre, such as role-playing games and first-person shooters that have mass-market appeal and are designed from the ground up to deliver PlayStation-style gaming experiences.
Crabada has surpassed Axie Infinity in NFT transaction volume. Since its launch six months ago, it has recorded $225 million in NFT sales, according to CryptoSlam.
In Avalanche, developers release games on their own subnets, which are application-specific blockchains that allow projects to high-volume programs without increasing fees on an individual network or being affected by other traffic on the chain.
The subnets will offer the most productive Web3 gaming experience in which games can keep initial game prices low and allow them to win without the burden of higher transaction fees, which are taxed on player activity.
Games like Shrapnel, Ascenders, Domi Online Gunzilla, Castle Crush and Ragnarok are in production in subnets, to name a few, notes Ava Labs President John Wu.
“Don’t take this as monetary advice, but the two projects I see transforming the GameFi experience right now, besides Avalanche, are DeFi Kingdoms (JEWEL) and Crabada,” Wu says. “They have passionate fans. “
The DeFi Kingdoms subnet executes more daily transactions than some Layer 1 blockchains, averaging around 200,000 transactions daily in its first five weeks of constant operation. Crabada’s subnet, Swimmer Network, is coming soon, which may give investors an explanation of why.
Over the past year, GameFi has grown by about 2000 percent, according to DappRadar. In the first quarter of this year, before the war in Ukraine and large inflationary sales in the markets, blockchain games raised about $2500 million in venture capital.
Will kaput pass?
It could, in this market.
But if the players’ start-ups manage to raise capital at the same rate as in the last quarter, the companies’ numbers will surpass last year’s. This will have a serious renewal in feeling. Investors would love the world of blockchain gaming, but when their investments fall by 40% in a week, it’s not hard to believe that all players are asking for pause yet.
Disclaimer: He invests in Bitcoin.