Crypto games are gaining popularity as more and more players gather and trade virtual assets, generating a reliable source of revenue for game developers and creating prices for players. In a recently published report, Cointelegraph Research shows how Axie Infinity players in the Philippines would earn their Normal Salary per month in 2020 just for playing the game, at a time when measures to save it from the spread of the COVID-19 pandemic were causing economic hardship for the country.
Axie Infinity is a play-to-earn (P2E) blockchain gaming powerhouse, as is bitcoin’s (BTC) prestige as a cryptocurrency powerhouse. Like Bitcoin, it has the eyes of the general public, is a target for competition and is no stranger to controversy, with the Ethereum sidechain developed for the game recently hacked for 173,600 Ether (ETH) and 25. 5 million USD Coin (USDC), more than $612 million at the time.
As bears take over the cryptocurrency market and the basic costs of non-fungible tokens (NFTs) fall, in-game investing, or GameFi, shows signs of resilience and adulthood despite overall negative market sentiment.
Cointelegraph Research evaluated five of the most popular P2E games — Axie Infinity, Splinterlands, Bomb Crypto, Alien Worlds, and DeFi Kingdoms — in a 30-page report published in May titled “GameFi: Can Blockchain-Based Games Redefine the Industry?”of each game would not blow up a veteran console player. These are other reports from, for example, Call of Duty.
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But players can still have a lot of fun in blockchain gambling, as obviously shown by the number of users. GameFi’s progression is still in its infancy and the games will evolve to be visually more appealing and dynamic in the future. The existing bear market can be a vector of innovation and progression.
GameFi is about to take credit for this, and recent occasions show confidence in the long-term blockchain gaming, with Immutable X raising $200 million for the game’s progression at a recent fundraiser. However, blockchain game developers will continue to take on the challenge of adding new users. Despite Axie Infinity’s explosive 2021, the existing year paints a much more modest picture, with a steady decline in new monthly accounts added.
The five titles evaluated in the GameFi report do a wonderful job of making cryptocurrencies and NFT a fun investment, and Cointelegraph Research’s report analyzes their access cost, game modes, overall strategic difficulty, and gameplay mechanics to come up with a game score for each title.
Since Axie Infinity relies almost entirely on new players injecting new money into the game, the minimum in new player expansion can send the entire task economy into a recession. Maintaining the progression of the game will help the GameFi industry succeed in a wider audience.
There are examples of successful savings in non-blockchain gaming, but few of them have achieved the expansion and scale of Axie Infinity and Splinterlands. periods of popularity among users. GameFi differs from non-blockchain games with one key feature: asset rights.
Blockchains and their underlying technologies allow game developers to offer users a secure way to obtain ownership and transact with each other. Blockchain generation also allows for freedom of price and exchange, adding structures and currency into the game.
Ultimately, the perfect game and strong in-game savings with a high degree of economic freedom can make GameFi triumph over the difficult market situations of 2022 and continue to attract new users. The union of games and decentralized finance opens up a world of unprecedented possibilities. for many players, allowing them to make a living playing fun, high-quality games.
This article is for informational purposes only and constitutes investment advice, investment research or an invitation to buy or sell monetary instruments. Specifically, the document updates an individual investment or other advice.