GameFi has undoubtedly been a vital driver in the growth of the crypto industry, here is how it helped the industry over the past couple of years.
GameFi ecosystems are based on blockchain technology and use different in-game economic setups to reward players. The rewards are usually in the form of nonfungible tokens that are tradable on major marketplaces. The items are typically in the form of virtual lands, costumes and weapons and are instrumental in diversifying user experiences.One of the most popular GameFi economic setups is the play-to-earn model. The model is designed to keep users engaged while enabling them to earn rewards.
This is a major bonus when compared to conventional money transfer modes, which are expensive, especially when it comes to making cross-border payments. This aspect wasin the 2021 Blockchain Game Alliance survey report, in which 17% of participants named lower transaction costs as a major GameFi benefit.
Besides advancing the use of cryptocurrencies, GameFi has also contributed immensely to the rise of the NFT industry. GameFi relies heavily on NFTs for in-game assets, and this increases their use on the blockchain. Not surprisingly, the rise of the GameFi market in 2021 coincided strongly with the NFT boom.to $5.17 billion in 2021, up from the $82 million recorded in 2020. The sales numbers helped to solidify the growth of the NFT market.
As things stand, major enterprises, including mainstream gaming companies, are jumping on the GameFi bandwagon as the industry continues to advance.
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