You may have heard over the past how Play-to-Earn (P2E) games took the crypto world by storm. The idea of earning tokens and cryptocurrencies while sitting at home, playing your favorite strategy, shooter, or RPG game – what isn’t to love, right?
What you may not have expected, though, is how quickly it gained traction and completely overtook the DeFi sector as the hottest market trend. As P2E became popularized, it gave birth to GameFi, a more ‘evolved; version of the same concept. In this article, we will examine the concept of GameFi and consider the latest trends, upcoming games, and their potential in detail.
GameFi – The New Kid on The Block
GameFi is a relatively newer concept but has become very popular because of its low barriers to entry and a great way to help games earn a living off what they love. Bob in the basement, for example, won’t have to be humiliated for staying at home and not bringing any money to the house.
In fact, GameFi has become a sensation in the gaming and crypto communities alike. Games like Axie Infinity and Farmer’s World have become popular e-sports, giving Bob a chance to get on his feet and support his household.
GameFi has introduced a way for PC and mobile gamers to earn cryptocurrency without having to learn about any complex financial markets or garner any particular physical skillset. In fact, you don’t really have to be good at the game, either, to start earning!
The WSG (Wall Street Games), for example, is a hybrid blockchain that uses Binance Smart Chain (BSC) to help players earn rewards and has become a digital gold mine for many.
All you need to start earning with GameFi is a mobile phone (Android or iOS) will do, an active internet connection, a crypto wallet, and some time on your hands.
GameFi or decentralized gaming isn’t just limited to basement dwellers or people with encyclopedic knowledge about the world of cryptocurrency. It is one of the fastest-growing industries as of Q2 of 2022, with developers, investors, and players actively taking part in helping it grow.
You get to earn NFTs, tokens, or cryptocurrency directly while taking the bus to work, while having your lunch, before going to bed, or make it a full-time gig! As you progress further, you also help the entire GameFi community enhance its rewards.
How P2E Evolved Towards GameFi
The P2E model traditionally involved helping you earn redeemable rewards such as coupons for specific marketplaces, gift certificates, or in very rare cases, you got to earn points that you could turn into cash.
As the P2E model embraced cryptocurrency, the financial aspect of the model became a lot more lucrative – and so did the ‘fun’ aspect of these games! Initially, it was limited to just a few games, such as Faraland, Axie Infinity, and Splinterland.
However, as the concept evolved to become GameFi, it found its way into numerous mobile games with their own digital economy, giving players a chance to buy NFTs or stake their currency to earn tokens.
GameFi Trends For 2022
GameFi is trending because of how easily people can earn and become an active part of the decentralized marketplace. In 2022, the increased traction for the concept has introduced several trends into the market, increasing the earning potential and demand for GameFi products.
Better Earning Models
Each game is unique and offers unique ways to earn. For example, initially, only the most talented and dedicated individuals got to earn for their passion. This isn’t the case anymore. GameFi lets you earn just by playing an online game as you normally would. Kill other players, complete cooperative objectives and side missions, and earn in-game currency to earn by the power of Greyskull kitties, zeds, and illuvials!
In fact, there are ways to earn cryptocurrency through your game without actually doing anything! The primary earning models via GameFi include:
- Using the in-game ecosystem to earn rewards
- Stake your currency for continued rewards
- In-game yield farms
- NFT ownership and appreciation. You can own anything, ranging from your character to cars, buildings, horses, or even a specific mask for your NFT.
A Change In The Gaming Landscape
Microsoft has recently purchased Activision for a whopping $68.9 billion, but there were a number of significant studio acquisitions across the gaming industry. The volume of acquisitions in the gaming landscape has led to speculations about how the P2W (pay-to-win) model favored lately by Activision and Electronic Arts (EA) may no longer remain viable.
Instead, many believe that a blockchain segment may be introduced into these games, taking GameFi to a whole new level as they become a part of AAA-rated games. FTX, a crypto exchange that relied heavily on sports and gaming, has recently established a $2 billion fund for developers to take the concept further.
While Microsoft or EA Games may not be interested in the $2 billion funds, mid-sized development companies are actively looking to incorporate the P2E model into their games.
Of course, the fund also instigated other firms to follow suit, with BITKRAFT and Galaxy Interactive have announced $75 million and $325 million, respectively, for GameFi developers. This level of keen interest in game development is mind-blowing and extremely lucrative for games – and a most welcome change to the gaming landscape.
Metaverse Integrating NFTs
Metaverse, a virtual 3D world, is actively utilizing AR and VR devices to create a more immersive environment for games. The world is actively utilizing NFTs to create its virtual marketplace. From art pieces to digital real estate, new frontiers are finding roots in the world to create a unique partnership between physical assets, digital currency, and digital property.
Volkswagen, for example, is stepping into Metaverse with its own NFT treasure hunt for gamers, giving them a chance to make a small fortune on the digital landscape.
Cloud Preparing For a GameFi Integration
Gaming is migrating to the cloud – not just to save games or sync progression across different platforms, but also to stream games without you meeting its requirements, such as Google Stadia and xCloud.
This trend has given room for companies such as Nvidia, LG, and Samsung to bet on NFT as well, creating the perfect infrastructure for cloud-based GameFi. There is talk of these platforms adopting the GameFi environment and giving users a chance to earn potentially anywhere.
Idle Hardware Revenue Potential
AMD is supporting the idea of taking the staking and farming associated with GameFi to the next level, as it intends to lease idle user hardware to computing tasks. These tasks may range from mining to empowering the cloud.
Since a majority of people – especially those with a 9-5 job – are able to use their computers for a few hours at best for gaming, people can lease their hardware to empower P2E servers or a range of other utilities to earn from their hardware.
New Games – New Earning Opportunities
The gaming industry is actively developing new games to give you a chance to earn from their phones. Minaland, Cassava, and other games in development are not just bringing P2E closer to you but are also bridging the gap between TradFi, DeFi, and GameFi.
Trending Play-to-Earn Games
The intersection of gaming with crypto has brought in a new paradigm. You may have stumbled across ads that tell you that you can earn thousands of dollars a day sitting at home. While most of them may be lies, if you find a crypto gaming ad that tells you the same, it might just be true.
Currently, the GameFi industry can actually yield over $3,000 per day if you are lucky enough (if you manage to win consecutive rounds and have made enough investment). However, many of these earning opportunities require you to either grind your way to the top or purchase expensive characters that would ensure a win each time.
CryptoKitties and Gods Unchained are prime examples of existing P2E games that offer viable returns, but the returns are very heavily investment dependent here. Of course, these games are fun as well and offer their own set of advantages to boast.
Then there are the newer games that use P2E 2.0 and newer GameFi principles. These include, but aren’t limited to:
Axie Infinity
You need to buy at least three pets to enter the game. Think of these pets as Pokemons because the idea is almost the same. You buy a pet, feed it, grow it, dress it up, and have it fight against others’ axies. Both players earn a reward for participating, but the winner is able to boast more lucrative rewards, of course. You also have daily quests and token rewards associated with these quests to help you earn.
Its primary currency is the Smooth Love Potion (SLP) token, the platform’s currency. It is currently one of the most trending NFT games, with an earning potential of hundreds of thousands!
Alien Worlds
This game features an earth-like economy where you can virtually trade through the Trillium (TLM) token. The game includes missions that you can complete, daily tasks, and of course, trade to earn and mine TLM. You will need to purchase basic tools to enter the game, though.
You can play for free as well, but you will have nothing more than a shovel. To earn a decent income from the game, you will have to grind – a lot.
Splinterlands
Think Gwent, but with a bit more ‘animation’ included in the game. This collectible card game allows you to earn via PvP matches, complete in-game achievements, and trade/sell NFT-based cards to earn the in-game token called Dark Energy Crystals (DEC).
To start the game, you will get a free basic deck, but you can buy better cards to increase your chances of winning against other players. PvP matches are much more lucrative compared to in-game achievements.
Arc8 by GAMEE
Think of Arc8 as a mobile esports platform that has a range of different games on your cell phone. You will need to buy GMEE tokens to enter different events, but the investment usually pays off, as you earn a premium just by entering a game. The higher you are on the leaderboards, the better you earn.
GMEE owners can also participate in the games’ voting functions, covering decisions on each game’s roadmap, future deployments, and allocation of prize and reward pools.
Farmers World
You must have played Farmville at one point or another – or have at least heard of it from friends. Think of Farmers World as its more convenient and refined version – and, of course, one that actually offers practical utility.
Purchase tools, seeds, land, and resources to grow your own tokens to earn – but make sure you harvest in time! The game is free to play and is one of the fastest-growing GameFi trends because the grind here isn’t as intensive as with many other games.
Star Atlas
An MMORPG that sees quite frequent updates and new earning models, this is a 3D world with limitless possibilities. The game has seen quite a large number of players since its release in 2021. As its latest release with VR and AR capabilities and new campaigns draws near, it is likely to become the new GameFi sensation.
It supports ATLAS and POLIS cryptocurrencies, giving you directly-redeemable coins to boast. You need to invest in a spaceship, which may cost around $20 for an average ship.
Doctor Who: Worlds Apart
Another digital card trading game, this is based on the science fiction TV show Doctor Who. This time, you will be exploiting extraterrestrial beings and earn as you investigate clues, trade cards, or sell them to other players.
Every player starts off with unique cards, hence increasing your chances of earning. You can either start for free or purchase premium card packs to improve your odds against other veteran players.
Illuvium
This AAA open-world RPG adventure game is Ethereum-based and is a true fight-to-earn game. You can find collectibles littered across the map to customize your characters and trade them to earn later on. However, that is not the primary earning model for the game.
Through illuvium, you get to earn via crypto staking. You need to buy an illuvial to start the game, which may cost around $400 to $600. The primary token for the game is $ILV.
ASPO World
Coming soon to the GameFi world, this tactical game is going to host PvE, PvP, and guild battles to help you earn a sizable income easily. The larger your guild will be during battle, the more you will earn. The same is true for PvP battles; the higher your level, the higher your earnings will be.
ASPO World is BSC-based, and will feature staking, a reward system, and have an NFT marketplace.
Earning While Living the Dream – A World Empowered By Game-Fi
There are numerous upcoming games in the GameFi world, such as Drunk Robots, Battle of Guardians, and more. While there are some inherent risks associated with GameFi, just as there were with traditional P2E games, the blockchain element within just makes these games more exciting to play. Furthermore, with a bit of care, due diligence, and by following the trends in GameFi, you can easily avoid these risks and start earning a sizable income.
Are you ready to start earning while living the dream?
