GameFi will become one of the important tracks in the future. What are the advantages?

The popularity of

GameFi is a reflection of the innate advantages of blockchain in project innovation and concept innovation. Today, GameFi has become another big industry hot word after DeFi, so what should we do? How to understand the concept of GameFi and what advantages does GameFi have?

01
What is GameFi?

If DeFi is to reproduce the real financial system in a distributed structure in the blockchain, then GameFi is a visual blockchain that expresses DeFi as a game finance.

GameFi integrates the concepts of DeFi and NFT and presents it in the form of a game to run the blockchain financial system in a more intuitive way. In specific chain game projects, GameFi’s game rules, props, and derivatives Product is the operation method of NFT products based on DeFi logic.

GameFi’s NFT attributes make all assets, props, and characters in the game unique and collectible. Combined with the attribute settings of chain games, players can fully own these assets in decentralized games. of ownership.

In a sense, GameFi breaks the convention that game assets only belong to game development companies, allowing players to achieve financial freedom through games.

In addition, compared to boring DeFi transactions, GameFi enhances the entertainment and interactivity of blockchain finance and NFT, allowing participants to profit from it through battles, copies, social interactions and other gameplay .

02
Explosive Growth of GameFi

##GameFi is not a pure chain game. There was a collection and trading game in the industry around 2017, which combined the "transaction attributes" and "unique private characteristics of assets" of the blockchain with the gameplay. However, the blockchain games at this time can only be called chain games and do not have the characteristics of GameFi.

The emergence of GameFi benefits from the maturity of the NFT concept and the development of the DeFi field, under the framework of the blockchain metaverse concept. Realizing the mapping of the real system in the blockchain world has become the only way to complete the concept of the metaverse today.

After the game form of the Metaverse is combined with the concepts of NFT and DeFi, the on-chain financial system has completed the gamification process. In 2020, the GameFi concept was proposed and widely recognized by the industry.

Therefore, starting from the second half of 2020, GameFi’s series of developments have attracted the attention of the blockchain industry.

After more than a year of market testing, GameFi has demonstrated its unique ecosystem in terms of digital asset value and chain game value interaction.

Beginning in March 2021, GameFi has entered explosive growth. In September 2021, GameFi has grown into an independent field in the blockchain industry and is expected to surpass the DeFi field in the short term.

03
Advantages
Distributed, participating in operations, and obtaining benefits

Basic concepts of GameFi Originating from the blockchain, GameFi naturally has distributed advantages that traditional industries do not have.

Every player in the game can fully control their own game characters, assets, and props, and can lead the development direction of chain games through governance tokens. Players can upgrade and improve chain games through voting. .

The operational advantage of the decentralized structure of chain games is that

players can participate in the operation and maintenance of chain games. The higher the popularity of the game, the better the player experience. The more players there are, the greater the benefits for early players.

Currently GameFi widely uses the Play to earn economic model. The real money generated while playing is the guarantee of player enthusiasm and loyalty.

As of March 31, 2022, Footprint Analytics data shows that a total of 1,406 chain games have been launched in the GameFi field across the entire network, with an average daily number of users reaching one million and daily trading volume reaching nearly US$50 million.

According to relevant statistics, starting from July 2021, chain game data has grown rapidly. The number of players has increased from 80,000 in early April 2021 to 928,000 in September, and the daily trading volume has increased from It has grown from around US$500,000 to an average of around US$40 million, with the highest daily trading volume exceeding US$93 million.

04
Summary

GameFi has become one of the most promising areas in the industry. With the popularization of the concept of the metaverse, GameFi will gain more people's attention and participation.

Although the daily trading volume in the GameFi field now exceeds 20 million US dollars, the potential of GameFi has not yet fully exploded, judging from the breadth of the entire market and its advantages in asset interaction.

After all, in just a few years since the concept of GameFi was proposed, GameFi, which is still in the early stages of the field, will have a lot of future development. And the prospects are undoubtedly worth looking forward to.

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