A single crypto regulator to appear in the EU Hotels in Maldives and Thailand accept crypto payments PayPal added bitcoin support to its mobile app Corporations invested more than $6 billion in crypto industry in the last 10 months DeFi-platform Velodrome accuses crypto sleuth of stealing $350k S&P Global dropped Coinbase rating to a speculative level BitGo will seek $100 million for Galaxy Digital refusal to acquire crypto platform Brazilian crypto exchange blocked customer accounts and fired staff Celsius Network’s debts is more his assets for $2,8 billion

GameFi: what it is, how it works, and the best 2022 projects

GameFi: what it is, how it works, and the best 2022 projects

GameFi refers to blockchain-based projects that combine decentralized finance, NFT, and game mechanics. They allow players to earn cryptocurrency by selling digital items, fulfilling tasks, and completing missions. The industry emerged back in 2013, but it showed moderate development until 2021. In August, there was a real boom in the Defi and NFT market, followed by the appearance of numerous blockchain projects. Today, there are 2.5 billion gamers playing online games. Its popularity comes from easy earnings without large investments for ordinary players unfamiliar with the cryptocurrency world.

How Play-to-Earn games work

GameFi (from "games" and "finance") or Play-to-Earn (P2E) are projects for monetizing the gaming experience. The mechanics are combined with cryptocurrencies and blockchain technology. Each game has its own token, i.e., the in-game currency used to pay for various items, artifacts, etc. Developing a character, the gamer is rewarded in tokens that can be exchanged for real money.

Since games run on the blockchain, the user fully owns any objects obtained in the digital world. Artifacts, weapons, and even characters, pets, and real estate are non-exchangeable tokens (NFT). The advantages of P2E include the following:

  • Item tokenization. When creating characters and selling various weapons, artifacts, or real estate, gamers can earn large amounts of money;
  • NFTs are great investments. The value of properties bought cheaply can skyrocket just in a few months;
  • The games are good for newbies who are not familiar with the crypto market processes;
  • A wide selection of online games tailored to every taste, featuring a variety of storylines, game worlds, and mechanics;
  • Minimal action is required from the player. The gamer does not have to memorize key combinations; he only needs to press one button on the screen.

The disadvantages include the graphics or storyline component. Developers focus on decentralization, expanding opportunities for users to own digital items. At the same time, the graphics or plot are significantly inferior to modern PC games. Each one has its own entry threshold, which is measured using in-game currency tokens. A transaction fee is charged for the transfer of funds.

Top GameFi 2022 Projects

New play-to-earn games are released each and every day. They differ in genre, graphics, in-game features, and blockchain. The most popular networks are Binance Smart Chain and Ethereum. These games, like many others, allow you to travel through virtual space, create avatars, as well as buy and sell in-game items. The worlds are actively developing, enabling participants to generate income from their favorite pastime.

The Sandbox

The Sandbox is not just a multiplayer game but an entire universe. The Sandbox has no elaborate storyline or defined concept, unlike other online games. The platform offers gamers everything they need to create their own game universes and monetize the experience.

Players create and add their own items and objects to the virtual world, complete various missions, and generate income selling NFTs. Gamers can also buy or rent real estate or land within the game. Later, such "lands" are transformed into new levels. The community determines the development vector of the universe.

Sandbox has its own SAND token based on Ethereum. You can store, sell, or buy the token using wallets that support the ERC-20 standard. In terms of capitalization, Sandbox has outperformed the well-known Axie Infinity game.

capitalization: $4.4 billion;

number of gamers: up to 100 million in the next 10 years;

developer: Pixowl Inc;

token: SAND.

Axie Infinity

The game is similar to Pokémon since you also need to raise magical creatures and fight within in-game arenas. Since its release, the app has become so popular that the number of transactions in the virtual world has several times surpassed the Ethereum network.

The feature of the app is that all pets are NFT. The rarer the axie, the more expensive it is. Creatures can be raised for sale or to complete quests and fight in the arena. Some gamers consider the rare axis to be a great source of income. The most expensive axie ever sold is worth $820,000.

capitalization: $3.6 billion;

number of gamers: 2.3 million;

developer: Sky Mavis;

token: AXS.

Alien Worlds

The alien space shooter is based on the blockchain. A standout feature of the game is that it supports several networks at once such as Binance Smart Chain, WAX (fork EOS), and Ethereum. Meanwhile, the native TLM token is available on any of them.

In the virtual world, players explore deep space, fight aliens, and discover new planets. There is also a struggle for valuable fossils, and in this case it is Trillium. Different artifacts, items and weapons are dropped out in the form of NFT, and the players can exchange or sell them on the marketplace and earn high incomes.

Currently, the game universe consists of 7 planets. However, as the developers point out, new planets will be added as the project develops. Initially, the gamer can choose any world, and then change it to another during the game. Planets are managed according to the DAO principle. The User Council determines the strategy for the world, the quests to participate in, and the commission for mining tokens. The community chooses the council members by voting.

capitalization: $117.3 million;

number of participants worldwide: 2.6 million;

developer: Dacoco;

token: TLM.

CryptoBlades

This is one of the few games featuring detailed graphics and elaborated characters. The world of Middle Ages is based on Binance Smart Chain and has its own game currency called SKILL tokens. The number of tokens in the balance directly depends on the gamer's progress.

In order to get tokens, participants need to win raids, sell or buy characters, and improve weapons and characteristics. Inside the digital world, there is an open store where you can put NFTs up for sale. To get the first avatar, a player has to pay a commission.

The application is a clicker-fighting game. Therein lies its popularity, which has recently skyrocketed. The user doesn't have to figure out the moves or make a strategy, but simply click on the screen at one point.

capitalization: $5.2 million;

number of gamers: 1.1 million.;

developer: Riveted Games;

token: SKILL.

Heroes and Empires

This is a relatively new strategy that features chess and RPG elements. The fantasy world is based on the BSC, and the game has a marketplace for selling NFTs. Tokens are awarded for the sale of valuable items, weapons, improvement of skills and characteristics.

The developers elaborated thoroughly on the graphics and the game characters. There are 8 races in the virtual world, each with different skills, appearance and magical abilities.

Despite numerous races, the gamer can choose up to three characters per quest. To get the most powerful avatars, you need to keep a close eye on what's new on the market. Three weeks ago another update was released, which made VIP rewards available to gamers.

capitalization: $6.4 million;

number of participants worldwide: 150,000.;

developer: CryptoViet Labs;

token: НЕ.

 

Subscribe to our Telegram channel for the most relevant, interesting, and informative news from the crypto industry.

0
Is there an error in the article?
To report