A Promising Sector: GameFi
GameFi projects, which shake the throne of the traditional gaming industry, are causing a serious change in the sector with the momentum they create. According to research conducted by Bybit, high-value projects that have risen in a short time have become a part of a $175 billion market as of the end of 2021…
GameFi projects, which shake the throne of the traditional gaming industry, are causing a serious change in the sector with the momentum they create. According to research conducted by Bybit, high-value projects that have risen in a short time have become a part of a $175 billion market as of the end of 2021. In "GameFi" projects created by utilizing blockchain technology such as DeFi and NFT with the "play-to-earn" model, earnings can be obtained through "online games", "in-app purchases" and "advertisements". Game-Fi – “Game” and “Finance”, as the name suggests, aims for participants to earn financial gains while playing games. This concept also refers to the gamification of various systems to generate financial returns in the crypto sector. In GameFi projects, avatars, lands, costumes, weapons, gold, pets and NFTs are included in the games as digital asset representations. Thus, the person playing the game can easily exchange their earnings with NFTs or cryptocurrencies and make a profit. DeFi concepts such as staking and liquidity mining are an important part of GameFi projects and are other alternative ways for participants to earn passive income. GameFi video game projects run on a series of blockchain-based distributed ledger technologies that allow players to purchase virtual assets within the game. Among the first examples of the GameFi concept are; Minecraft servers integrated with Bitcoin, online games such as Gambit.com, Bombermine, and services where players can convert their actions into income online. One of the most successful GameFi projects, Axie Infinity, became the first project to exceed $1 billion in token sales in 2021, and the number of people joining the game in one day was well over 1 million. CryptoBytes, a cryptocurrency-based business and strategy game, having taken its place for new crypto projects in an international exchange's Launchpool, the MOBOX platform, projects developed by game developer Ubisoft, and CryptoZoon, inspired by the Pokemon story, were among the most talked about GameFi projects. Star Atlas, Ember Sword, Guild of Guardians, The Sandbox, Dr. Who: Worlds Apart are some of the games in development with high earning potential. The rapidly changing and developing technology underlying crypto games is also inspiring for brand new GameFi projects. It is clearly seen that GameFi games are at a higher level of development compared to existing online games. With blockchain and NFT games giving important clues about what awaits us in this field, the play-to-earn mechanism has become the fundamental element that will make cryptocurrencies more preferred. According to projections, GameFi and NFTs will become the meeting point of DeFi technology, and new possibilities in this increasingly popular sector with high cash flow are likely to exceed limits. Most Successful GameFi Projects Worldwide ApeCoin (APE) This cryptocurrency emerged as an extension of the Bored Ape Yacht Club (BAYC) ecosystem, a unique token (NFT) collection created by Yuga Labs, probably the most successful startup recently. The token was distributed free of charge to BAYC NFT owners via Airdrop earlier this year. The token, which had fallen to $5 in early July, had previously risen to $24. ApeCoin has two functions: First, it is used as the governance token of the ApeCoin decentralized autonomous organization (DAO), that is, to create and manage a community of APE owners from all over the world. The second is that this token will…