The latest innovations in electronic gaming are making some gamers serious cash. Through a combination of non-fungible tokens (NFTs), decentralized finance (DeFi), and developers focusing on blockchain-based gameplay, playing blockchain games can reap financial rewards for players who participate in the latest GameFi trend sweeping through the crypto community.
The gaming market is booming, and so is blockchain technology. It’s estimated that the electronic gaming industry brought in around $175 billion in revenue from mobile, console, and PC gaming in 2020, and DeFi decentralized applications (dApps) built on multiple blockchains currently hold over $165 billion in total value locked (TVL).
The NFT marketplace Opensea saw massive gains through the month of August, with $3.4 billion in transactions being accounted for on its platform which includes gaming NFTs as well as NFT avatars and works of art. NFTs have been the catalyst for this revolution in blockchain games. Just one NFT blockchain game, Axie Infinity, doubled Ethereum’s revenue over the month of August.
Both the gaming industry and DeFi are expected to demonstrate massive growth over the coming years, and it seems like the two sectors will fulfill this potential through a synergy of combined efforts as gamers turn to DeFi and the DeFi community turns to gaming.
Play-to-Earn Blockchain Games Gaining Massive Popularity
Play-to-Earn (P2E) games are attracting a wide audience. These games often reward players with digital assets that they actually own, just like any other crypto, except unlike any other crypto, these assets can be used to enhance gameplay. These gaming NFTs can be used in-game, can increase in value, and can be sold on secondary markets for a profit.
During the summer of 2021, on-chain data showed that by the end of July, more unique active users were interacting with blockchain games than with DeFi and the NFT market combined. If DeFi dominated the summer of 2020, then this year looks like the blockchain community is ready for a GameFi Autumn.
COVID-19 has pushed a large number of people inside and shaken the global economy, and in the midst of this uncertain economic situation, many are turning towards blockchain gaming to make a living. Some gamers in the Philippines are reportedly earning more than an average monthly salary in their country by playing blockchain games, which means GameFi has the potential to change players’ lives for the better.
GameStation Fosters the Future of GameFi Development
GameStation, a multi-chain GameFi incubator, marketplace, and launchpad platform, is working to mainstream the combination of blockchain technology and gaming by helping independent play-to-earn (P2E) developers and players transform ideas for games with economic incentives into a playable product. They’re doing this by creating a platform that helps projects raise funds for their development without sacrificing equity or intellectual property.
There are tons of blockchain project incubators and launchpads that give a helping hand to development teams working towards securing funding in order to ensure a successful launch. GameStation sets itself apart by focusing exclusively on blockchain games, especially those creating the next generation of P2E gaming experiences. Additionally, GameStation’s marketplace will allow in-game items to be traded, loaned, and borrowed to enhance gameplay and enable players to earn additional revenue.
GameStation has lined up a strong showing of projects seeking to build a mutually beneficial relationship with gamers whose support and collaboration can help propel the latest P2E blockchain games into the spotlight, and the GameStation community can participate in these new projects through a gamified GameFi launchpad available first on the Ethereum and Polygon networks. In the near future, GameStation will also launch a tournament ecosystem to enable more competitive games and connect competitive players on a regular basis.
Evidence points to a blockchain gaming future with massive growth potential, and developers seeking funding and community support can find both through GameStation. It will be interesting to see what GameFi Autumn has in store for blockchain gamers as more releases are bound to hit the market with GameStation’s guiding hand propelling the industry forward.
Image by Marko Deichmann from Pixabay
