What is GameFi？
GameFi is a revolutionary concept that integrates decentralized financial products into gaming experiences. First introduced by Ma Mei, the Chief Strategy Officer of MixMarvel, at the 2019 Wuzhen Summit, this innovative idea transforms users’ assets into in-game equipment or tools within the realm of decentralized finance (DeFi). By participating in these games, players can earn income and rewards. GameFi combines the essential elements of DeFi, NFTs, and gaming, with DeFi serving as the core component, NFTs as indispensable tools, and games as the immersive platform.
Presently, DeFi games encompass various genres such as role-playing, virtual spaces, battle development, and multiplayer construction. These games offer a highly interactive, experiential, and captivating experience, surpassing the conventional models. Notably, unlike traditional games that often adopt “Deposit to Play” or “free to play” approaches, GameFi emphasizes enjoyment and entertainment as its primary focus.
In addition to GameFi, there is another concept called NFTFi, which shares similarities but differs in terms of gameplay. NFTFi’s “card draw” mechanics are often considered repetitive and short-lived. In contrast, GameFi enhances the entertainment value by introducing NFT pets, enhancing equipment skills, and enabling players to generate income through NFT pledging. Within these games, players can engage in activities such as nurturing, upgrading, and battling against monsters. Simultaneously, they have the opportunity to sell tokens, equipment, and NFTs on the trading market to generate revenue. Through these innovative developments, GameFi enables players to enjoy themselves while also earning money within the game environment.
Here are a few noteworthy projects to keep an eye on:
The Sandbox: Considered the most comprehensive metaverse
The Sandbox is set to launch in 2020 as a virtual gaming world. Powered by the Ethereum-based functional token SAND, players have the opportunity to create and own various game experiences while reaping the benefits from them. Utilizing The Sandbox Game Maker, gamers can easily generate digital assets, known as non-fungible tokens (NFTs), by drag-and-drop methods. These assets can then be uploaded to the store, facilitating the creation of immersive gaming experiences. The Sandbox has formed partnerships with over 50 entities, including renowned names like ATARI, Crypto Kitties, Shaun the Sheep, and more. Contributing to a player-centric ecosystem, The Sandbox aims to empower users to “earn while playing” through this creative game platform.
The Beacon: Unveiling the Power of Small Games with Promising Prospects
While numerous teams are focused on developing grand-scale productions and promoting epic games, The Beacon has taken a different approach by releasing an action role-playing game accompanied by its own economic system.
This project, introduced by TreasureDAO on the Arbitrum chain, showcases a charming pixel art style and offers gameplay that includes single-player breakthroughs, team adventures, casual dress-up, and more. It could be argued that this is an optimal solution for GameFi considering the current technical landscape. Moreover, the project itself can continually evolve through iterative updates as technology advances. Employing this clever strategy has garnered a significant user base for The Beacon, propelling it to become the hottest game within the Arbtrum ecosystem. As a result, The Beacon has emerged as one of the most prominent projects to watch in 2023.
FlappyMoonBird: The Ultimate Multi-Chain Game for Fun and Easy Play
Developed by Helix Table, FlappyMoonBird is a casual game that ingeniously combines elements of GameFi and NFTs. As one of the most popular games in 2023, its simple and straightforward gameplay allows players to guide an adorable bird to navigate obstacles and complete levels, earning rewards along the way.
Since its initial launch in December 2022, FlappyMoonBird has secured an impressive $8 million in financing, making it a well-funded project. The creators have introduced the Bird Universe, released the Genesis Bird NFT, and issued the universally recognized currency $FMB, which was listed on the Bybit Exchange IDO in May of this year. Serving as the primary currency within the Bird Universe, $FMB can be utilized to purchase in-game items and engage in various game activities. The Genesis Bird holds significant value as it can be showcased within the game and plays a crucial role in the ongoing development of the bird universe.
Community reports indicate that details about the third casual game have already emerged, and the team is currently in discussions with several top exchanges, anticipating further collaborations in the near future.
Ozon: Rediscovering GameFi by Embracing the Essence of Blockchain
Deployed on the Binance Chain, Ozon takes a different approach by prioritizing substance over flashy productions. Collaborating with The Beacon, the Ozon project team recognizes the potential of small games in capturing the market. Additionally, they delve deeper into the fundamental aspects of blockchain technology, pondering questions such as the true essence of blockchain and the ideal relationship between project parties and users. They also question the relevance of popular card games in 2021.
Ultimately, they arrived at a realization – decentralization and reconstructing production relationships hold the key. Moreover, traditional card games have experienced a resurgence in recent years, showcasing their enduring appeal.
BitCountry: Paving the Way as a Metaverse Pioneer with Ambition and Resilience
BitCountry is dedicated to empowering individuals to create, play, trade, and embark on a new virtual life, allowing everyone to construct their own unique digital realm.
In 2021, BitCountry successfully secured a $4 million seed funding round, making it the highest-earning project in the Polkadot ecosystem’s crowdfunding initiative. However, despite facing criticism during its year-long development journey, the team has recently provided an impressive response. It turns out that behind the scenes, they have been meticulously refining their product with great care. They not only delivered on the promised land airdrop but also distributed key NFTs to early users, granting them free entry into the primary network’s element universe.
Axie Infinity: Pioneering the Play-to-Earn Phenomenon
In 2021, even before GameFi became widely recognized, a groundbreaking game called Axie Infinity emerged, seamlessly bridging the gap between the virtual and real worlds. This innovative game has provided numerous individuals in developing countries with a reliable monthly income stream. In places like Vietnam and the Philippines, many gamers have made the life-changing decision to leave their jobs, dedicating a few hours each day to playing Axie Infinity. By earning Smooth Love Potion (SLP) within the game, players can convert it into cash to cover their living expenses.