In an era where blockchain is becoming the de facto standard, games will be one of its most important use cases. The coming years will see a battle between game developers and players with each trying to stake their claim on who “owns” data. Will this lead to a flourishing ecosystem or decline of gaming as we know it?
The “gamefi 2022” is a question that has been asked for many years now. The question is, will gamefi 2.0 become the standard in 2022?
The number of players worldwide increased from 3 billion to over 4 billion between 2015 and 2021, according to Newzoo’s 2021 Global Gaming Market Report. The same year, the total income from gaming increased by 1.4% annually to reach $18.03 billion, with mobile gaming revenue expected to make up 52% of the whole industry.
A huge and essential kind of entertainment is gaming. A new game paradigm called GameFi has recently been created by combining it with the blockchain.
Screenshot Source: Global Games Market for 2021
The concept of GameFi, which is described as a fusion of gaming + DeFi + NFTs, started to take form in the first half of 2021. The first significant game to use gameplay to show how decentralized finance and non-fungible digital assets may function was Axie Infinity.
The hottest market segment in the cryptocurrency space in the second half of 2021 was GameFi, surpassing DeFi. The phrase “metaverse” gained popularity when Facebook’s name was changed to Meta.
Footprint Analytics – Monthly Total GameFi Protocols for 2021
Transactions for GameFi ended the year 2,934 percent higher.
According to Footprint Analytics, GameFi had rapid growth from March through August, when transactions started to level down. On April 9 and December 27, GameFi’s transaction volume had two growth peaks.
GameFi transactions in 2021, according to Footprint Analytics
These peaks were caused by two developments:
- With WAX Chain, you can now make, buy, sell, and exchange digital items all in one place. The WAX chain is a blockchain that is focused on gaming props and digital collections. It draws the most users thanks to better throughput of supported games and lower gas prices than ETH.
- A extremely cutting-edge decentralized blockchain ecosystem is called “Hive”: With the addition of PvP (Player against Player) warfare mode and the introduction of SplinterShards (SPS) game governance tokens in August 2021, Hive—whose user base is mostly made up of Splinterlands players—raised the trade volume in GameFi to $44.2 billion.
The primary GameFi battlegrounds in 2021 will be Hive, WAX, BSC, and Ether.
Footprint Analytics – Cross-chain Daily GameFi User Count
Top 5 Games on GameFi for 2021
According to Footprint Analytics, the top 5 games in terms of trade volume were as follows:
- DeFi Kingdoms is a Harmony-based play-to-earn game with a number of features that let players make money while enjoying themselves.
- Axie Infinity: This game was the first to take off and gain popularity for GameFi because to its distinctive economic strategy that provides liquidity depending on rarity.
- Bomb Crypto is a play-to-earn game in which the user controls a team of bomb heroes to battle monsters. Anyone may get tokens by participating in the ecosystem and playing the game successfully.
- Elfin Kingdom is a game platform that combines gamification aspects with a decentralized financial farm and non-fungible currency to generate money. But because this game is still in its early stages, there hasn’t been an IDO yet (Initial Digital Assets Offering).
- Using its own blockchain and cryptocurrency, the free-to-play role-playing game Nine Chronicles.
Footprint Analytics – The Hottest Games Right Now(Dec 31,2021)
Footprint Analytics – Market Share Distribution of Chains and Games(Dec 31,2021)
Q4 saw a peak in GameFi funding.
Major financial institutions continue to go into the blockchain space as the crypto market for GameFi expands quickly. The peak of GameFi’s financing, according to Footprint Analytics, occurred in the fourth quarter.
Footprint Analytics – Fundraising Number by Round Per Month
Footprint Analytics – Fundraising Amount by Round Per Month
Considering GameFi 2.0
NFTs and DeFi gained widespread adoption in 2021, while GameFi saw its first boom.
What version of GameFi will be released in 2022? According to Footprint Analytics, GameFi 2.0 will:
- Add additional social components. Games that have DAO characteristics will give users greater influence over how the games are made.
- Be more fun to play. The next innovation in GameFi will be to create games that are truly enjoyable, since the majority of present GameFi ventures are motivated by financial gain.
- reduce the admission threshold.
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Date & Author: Jan 13th 2022, [email protected]
Data Source: 2021 GameFi Dashboard from Footprint Analytics
Our Year in Review series includes this article.
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The “how does gamefi work” is a question that many people are asking. The answer to this question can be found in the annual report 2021.
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