GameFi and the Metaverse: The next steps in the evolution of Cryptocurrency

PUBLISHED Apr 18, 2022, 2:43:59 PM       

img
imgTobi Amure

The Cryptocurrency space has been undergoing several dynamisms since Satoshi introduced Bitcoin. We saw the introduction of NFTs in 2015, Facebook rebranding to META (to prepare for a full-scale launch into Metaverse), and traditional gaming companies building play-to-earn games to prepare for complete onboarding into Web 3.0.

In only 13 years, we've seen so much change while still staying true as a movement driven by human ingenuity. DeFi enthusiasts believe that all these will improve use cases across many cryptocurrencies driving full adoption like never before! What a time to be alive!

In this article, we will be looking at how GameFi and the Metaverse will change the cryptocurrency industry as we know it.

GameFi

GameFi is a unique gaming ecosystem that offers economic incentives to players. The system uses cryptocurrencies, non-fungible tokens (NFTs), and blockchain technology for its virtual environment--creating an immersive experience unlike any other.

The rise of GameFi in South East Asia has been a godsend for many countries, especially the Philippines. Axie Infinity exploded during COVID when most Filipinos were laid back from their various jobs due to restrictions on movement and economic growth slowing down - it's no wonder this caused an upswing with gamers everywhere!

AXS, the native token of Axie Infinity, rose from $0.54 to $94 in 2021. This indicates that a lot of people got on board with the game. Axie Infinity, like other play-to-earn games, had a way of attracting low-income earners. People who couldn’t afford the cost of the game had the opportunity to rent Axies from players who could afford them, and the profits were in turn shared.

The number of blockchain games is snowballing! There were more than 544 active DApps by the end of 2021, up from about 200 a year before. Venture capitalists poured $4 billion last year alone to nurture efforts like Forte, which offers tools for creating play-to-earn games. The result could be a so-called AAA-quality video game with robust graphics and more exciting gameplay than what's currently out there, potentially offering greater earning potential!

Here are a few traditional gaming industries that are cashing in on the action:

  • Microsoft: The software and gaming company bought out Activision in a $68 billion deal, and now Ubisoft is joining the blockchain ecosystem by investing in Animoca Brands with their own NFT launch.
  • Bandai Namco: The gaming company plans to invest $130 million into gaming in the metaverse.

The Metaverse

So, you've heard of the metaverse, right? It's a virtual world where people can live, play, spend and communicate. Facebook took it a notch further by rebranding into META; other top brands like Puma, Adidas, Microsoft, and Samsung soon followed. The possibilities for the metaverse are endless, which is why these companies are investing heavily. The metaverse is a virtual utopia that will be powered by blockchain technology. This includes cloud infrastructure, software tools, platforms, entertainment experiences like games or social interactions for education purposes, and research activities with learners from all walks of life utilizing these immersive worlds.

When will we fully transition into the Metaverse?

The world may be moving towards a metaverse, but it could happen much sooner than expected because of the foundational elements already in place and ready for launch. The infrastructure behind today’s internet is impressive, yet it will likely need to evolve further for us all to have a chance at experiencing the metaverse experts envision. Many people think that our current technological advancements are enough, but when you look into what they're capable of - things like VR concerts and immersive gaming worlds- it becomes clear how much more there is still left to do.

Read Also: Shiba Inu; Will it stay with us, or is it just mere hype?

Wrapping Up

GameFi and the Metaverse are still in their infancy, with creators exploring options to drive adoption on a larger scale. We believe they will explode soon enough, and we can’t wait.



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