The gaming ecosystem, which has become one of the most valued categories in the entertainment industry, keeps on growing each day. A report called “Gaming Spotlight” on the gaming trends in 2022 has been published by data.ai and IDC. More than $22b were spent on mobile games, as stated in the report, and in the first quarter of 2022, the game industry grew by 42% compared to the first quarter of 2020. GameFi projects are among the products in the gaming ecosystem, which attracted the attention of many high-budget venture capital investors. Integrated into the field of the traditional game industry, GameFi projects have made a notable change in the industry with the momentum they have created. Thanks to the new “Play-to-Earn” gaming models created with the blockchain technology, the gaming industry, which has accelerated faster with the effect of the pandemic since 2020, became more important.
GameFi, which means Game and Finance, has a system that allows participants to generate financial gain while gaming. Starting out with the aim of obtaining financial returns, it is a breath of fresh air in the cryptocurrency industry. Avatars, lands, costumes, weapons, golds, pets and NFTs are available in games as digital products. Individuals playing these games can easily exchange their earnings with NFTs or any cryptocurrencies available in games to generate income. Earning passive income by staking or liquidity mining is also possible in these games. In general, investors and developers in GameFi projects generate income by in-app purchases and ads. By the end of 2021, GameFi has a share of a global market of $175b.
Data shared by DappRadar shows there are more than 1.800 GameFi projects aiming to pave the way to a common economy for players, game developers and streamers. Web3 games and metaverse projects have exceeded $750m since August 1 despite the volatile economic situation. With the growing numbers of players in the GameFi sector, Axie Infinity (AXS) and Alien Worlds (TLM) have been at the top of the list of games preferred by the most users in the last few months.
Here are some of the current GameFi projects:
Forfeit
Maze Warfare, the first First Person Shooter (FPS) game, was released in 1973. It is a project with single and multiplayer features and can be run on relatively high-end computers that are powerless against technological advances.
On the other hand, Forfeit is a First Person Shooter (FPS) project that can run both on computer and on mobile devices. Forfeit was developed within the blockchain infrastructure, and it is in the world of metaverse. It features trading in the NFT marketplace, and users can design their own equipment. Any transaction can be made using FFT token valid in Forfeit.
Axie Infinity (AXS)
Axie Infinity is one of the most popular GameFi projects with more than 2.2 million monthly active users. You can buy, exchange and use Axies, which are thought to be influenced by Pokémon, as warriors. These creatures called Axies, with their unique features and rarity, are available as NFTs in the ecosystem. It is possible to earn passive income in Axie Infinity. The main advantage is earning AXS tokens by completing the levels in the game. AXS, which is considered to be one of the best GameFi cryptocurrency tokens, has grown rapidly in the blockchain market.
The Sandbox (SAND)
The Sandbox is a blockchain-based game that allows players to navigate and manage a virtual world without character limitations. In the Sandbox, which has its own metaverse, you can own virtual lands and create your own experiences. The platform was developed with the “Play-to-Earn” model to allow users to become both content creators and players. SAND is the token of the ecosystem, and it has different functions in the network. It can be used to buy LAND NFTs and other digital assets in the game. Players must have SAND in their wallets to create assets and play the game. SAND is an ERC-20 token that supports all transactions and interactions in the ecosystem. For example, SAND tokens are used to play, buy equipment or customize an avatar.
You can create an account using an email address and a nickname in The Sandbox website or on its mobile application. Players can create their own avatars using the Create Avatar button after logging into the game. They can choose their avatar’s gender and face, and they can also customize it by adding available clothes and equipment. In the inventory tab, players can see the details of their assets, lands, properties and other items they have.
Mobox (MBOX)
MOBOX is a GameFi platform, which means a decentralized finance gaming platform that allows users to earn by playing games, rewarding and empowering users for participation and interaction. By combining unique gaming tokens (NFTs) and yield farming, the MOBOX platform has created a Play-to-Earn ecosystem. The GameFi infrastructure of MOBOX is built on the thriving decentralized finance (DeFi) ecosystem and combines it with gaming through unique NFTs.
Immutable X (IMX)
Immutable X is a Layer 2 blockchain that focuses on NFTs that support creation and trading of digital assets on the Ethereum-based Level 2 network. It was launched by James Ferguson and Robbie Ferguson on October 14, 2021. IMX is the token of Immutable X. Immutable X focuses on NFTs and Play-to-Earn blockchain games, and it allows users to confirm transactions instantly and create and trade NFTs with low gas fees.
Immutable X has released a trading card game (TCG) project called Gods Unchained. Last February, GameStop announced their NFT marketplace on Immutable X (IMX). Immutable X and GameStop have also created a $100m-fund for game developers.
The marketplace has a wide range of arts, Play-to-Earn games, commercial NFT cards, and collection items. You can trade special digital assets such as Gods Unchained, Nifty Nuggets, Vyworlds, etc. Content creators can create their own items using the Immutable X tools on the network. You can create collections and NFTs, applications for games, and service products on the blockchain for free.
Enjin Coin (ENJ)
The project, which is a gaming-focused content management system and forum/community creator, was launched in 2009 in Singapore. With the field it focuses on and the projects it has carried out, Enjin Coin is one of the early projects to bring the cryptocurrency sector and the gaming sector together. It offers services such as trading unique in-game items to earn cryptocurrencies and then converting them into fiat currencies.
Decentraland (MANA)
Decentraland is a blockchain-based virtual world. This virtual reality platform is supported by the Ethereum blockchain. On the Decentraland platform, users can create unique content and applications and earn profits from them. You can buy lands and have control over them in Decentraland. The land you buy is processed on the blockchain to verify your ownership. Landowners can create any content they want on their lands. These contents may be stages, shows, galleries or playgrounds. MANA is the project’s token.
Alien Worlds (TLM)
Alien Worlds is a Play-to-Earn game running on the WAX, the ETH and the BSC blockchains. It has a universe of six worlds, each containing 500 lands. And each land belongs to a player. Players mine to earn Trillium (TLM), and alongside mining, they also have a chance to get an NFT gaming card. You can acquire lands by mining or staking TLM in the Alien Worlds ecosystem.
