Games
How GameFi contributes to the growth of crypto and NFTs
The crypto industry has grown tremendously over the past couple of years, and one of its biggest drivers is the GameFi industry. GameFi — a portmanteau of gaming and finance —enables gamers to earn rewards while playing. The market has been growing steadily and presently has a token market cap of approximately $9.2 billion. Notably, GameFi networks have continued to thrive despite the crypto winter. Indeed, the industry is forecasted to reach a $74.2 billion valuation by 2031. How GameFi networks work GameFi ecosystems are based on blockchain technology and use different in-game economic setups to reward players. The rewards are usually in the form of nonfungible tokens (NFTs) that are tradable on major marketplaces. The items are typically in the form of virtual lands, costumes and ...
Gaming makes up over half of blockchain industry usage, DappRadar
New data from DappRadar suggests that gaming remains a vital organ to the blockchain industry. According to the report, the gaming sector accounts for approximately 50.51% of industry usage month-over-month (MoM), as per August numbers. While overall the numbers are a good indicator for the sector, it is a decrease from the previous month. Last month, the gaming sector made up approximately 57.30% of industry usage (MoM). The data from DappRadar comes from the daily Unique Active Wallets (UAW). According to the surveyor, there are around 847,230 gaming-related UAW active daily with nearly $698 million in transactions. Source: DappRadar Gaming has long been touted as a gateway to the world of Web3, blockchain, and crypto. Another recent survey from ChainPlay highlighted that of 2,428 survey...
Why DeFi, GameFi and SocialFi are horizontals in the Metaverse
The future of value creation and exchange will know no national boundaries and jurisdictions. They will all be ecosystem specific. Therefore, all use cases need to be ecosystem-specific. The future for DeFi, GameFi and SocialFi may be embedded. But, this embedding can only be implemented in a well-oiled ecosystem. The Metaverse that brings these user functions together will not only have experiential elements but also utilitarian and gamification elements. For instance, a metaverse in which DeFi can be applicable will need to have opportunities for microtransactions. A metaverse in which SocialFi can be embedded will need to have an ecosystem that has creators and consumers contributing, being compensated and acknowledged for these contributions. Let us now look at what we could see as emb...
GameFi investors are now prioritizing fun factor over money: Survey
GameFi, the fusion of gaming and decentralized finance (DeFi), attracts a set of investors that tend to choose projects based on their use case rather than money-generating potential. The GameFi ecosystem attracts GenZ investors and gaming enthusiasts. As a result, it stands as an entry point for numerous first-time investors. A ChainPlay survey participated by 2428 GameFi investors revealed that 75% of the respondents joined the crypto space solely because of GameFi. 3 in 4 respondents joined cryptocurrency because of GameFi. Source: ChainPlay While roughly half of the investors joined the GameFi space initially for profits, 89% of GameFi investors succumbed to Crypto Winter 2022 — with 62% of them losing more than 50% of their profits. GameFi profits are decreasing. Source: ChainPlay How...
Web3 games incorporate features to drive female participation
Although there is still an apparent lack of women in the Web3 sector, blockchain-based games geared toward women may help drive inclusivity. A recent report from the Entertainment Software Association found that 48% of gamers in the United States identify as female. It has also been noted that nearly half of all gamers in the world are women. The interest that women have taken in the billion-dollar gaming sector is notable. This, combined with the massive growth being projected by the GameFi industry, is a key reason why a number of Web3 games are being built specifically for female users. Beryl Chavez Li, co-founder of Yield Guild Games — a global play-to-earn gaming community — told Cointelegraph that she believes blockchain-based games like Axie Infinity have started to see an upt...
Chipotle takes ‘buy the dip’ literally with new $200K crypto giveaway
United States-based fast casual restaurant chain Chipotle has started an online game which will give customers the chance to win more than $200,000 in crypto. In a Monday announcement, Chipotle said that, through July 31, fans would be able to play its “Buy The Dip” game using their rewards accounts. The company will give away $45,000 in Bitcoin (BTC), $10,000 in Ether (ETH), $13,750 in Solana (SOL), $14,250 in Avalanche (AVAX) and $14,250 in Dogecoin (DOGE) via the game. “We want to build the next generation of Chipotle fandom by connecting with the Web3 community,” said Chipotle chief marketing officer Chris Brandt. Free crypto giveaway? — Chipotle (@ChipotleTweets) July 25, 2022 The restaurant chain gave away $100,000 in BTC in April 2021 as part of a promotion for National Burrito Day....
Scams in GameFi: How to identify toxic NFT gaming projects
Over the last couple of years, games using blockchain technology have been actively developing and attracting new players, and the decentralized games market — broadly referred to as GameFi — has gained great popularity. The GameFi industry started back in 2013, and since then, the sphere has been slowly developing, but in 2021 the popularity of decentralized games exploded along with the boom in nonfungible tokens (NFT). According to the DappRadar analytical service, the total value of one of the most popular blockchain-based games, Axie Infinity, exceeds $550 million. But the GameFi industry has its issues. Many projects often “launch” regardless of the game’s development stage. And while Bitcoin’s (BTC) price trend can enhance or weaken the success of GameFi projects, there isn’t ...
From games to piggy banks: Educating the Bitcoin ‘minors’ of the future
The crypto winter is here. It’s a trying time as prices grind down, but it’s the best moment to build and learn. For some Bitcoiners, the bear market is a time to plant trees or create memes. For those with kids, it’s a welcome recess used to broaden the minds’ of Bitcoin (BTC) minors. Cointelegraph spoke to the creators of popular Bitcoin-related games and educational tools to understand why teaching kids about sound money is critical, and some of the best ways of doing so. SHAmory, a portmanteau of SHA-256 (the cryptographic function that hashes inputs in Bitcoin) and memory, is among the best-selling Bitcoin games. Targeted at kids aged four and over, creator Scott Sibley shared that he had his “toddler in mind for both the creation of the game and book.” The Bitcoin mining g...
Here’s how the Metaverse enables inclusivity for genderqueer people
In the wake of the rising popularity of games like Fortnite, Roblox and Minecraft and the concept of the Metaverse, the ability of “avatars” to escape unpleasant realities, or simply have fun, is emphatically relevant. It warrants a discussion on digital citizenship and the “inclusivity” of individuals and their identities in the virtual realm, and it provides new meaning for those with gender dysphoria or who identify as genderqueer. In the real world, there is a known bias against those who do not identify with the sex assigned to them at birth. According to a recent study, approximately 2.7% of adolescents in the United States identify as trans or gender diverse. Extrapolating this to the global population, more than 200 million people likely fall into this category and come under press...
GameStop unveils beta cryptocurrency wallet and upcoming NFT platform
American electronics retail firm GameStop has taken a step into the world of cryptocurrencies, unveiling a proprietary blockchain wallet that will feature nonfungible token functionality. The GameStop Wallet will allow gamers to acquire, send and store Ether (ETH), ERC-20 tokens and NFTs through a self-custodial browser extension running on the Ethereum blockchain. A mobile application is also in the works. It’s official! The GameStop Wallet is here. Download: https://t.co/dK2dmRmwRI — GameStopNFT (@GameStopNFT) May 23, 2022 The wallet will run on Ethereum’s Loopring layer-2 scaling protocol designed for decentralized exchanges, which boasts of high throughput, low-cost trading and payment capability. Users will be able to download and install the wallet extension through the Chrome Web St...
Review: Bots abound in NFT castle-building game League of Kingdoms
With the development of gaming platforms, virtual items have also become a popular method of monetization, but most games store data on private servers, giving gamers a reason to doubt their reliability and transferability. Developers can change the game policy at any time to maximize their profits. They are not obliged to consult users or take responsibility for the harm caused to the game ecosystem. This problem can be solved by blockchain technology which makes it possible to own and transfer virtual assets to anyone through nonfungible tokens (NFT). In a world where gamers spend a lot of time and money developing their characters and seeking out unique items, games that allow them to earn and influence the game’s development are very attractive. One of the most popular genres of games ...
How the Metaverse could impact the lives of kids
Advantages The Metaverse has many advantages for kids, especially from an education perspective. With the help of such technology, learners can grasp abstract concepts easily in a more engaging way. The Metaverse also offers almost actual, hands-on experience that can be very beneficial for children and help them to better understand the world around them and how things work. In addition, the Metaverse can improve social skills in children. Social media has often been blamed for the rise in loneliness and depression among kids. On the other hand, the Metaverse has the potential to provide a safe and controlled environment for kids to interact with their peers and make new friends. Furthermore, it has the potential to encourage creativity and develop social intelligence in kids. Lastly, it&...
