MARKET CONDITIONS DO NOT AFFECT BLOCKCHAIN GAMES (GameFi)

The possibility of earning money with video games has become the perfect opportunity for many Internet users who keep sight of this attractive option in their daily search for tools that allow them to promote financial freedom.

The cryptocurrency market has shown during this 2022 the hand-to-hand fight with external market conditions that have undoubtedly wreaked havoc on the digital financial market and cryptocurrency investors.

The interest in this industry remains the same amount of dollars raised by different firms to 1.5 billion, a fairly significant sum, which positions GameFi as one of the sectors with the most considerable momentum within the crypto ecosystem. For more information, you may visit the Official website.

What does the GameFi Sector refer to?

When talking about GameFi, reference is made to a set of games based on Blockchain technology, which uses smart contracts, where decentralized finance allows users to obtain rewards in digital currencies for playing and completing assigned tasks.

It is considered one of the sectors that have taken the most remarkable boost after the Covid-19 pandemic was generated worldwide; due to social isolation, many began to use this technological tool, where growth projections were reduced to months.

In alliance with decentralized finance, Blockchain technology created a transparent structure so that users, through compliance with regulations, can generate income and diversify financial investments.

The GameFi sector is nothing more than the merger between the video game sector (Gaming) and Decentralized Finance (DeFi).

One of the main attractions of this industry is that the executed operations are registered and stored in the Blockchain, in addition to merging elements such as mining, staking, yield farming, and cash injection, to name a few.

Blockchain Games Ranking

Just as endless cryptocurrency tokens have emerged, many blockchain-based games have emerged. The main characteristic is satisfying the tastes and needs of all audiences.

The possibility for players to acquire and store digital assets through these platforms and with blockchain technology makes it much safer to create an investment portfolio.

When referring to a specific classification, blockchain games are divided into four types: Ethereum, private chain, public chain, and like.

On the other hand, they are subdivided according to their functions and gameplay characteristics, managing to be classified into more than ten categories, such as Strategy category, cultivation, location, collection, and role-playing games, among many more.

An alliance between the Metaverse and the Play-to-Earn

Due to the substantial growth that the video game industry has had, it is almost elementary to think that this sector could lead the digital market of the future, where the Metaverse and Web3 will be the channels to contribute to a greater impulse of this creative way of obtaining money or store digital assets.

The opportunities presented by the Gaming industry are not only for users as such, but also generate the potential for all those developers who could generate considerable profits with their creations through the greater adoption of blockchain games by the general public.

The global growth this entertainment and financial management proposal has achieved is one of those that have the most significant possibility of success in implementing the Metaverse.

Users have been adapting to what this technology represents from the dynamic perspective of video games. More importantly, those applications are known as Play-to-earn, leaving behind the concept of unilateral earnings only for the creators of the games.

It is a new concept where players not only have fun and spend money but also can safeguard digital assets that allow growth and timely financial management of resources that may be more complex to manage from a traditional source of income.

The estimated global growth for this sector is between 20-25% per year constantly during the following years until the Metaverse is installed.

Conclusion

The business model proposed by blockchain technology associated with virtual reality is a trend that does not seem to be going through any crisis or external economic, financial, or geopolitical situation; on the contrary, it looks increasingly promising in the long-term period.