The Rise of GameFi
While GameFi games have their fair share of scammers, they are generally free to download. Players will be able to save their progress to a Web 3.0 wallet. This wallet will also act as a player’s inventory, which can be used to purchase in-game assets. Unlike traditional games, which may be shut down at any time, GameFi players’ assets will be stored on the blockchain for the lifetime of their account. That way, they can be retrieved without any hassle.
The launch of Ethereum in 2015 ushered in new opportunities for video game developers. Ethereum’s advanced programming language and NFTs (non-fungible tokens) facilitated the creation and execution of games. The success of Ethereum games has led to tremendous innovation in the GameFi space, and blockchain gaming is expected to continue to grow at an incredible rate. With GameFi, players can now purchase in-game assets and earn revenue by participating in online gaming communities. This is an incredible opportunity for gamers.
Despite all these concerns, the video game industry has been receiving massive funding. In fact, the crypto gaming industry received $3.6 billion in funding in the past year alone. Investments were led by Andreessen Horowitz, Softbank, and Coatue. Even the creator of Ultima Online, Richard Garriott, announced plans to create a play-to-earn MMO. As a result, many of the world’s largest game studios are already dipping their toes in the game-making space.