GameFi is showing signs of a mature landscape: Report
Blockchain games are set to overtake decentralized finance (DeFi) as the number one contributor to decentralized application (DApp) activity in terms of uniquely active wallets. A new 18-page report by DappRadar surveys the nascent ecosystem behind this rise.
Although still dwarfed by the traditional gaming industry, blockchain games, sometimes dubbed GameFi, have seen an early spurt of exponential growth, according to the report’s data.
“The evolution of blockchain games” report, which discusses play-to-earn (P2E) as a new paradigm for gaming, is available on the Cointelegraph Report Terminal to purchase. It details how the play-to-earn model gained traction in the COVID-19 pandemic when players from emerging economies were seeking new sources of income. In Q2 of 2021, which was notable for a quarter-over-quarter growth of 503%, Wax’s successful space mining game called Alien Worlds was one of the main profiters. Other key players in the space included Axie Infinity, Decentraland, Splinterland and Upland.
The report projects that although resistance from the traditional gaming industry and mainstream media are still considerable due to negative press coverage, an improving understanding of blockchain technology could assuage those concerns. The researchers argue that increased public awareness of comparatively energy-frugal proof-of-stake (PoS) technology and the possibility of robust ownership of in-game assets could make GameFi fit for the mainstream in the long run. They conclude that “the horizon for blockchain games is opening up quickly.”
DappRadar also breaks down the development of GameFi on different layer-1 ecosystems. Some games have grown large enough to sustain their own blockchains such as Axie Infinity with
Read more on cointelegraph.com
