More than a game – What the overcoming of DeFi by GameFi means for Crypto
As crypto assets like Bitcoin, Altcoins, and NFTs grow, there is a tendency to ignore GameFi. After all, at first glance, Kitties and Axies may seem like more entertainment than serious investments. However, a report from Huobi Research showed why games and GameFi signal more than just toys.
DeFi is difficult, GameFi is more difficult
Before readers could turn down, Huobi Research’s report found:
“As of this summer, GameFi’s unique users have surpassed DeFi’s and are an important contributor to Dapp users as a whole. In early December, GameFi’s weekly active users hit 9.21 million, a record high. ”
It’s important to know that GameFi’s appeal goes beyond “gambling for money” models. In fact, the report shows that GameFi has the potential to transform the way users own and control their digital assets. Huobi Research particularly emphasizes the right to use, the right to monetize, and the right to transfer assets to meet the ownership requirements.
Huobi Research Says:
“Why is GameFi so developed? Because it effectively secures the private property of the user. In GameFi, the owner has the power to decide whether to sell certain resources or not, which increases user independence and stimulates market competition, thereby saving transaction costs. ”
An investor may be wondering – what does ownership mean in the Metaverse? Well, a recent example of this was when Axie Infinity tweeted that multiple lots on its platform had sold for more than $ 2.3 million.
✨A Genesis plot has just been sold for 550 ETH!
That’s over $ 2.3 million!
Our player-owned digital nation continues to shock the world ???? pic.twitter.com/SVvAtFNYUF
– Axie Infinity???????? (@AxieInfinity) November 24, 2021
It is important to note that some people saw this coming. Bitmain co-founder Jihan Wu, for example, expressed his confidence that GameFi will play a big role next year if it doesn’t compete with traditional game companies.
Axie Infinity is currently valued at $ 30 billion.
Would make it into the top 5 most valuable video game companies in the world by market cap. pic.twitter.com/KKAaSuHahr
– Ryan Watkins (@RyanWatkins_) October 1, 2021
India participates in the game
A survey by the crypto exchange KuCoin in November revealed the five most important crypto currencies of Indian investors. While Bitcoin is at the top as many would expect, Decentraland is a surprising favorite [MANA]. On the digital real estate platform, a piece of land in “Fashion Street” was recently sold for around 2.4 million US dollars.
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More than a game – What the overcoming of DeFi by GameFi means for Crypto
As crypto assets like Bitcoin, Altcoins, and NFTs grow, there is a tendency to ignore GameFi. After all, at first glance, Kitties and Axies may seem like more entertainment than serious investments. However, a report from Huobi Research showed why games and GameFi signal more than just toys.
DeFi is difficult, GameFi is more difficult
Before readers could turn down, Huobi Research’s report found:
“As of this summer, GameFi’s unique users have surpassed DeFi’s and are an important contributor to Dapp users as a whole. In early December, GameFi’s weekly active users hit 9.21 million, a record high. ”
It’s important to know that GameFi’s appeal goes beyond “gambling for money” models. In fact, the report shows that GameFi has the potential to transform the way users own and control their digital assets. Huobi Research particularly emphasizes the right to use, the right to monetize, and the right to transfer assets to meet the ownership requirements.
Huobi Research Says:
“Why is GameFi so developed? Because it effectively secures the private property of the user. In GameFi, the owner has the power to decide whether to sell certain resources or not, which increases user independence and stimulates market competition, thereby saving transaction costs. ”
An investor may be wondering – what does ownership mean in the Metaverse? Well, a recent example of this was when Axie Infinity tweeted that multiple lots on its platform had sold for more than $ 2.3 million.
✨A Genesis plot has just been sold for 550 ETH!
That’s over $ 2.3 million!
Our player-owned digital nation continues to shock the world ???? pic.twitter.com/SVvAtFNYUF
– Axie Infinity???????? (@AxieInfinity) November 24, 2021
It is important to note that some people saw this coming. Bitmain co-founder Jihan Wu, for example, expressed his confidence that GameFi will play a big role next year if it doesn’t compete with traditional game companies.
Axie Infinity is currently valued at $ 30 billion.
Would make it into the top 5 most valuable video game companies in the world by market cap. pic.twitter.com/KKAaSuHahr
– Ryan Watkins (@RyanWatkins_) October 1, 2021
India participates in the game
A survey by the crypto exchange KuCoin in November revealed the five most important crypto currencies of Indian investors. While Bitcoin is at the top as many would expect, Decentraland is a surprising favorite [MANA]. On the digital real estate platform, a piece of land in “Fashion Street” was recently sold for around 2.4 million US dollars.
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