GameFi ecosystem makes a comeback amid surging crypto prices

In a quieter 2022 and a more subdued 2023, GameFi projects have regained momentum with the surge of the current cryptocurrency market boom.

This week, StepN’s move-to-earn protocol announced a partnership with Adidas for the release of 1,000 unique NFTs (Non-Fungible Tokens) on Solana. As part of a year-long collaboration between the companies, this is just the beginning – future plans include both NFTs and wearable sneaker drops. Each Genesis Edition NFT sneaker will be worth 10,000 GMT ($2,200).

Introduced in 2021 by FSL, StepN is an app where you can get compensated for strolling, jogging, or running. To start earning rewards, users first need to buy a Virtual Sneaker NFT and connect their smartphones to the app. Users then gain GMT tokens as they engage with the app. These GMT tokens have an inflationary feature, a maximum supply of 6 billion, and currently boast a diluted market capitalization valued at $1.2 billion.

Shiti Manghani, CEO of StepN, commented on the collaboration between the popular lifestyle app and Adidas: “This partnership shows where rewards for healthy lifestyles are heading.” Last week, the move-to-earn platform made headlines with a $30 million giveaway to its devoted users.

For other protocols, it’s more about the hardware.

This month, Ordz Games unveiled its inaugural Web3 portable gaming gadget, named “BitBoy One.” Modeled after the original GameBoy from 1989, this innovative device enables gamers to collect Bitcoin (BTC) through classic games.

Using BitBoy’s native apps linked to the Bitcoin blockchain, users can engage in a diverse selection of video games. These games are permanently recorded as ordinals on the Bitcoin blockchain. The options include HTML games, on-chain emulators, and ROM. Bluetooth and WiFi are also supported for multiplayer experiences. (Source: Ordz Games staff)

Alongside this, each BitBoy gadget includes a complimentary 3D model of the actual product using descriptive labels. You can observe this model in Virtual Reality using devices like Apple Vision Pro. The launch event for this device took place during Paris Blockchain Week.

Other projects have shifted their attention to video games.

ARPG “In the Darkness,” created by Seraph Studio and based on Arbitrum, has sold over 11,000 Ether (ETH) worth of in-game NFTs. These included heroes, priority passes, gear, and more. Seraph Studio, with backing from gaming giant Acrotz Soft, is preparing for a pre-season launch on April 19. In this game, players can explore a dark medieval world, customize their characters, engage in battles against monsters, and collect loot.

In the pre-season of the game, players have been given a sneak peek into new features. They can now rent out their in-game NFT items to earn incentives and uncover hidden NFT treasures.

Since 2021, we’ve been working on this game, investing a grand total of $8 million into its production and innovation. In the meantime, developers have introduced cutting-edge technologies, including multiplayer AI companionship, which will be featured in the upcoming release. The game is set to debut on PC, iOS, and Android platforms.

Based on DappRadar’s figures, the count of distinct wallets engaged in GameFi has surged by over 100% within the last year to reach approximately 2.54 million. In an interview last December, gaming pioneers Yat Siu and Johnson Yeh anticipated that up to 40 million gamers would join Web3 gaming during this year. However, the GameFi sector has faced criticism for focusing excessively on financial aspects at the expense of enjoyment, resulting in some high-profile collapses within the past year.

2024-04-16 21:26

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