GameFi is becoming a more well-liked cryptocurrency investment method. Find out more about investing in GameFi and how to pick the most exciting projects.
This emerging segment of the gaming market, dubbed GameFi, came to light in 2021 as both emerging and well-established blockchain-based play-to-earn initiatives sought to revitalise the market. Game designers have made investments in technology advancements that have raised the calibre of games in order to pursue this objective.
This year, the GameFi market is anticipated to become even more significant. We have chosen the best GameFi projects 2022 to watch this year in order to keep our investment community ahead of this trend.
Decentraland, one of the top GameFi projects, was launched following a $24M ICO that took place in 2017. The digital world's closed beta started in 2019, then in February 2020, it opened to all users. On their LAND parcels, people have since created a broad variety of interactive activities, including games, sizable 3D scenes, and other immersive content.
The two tokens that Decentraland uses are MANA and LAND. Burning MANA is required to obtain non-fungible ERC-721 LAND units. MANA tokens can be used to purchase a range of avatars, names, and other products on the Decentraland market.
The Sandbox (SAND)
The Sandbox was introduced in 2011 by Pixowl and is a blockchain-based virtual environment that enables users to create, produce, purchase, and sell digital assets in the form of games. The Sandbox develops a decentralised platform for a healthy gaming community by fusing the strengths of decentralised autonomous organisations (DAO) with non-fungible tokens (NFTs).
This is one of several outstanding GameFi initiatives that have attracted numerous notable collaborations with well-known companies and celebrities, including Atari, SCMP, The Walking Dead, GameFi Ventures, Snoop Dogg, and many others. The invitees played a combined 150K hours, and the overall experience was reportedly quite pleasant.
Axie Infinity (AXS)
Axie Infinity comes in third on the list of the best GameFi projects. It is a trade and combat game based on a blockchain. Axie Infinity is a popular game that allows players to gather, breed, raise, combat, and trade token-based animals known as Axies. It was inspired by games like Pokémon and Tamagotchi.
There are more than 500 distinct body parts available for these Axies, including aquatic, animal, bird, bug, plant, and reptile components. Axies can have any mix of internal organs, making them highly changeable and frequently rare and unique. Parts from each type class have four separate rarity scales: common, rare, super rare, and legendary.
Enjin is an ecosystem-wide approach rather than a specialised GameFi application. This top GameFi initiative seeks to address some of the problems facing the video gaming sector. One of these is connected to the fact that each game's ecosystem is distinct from the others.
Users cannot sell anything they purchased or legitimately earned while playing a video game because the majority of publishers only permit players to purchase in-game assets from official stores at predetermined pricing. Due to this, unofficial secondary grey markets have been established for exchanging in-game assets, frequently for a small portion of the publishers' expenditures. These markets have the potential to syphon off up to 40% of the cash generated by the producers.
One of the top GameFi initiatives, Gala Games, intends to change the gaming business by giving users authority over their games. This firm describes itself as having a "fun first" philosophy and makes games with simple mechanics. Even basic blockchain expertise is not required to participate. Additionally, it regularly interacts with the user base that contributes to the creation of the game.
In the Gala Games system, players can control game governance by owning non-fungible tokens (NFTs). Gamers can participate via the Founder's Nodes polling system to determine which games Gala can finance and develop. Along with buying NFTs for specific games, Gala Games also employs its own utility token, GALA.