GameFi has been rapidly taking over the traditional gaming industry since the rise of Axie Infinity, an online video game where users collect and mint NFTs which represent axolotl-inspired digital pets known as Axies.
The game, developed by Vietnamese studio Sky Mavis, is the most popular blockchain-using metaverse project as of yet, hitting a $3 billion equity valuation and $30 billion fully diluted valuation. In regions like Southeast Asia, specifically in the Philippines and Vietnam, Axie Infinity has been fueling a digital economy based on crypto assets, heralding the dawn of GameFi.
A fusion of the gaming and finance worlds, GameFi refers to play-to-earn blockchain games that offer economic incentives to players. The GameFi ecosystem uses cryptocurrencies, non-fungible tokens (NFTs), and blockchain technology to create a virtual gaming environment.
Players can earn in-game rewards by completing tasks, battling other players, and reaching new levels in the games. They can also transfer their assets outside of the game to trade on crypto exchanges and NFT marketplaces.
The number of GameFi projects grew in 2021 and will likely continue to grow in the next few years. As of May 2022, more than 1,600 blockchain games are getting listed on DappRadar, with games across multiple blockchains, such as Ethereum, BNB Smart Chain (BSC), Polygon, Harmony, Solana, and many more.
As blockchain technology continues to develop, GameFi is expected to continue to grow at an accelerated pace. The rapid expansion can be attributed to the appeal of owning in-game assets and making an accessible form of revenue, particularly in developing countries where additional income streams can be scarce.
Since the inception of Bitcoin, more and more gamers have been engaging with simple browser games, hoping to turn a crypto profit. While these games still exist, the rise of Ethereum and smart contracts have revolutionized the blockchain gaming world, creating an array of opportunities to play and earn.
With its combination of entertainment and financial incentives, it’s easy to see why the GameFi sector has emerged with such success. With the growing popularity of blockchain games, many platforms are establishing themselves in the nascent field; however, this is just the beginning. As the space continues to evolve, we will most likely continue to see an increasing number of trailblazers entering the space offering disruptive new technology.
Shiryo,is one such platform which is a high-quality trading card game (TCG) that lives on the blockchain, whose creators saw a gap in the market and wanted to create something they wanted to play themselves.
The majority of Shiryo’s core team members grew up playing the likes of Hearthstone, Magic: The Gathering and Pokemon and are committed to making something that is synonymous with these household names in the trading card game space.
The platform, whose motto, according to its whitepaper, is ‘underpromise and overdeliver’ has been made by veterans of the cryptocurrency world, who are all too familiar with competing projects that fail to deliver on their promises.
The team behind Shiryo are passionate about leveraging their expertise to revolutionize the DeFi world,
“We believe that we can utilise our skills, passion and capital to ensure that we gain first mover’s advantage in the creation and development of the best trading card game in DeFi, we have big plans to not only take over the trading card game space – but to inhabit the metaverse, ”the company says in its whitepaper.
To learn more about this revolutionary high-quality platform, check out Shiryo’s website today.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice