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Is GameFi Here to Stay?

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Is GameFi Here to Stay?

Decided GameFi is a good investment? You can get GameFi tokens on Coinbase today.

The gaming industry has begun to incorporate blockchain technology to create a new, thriving economy. By turning skins, weapons, power-ups and other in-game items into non-fungible tokens (NFTs), game companies can create real assets for their users. These assets are tradeable on open marketplaces, allowing the market to naturally price them.

Along with making game items NFTs, the play-to-earn model has grown in popularity, incentivizing gamers with tokens that are redeemable for dollars. With play-to-earn, gamers are paid by advancing in the game through experience points (XPs), winning battles and limitless other possibilities.

A number of other sub-areas in crypto have taken off, starting with the initial coin offering (ICO)  boom in 2017 and followed by yield farming, decentralized finance (DeFi) and art NFTs. The next stage could be the increased adoption of GameFi. 

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By incentivizing players with digital assets and a play-to-earn model, all that is missing is quality gameplay. With billions of dollars entering the GameFi industry, this circumstance is likely to change. As higher-quality projects come to market, so will the number of gamers and monetary incentives. Being early to this adoption could be very profitable.

Is GameFi Here to Stay, or Just a Fad?

While there is likely a strong future ahead for GameFi, some players in the crypto industry are using it to make a quick buck. Useless tokens and NFT projects that never ship an actual game are common themes. 

Companies building behind the scenes rather than promoting unproven products are the ones that hold the most potential. For better or for worse, crypto is tied to large sums of money, attracting shady players who are looking to take advantage.

The good news about the recent downturn in the crypto market is it rids the space of a lot of the bad apples. With prices pulled back, the space is largely left with crypto natives and builders, like a controlled forest fire that gets rid of dead underbrush helping the larger healthy trees expand.

GameFi History

The GameFi hype was originally spurred by a game called Axie Infinity. The game involves training, breeding and battling your Axies – cute creatures that are rather similar to Pokemon. All of this action is in a play-to-earn ecosystem. 

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Axies are also NFTs and are tradeable on OpenSea, as well as in Axie Infinity’s in-house marketplace. One Axie was resold for a record $820,000. The Axie Infinity token, AXS, is awarded to players for progressing through the game; it trades today for just over $14. The better your collection of Axies, the more potential AXS you can earn, which begins to justify the $820,000 purchase.

Another key aspect of the GameFi economy is the chains that host the games. Originally it was Ethereum, the chain supports both ERC-20 tokens for the play-to-earn model as well as ERC-721 tokens for the NFTs. Today, more chains have functionality specifically to support gaming. Many different alt Layer 1s are competing with Layer 2 solutions that are built on top of Ethereum.

Pros and Cons of GameFi

As promising as the GameFi industry is, a few caveats hold it back.

Pros:

  •  Incentivizes gamers with real money
  •  Gives users ownership over their in-game items
  •  A marketplace to trade assets

Cons:

  • Many scams and projects that never ship
  • Mediocre gameplay
  • Difficulty onboarding non-crypto users 

GameFi Competitors

The leaders in GameFi today are cryptocentric, putting much more of their focus on the blockchain use-cases than on the game play. This key indicator shows that the space is early in its development. When the top gaming companies begin to enter, the crypto aspect will be naturally oriented into the games. Users will have seamless onboardings to crypto and GameFi. 

As games compete for users, blockchains compete for games. Some favorite blockchain games include:

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  • Axie Infinity
  • Alien Worlds
  • DeFi Kingdoms
  • The Sandbox

These games run on a number of different chains. Games tend to prioritize transaction speed and low fees when choosing which chain to develop on.

Some of the top chains supporting GameFi are:

  • Hive
  • Binance Smartchain
  • Polygon
  • Avalanche

How to Make Money With GameFi

Money is made in a multitude of ways in GameFi, the most common is trading game or blockchain tokens. Also, staking these tokens to help secure the network can earn yield.

The other way is to play the game, earning NFTs or tokens as you progress. One interesting model that came from this is a process known as scholarship. In the Axie Infinity game, one person can buy the Axie and lend it to someone to play with; Then, the profits from the gameplay are split between owner and player.

How to Buy GameFi Tokens

Many GameFi tokens are sold on Coinbase Global Inc. (NASDAQ: COIN). If you are looking to play the games and not invest in the projects, then a non-custodial wallet is needed. Coinbase offers Coinbase Wallet; another popular option is MetaMask. These wallets can be added as Google Chrome extensions and will grant you access to different decentralized applications.

1 Minute Review

Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

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You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

Best For

  • New cryptocurrency traders
  • Cryptocurrency traders interested in major pairs
  • Cryptocurrency traders interested in a simple platform

Pros

  • Simple platform is easy to operate
  • Comprehensive mobile app mirrors desktop functionality
  • Coinbase Earn feature rewards you with crypto for learning about available coins

Cons

  • Higher fees than competitors
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So, is GameFi Here to Stay?

GameFi makes a lot of sense, as its incentives are obvious. However, its games will need to be able to easily onboard non-crypto users, as well as begin to feature better quality gameplay for the masses to begin to take it seriously. If GameFi can turn games that are fun to play into thriving economies, then it could be one of the most exciting spaces to come from crypto.

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Brave Group Inc

Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

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Japanese Virtual IP Firm Raises $10 Million To Accelerate Metaverse Business

Brave Group Inc., a Japanese virtual IP firm, recently said it had raised $10 million in new capital and that the company expects to use part of these funds to boost its “solution services for clients in the metaverse marketing business.” Taking part in Brave Group’s latest funding round were two local companies, foreign investment funds, as well as individual investors.

Metaverse Market Growth

A Japan-based virtual IP business, Brave Group Inc., recently said it had raised $10 million in new funding, thus bringing the total raised so far to $18 million. The company is set to use the new capital to strengthen its existing business operations and to “expand its solution services for clients in the metaverse marketing business.”

In a recent statement, Brave Group revealed that Japanese companies like Dawn Capital and Osaka Gas Co. Ltd. had participated in the round that also featured “foreign investment funds and individual investors.” In remarks following the announcement of the capital raise, Kazuhiro Ishikura, a general partner at Dawn Capital, said:

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As the boundary between real and virtual life disappears, the form of entertainment will also change, and new IP content KOLs are expected to be born. As the metaverse market grows globally, we believe that the Brave group’s content will be at the center of the enthusiastic virtual communities that will emerge. We hope that the strength of the anime and manga culture that Japan has cultivated over the years will be brought to the world virtually.

Yuichi Sakamoto, senior general manager with Osaka Gas’ innovation department, is quoted stating his company is ready to help Brave Group Inc. “realize lifestyles and businesses that respond to the New Normal.”

For his part, the CEO of Brave Group Inc., Keito Noguchi, said through the $10 million fundraise, his company would now “maximize the impact of Brave group’s IP not only in Japan but also in the world.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Saddle.Finance

Saddle․Finance Creates New Standards For DeFi Trading

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Saddle․Finance Creates New Standards For DeFi Trading

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DeFi is a sub-sector in the crypto industry that has witnessed significant innovation since its inception. However, the narrative has struggled to stay consistent, affecting the domain overall. The current bear market has wiped out more than half of DeFi Total Value Locked (TVL), hampering innovations. Furthermore, several projects have simply forked (copied) existing protocols and brought zero ideas to the market.

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Amidst all of this, one project is making strides with the best innovations DeFiers have seen in a long time. Saddle Finance is the protocol that enables efficient DeFi trading for stablecoins and pegged-value crypto assets like wETH and wBTC. It redefines DeFi trading by offering cheap, efficient, swift, and low-slippage swaps for traders and high-yield pools for Liquidity Providers. The protocol has facilitated over $2B in transaction volume to date.

Enabling an Efficient and Secure DeFi Trading Experience

Saddle Finance is an AMM-based decentralized exchange (DEX) running on multiple blockchains, including Ethereum, Fantom, Arbitrum, Optimism, and Evmos. It is designed specifically for trading stablecoins and pegged crypto assets.

The platform is ideal for HODLers and newbies because of its easy-to-use interface. Its strongest point, however, is that it ensures minimum slippage while swapping assets. This is accomplished through innovative liquidity pools that use the StableSwap mathematical formula to maintain market liquidity.

The protocol is also known for its top-notch security. It has been audited by some of the best auditing firms in the sector, including Certik, Quantstamp, and OpenZeppelin. Moreover, the platform is backed by several renowned venture capital firms like Polychain Capital, Electric Capital, Dragonfly Capital, Framework, Coinbase Ventures, Nascent, and BoostVC.

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The project’s most intriguing aspect is its open collaboration. Saddle’s code is completely open-source, inviting Web3 developers to join the mission and build on top of the protocol. Moreover, its recent SEMPI project has enabled developers to get compensated for developing and forking the protocol.

$SDL: The Utility Rich Token Powering Saddle Ecosystem

$SDL is the native utility token of Saddle Finance. Its use cases revolve around staking, yield farming, and governance. The platform recently announced the completion of $SDL’s first vesting stage. Thus, users who provided funds to its liquidity pools can now trade and transact $SDL tokens.

They can also stake $SDL on saddle.exchange to earn rewards and receive the $veSDL tokens. $veSDL is the vote escrowed (ve) token that will serve as the platform’s governance token. Stakers will be able to vote with $veSDL and manage the $SDL supply in associated liquidity pools. Beyond that, users can provide liquidity to the SDL/WETH pair on SushiSwap

In the future, Saddle also plans to create more initiatives to take the protocol to the next level. These include migrating to on-chain governance, adding liquidity to $SDL through Tokemak, and introducing a new gauge to unlock extra staking yield boosts. The protocol will also issue bonds through Olympus Pro to generate more protocol-owned value.

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Similarly, launching a borrowing function against liquidity providers and adding leveraged yield farming through Rari Capital’s Fuse is also part of the plan. Lastly, Saddle intends to improve its virtual swaps and launch new services where users can deploy their own customizable pools.

Building the Future of DeFi

Although the current bear market has hit DeFi hard, the sector’s long-term potential is enormous. Innovations are critical in keeping this space alive. Saddle Finance is thus heavily focused on creating innovative solutions in DeFi. Its stableswap model, along with robust tokenomics, is an excellent example of genuinely innovative solutions.

The $SDL token and its utilities across various protocols clearly indicate token-level innovation. It is now tradable on the platform. Join the emerging revolution by staking $SDL on saddle.exchange—contribute to DeFi’s future while earning passive income.


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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China

Chinese State-Run Media Warns About Bitcoin’s Price Falling To Zero As Regulators Issue Fresh Crypto Warning

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Chinese State-Run Media Warns About Bitcoin’s Price Falling To Zero As Regulators Issue Fresh Crypto Warning

A Chinese state-run newspaper has published an article warning about bitcoin’s price falling to zero amid the crypto market sell-off. Meanwhile, financial regulators in Shenzhen have issued a new warning about cryptocurrency.

State-Run Newspaper Warns About Bitcoin Becoming Worthless

China’s state-run newspaper Economic Daily published an article warning about bitcoin Wednesday, according to SCMP. The nationwide newspaper is directly under the control of the Central Committee of the ruling Chinese Communist Party.

The article warned that investors should beware of the risk of bitcoin prices “heading to zero” amid the recent crypto market sell-off.

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“Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” the newspaper details, adding:

In the future, once investors’ confidence collapses or when sovereign countries declare bitcoin illegal, it will return to its original value, which is utterly worthless.

The newspaper details that the lack of regulation in Western countries, such as the United States, helped create a highly-leveraged market that is “full of manipulation and pseudo-technology concepts.” The article describes it as an “important external factor” contributing to bitcoin’s volatility.

The warning from the state-run media reflects Beijing’s firm stance against cryptocurrency and related activities that the government has outlawed.

New Warning About Crypto by Chinese Regulators

On Tuesday, the Financial Regulatory Bureau of Shenzhen, the Shenzhen Central Sub-branch of the People’s Bank of China, and the Shenzhen Development and Reform Commission also jointly issued a warning that investors should be vigilant of illegal financial activities relating to crypto and how to avoid being scammed.

The notice states that virtual currency trading and speculation “seriously endanger” the safety of people’s property and breed gambling, illegal fundraising, fraud, pyramid schemes, money laundering, and other illegal and criminal activities. It also claims that they disrupt the country’s economic and financial order.

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The financial authorities cited a statement published in September last year by China’s central bank, the People’s Bank of China (PBOC), and 10 ministries and commissions declaring that virtual currency is not legal tender and related activities are illegal financial activities.

What do you think about the state-run newspaper publishing a warning about bitcoin’s price sinking to zero and the Chinese regulators warning about illegal crypto activities? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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