According to Newzoo 2021 Global Gaming Market Report, the number of global players grew 5.3% between 2015 and 2021 compared to 2020, and now exceeds 3 billion. In the same year, total global gaming revenue grew 1.4% year-over-year through 2020 and currently stands at $ 18.030 billion, and mobile gaming revenue is expected to account for 52% of the global market. total.
Gambling is a huge and irreplaceable form of entertainment. And now, it is also combined with the blockchain, giving rise to a new game model: GameFi.
During the first half of 2021, the idea of GameFi really took shape, defined as a combination of games + DeFi + NFT. Axie Infinity was the first major game to demonstrate how decentralized finance and non-fungible digital assets could work with the game.
During the second half of 2021, GameFi surpassed DeFi as the most popular sector in the crypto market. With the name change from Facebook to Meta, the metaverse became a widely known term.
GameFi transactions ended the year with an increase of 2934%
According to Footprint Analytics, GameFi entered a period of explosive growth in March, which lasted until August, when transactions leveled off. GameFi transactions also experienced two growth peaks during this period, on April 9 and December 27.
The two developments that drove these spikes were:
- The WAX chain features the ability to create, buy, sell and trade digital goods all in one: the WAX chain, which attracts the majority of users with improved performance of compatible games and cheaper gas rates than ETH, is a blockchain focused on game accessories. and digital collections.
- Hive is a very innovative decentralized blockchain ecosystem: in the second half of 2021, Hive, whose number of users consists mainly of the game Splinterlands, adds the PvP (Player versus Player) combat mode and launches the government tokens of the game SplinterShards (SPS) in August, which increased the trading volume on GameFi to $ 44.2 billion.
Hive, WAX, BSC and Ether are the main battlegrounds for GameFi in 2021.
Top 5 GameFi Games of 2021
The top 5 games in terms of trading volume, according to Footprint Analytics, were:
- DeFi Kingdoms – A Harmony-based play-to-win game with a variety of features that allow users to win while playing and have a great experience.
- Axie Infinity – With a unique economic model, providing liquidity based on rarity, it was the first game to explode and popularized GameFi.
- Bomb Crypto – A game in which the player manages a group of bomb heroes to fight monsters and anyone can earn tokens by skillfully playing and contributing to the ecosystem.
- Elfin Kingdom – A decentralized financial farm and non-fungible token with gamification elements merged into one gaming platform for income. However, this game is still in its infancy and has yet to have an IDO (Initial Digital Asset Offering).
- Nine Chronicles – A free role-playing game that uses its own blockchain and cryptocurrencies.
GameFi funding spikes in the fourth quarter
As GameFi’s crypto market grows rapidly, major investment institutions continue to enter the blockchain world. According to Footprint Analytics, the fourth quarter was the funding peak for GameFi.
Looking forward to GameFi 2.0
In 2021, NFTs and DeFi gained widespread acceptance, while GameFi had its first explosion.
What will be the next iteration of GameFi in 2022? At Footprint Analytics, we believe that GameFi 2.0:
- Includes more social elements. By integrating the attributes of DAOs, games will allow players to have a greater voice in game development.
- Be more playable. While most of GameFi’s current projects are focused on profit, the next innovation at GameFi will be creating games that are truly fun.
- Have a lower barrier to entry.
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Date and author: January 13, 2022 [email protected]
Data source: Footprint analysis – GameFi Board 2021
This article is part of our Year in Review series.
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