2021 has been a roller coaster year for the crypto industry. Thanks to institutional adoption, the industry has managed to reach new heights and grow to an even larger audience.
As always, each year brings a new set of trends that captivates the cryptocurrency market. While institutional adoption and decentralized finance (DeFi) were the biggest things last year, GameFi and the metaverse have been the undisputed giants of 2021.
The rise of GameFi was inevitable. There have been various projects in the GameFi space over the years, but they never particularly grew to become industry-wide hits. However, things have been different this year.
The rise of GameFi can easily be linked to people’s love of the concept of gamification. Everyone loves to win prizes for their actions, and GameFi incorporates that perfectly. Some projects have even been able to reward players with things like non-fungible tokens (NFTs) and others, giving their users adequate value for their money and time.
Another interesting trend has been the use of GameFi to improve key parts of the market. Currently, GameFi has been able to infiltrate the crypto trading space, allowing gamers to charge for trading.
We also have games to play that have been dedicated to raising awareness about the crypto industry in general. LegendsOfCrypto (LOCGame) is a collectible strategy card game that is based on the Polygon blockchain that incorporates NFT and other DeFi elements, while sharing interesting facts about the pop culture of the crypto industry, with playable characters. like Market Maker, Whale, Binance himself. CZ and other key proponents.
LOCGame’s prominent investors include Signum Capital, NGC, and Ascensive Assets. Its native $ LOCG utility token acts as a metaverse payment method and rewards players who level up and hit specific milestones. The $ LOCG token is available on various exchanges and platforms, including KuCoin, Gate.io, and UniSwap, and it recently became part of the Kucoin Metaverse Pool along with SAND, MANA, Illuvium, and other major metaverse projects.
Variations like these show the true potential of GameFi. The concept enables developers to achieve specific goals while rewarding users who help them achieve these goals. A game developer might decide to improve crypto trading knowledge and develop a game that rewards skilled traders for reaching specific milestones. The same could happen to someone who also wants to grow the betting market.
All in all, GameFi could be the exposure solution the crypto world needs. Everyone loves games, and the opportunity to earn rewards that could one day be valuable will definitely appeal to them too. It may take a while, but GameFi has great prospects.
As for the metaverse, it broke out even more recently. However, the speed with which everyone has taken it has left even the most ardent enthusiasts speechless. The metaverse has always existed as a concept, but no one paid attention to building it like they did this year. And once the floodgates were opened, everyone rushed inside.
Things started with Facebook when the company Announced a $ 50 million research fund for the metaverse. Weeks later, the company change the name of your holding organization to Meta. Since then, everything revolves around the metaverse. Nike and Adidas have entered the space, and the same goes for companies like Microsoft, etc.
The metaverse’s adoption in just a few months has rivaled, if not surpassed, that of cryptocurrencies themselves. And it can only get better from here.
With a quick glance, it’s easy to see why everyone has embraced the metaverse so easily. This is a new frontier where opportunities abound, ranging from engagement and content to marketing and exposure. Some have already done it Estimate That the metaverse could be a $ 1 trillion opportunity, and the companies that can build the best for it will benefit the most from this flood of revenue.
Interestingly, various crypto projects now combine concepts like GameFi and the metaverse. This year has seen massive growth in projects like Decentraland and Axie Infinity, with their ability to create custom worlds where users can play and have fun, while also rewarding their players with NFTs and other collectibles.
These platforms thrive primarily because they have been able to create strong value systems. Axie Infinity and Decentraland offer NFT while also providing a marketplace for people to sell and trade their rewards. So whether you want to sell the rewards outright or prefer to keep them, there is something for you.
The platforms also sell tokens, which their developers can use to raise funds and build even better systems for the future. It is a perfect cyclical move that generates value and offers enough benefits for everyone. In 2022, all of these concepts are expected to have even greater adoption. GameFi projects are already growing, and some traditional crypto companies might even adopt the play-to-win model as they seek to increase their market share and user base.
As for the metaverse, it will take more work. Various platforms already have their metaverses and customers now know what to expect. If someone is going to build something that lasts, they will have to put in the time and work to make sure that people really want to spend time in their metaverse.
Regardless of the job, it seems obvious now that GameFi and the metaverse are here to stay. The question now is how well everyone will be willing to use both concepts.