Using GameFi to invest in cryptocurrency is increasingly becoming more popular. In 2021, GameFi became a dominant player in the gaming industry. At that time, blockchain-based games, whether they were new or already well-established, were competing with one another to gain a foothold in the sector.
It should come as no surprise that GameFi has been seeing meteoric growth recently because many people are committing their time and resources to the industry. Investors have poured money into developing new technologies, which have improved the games’ general quality. By the year 2022, it is projected that the GameFi industry will achieve even greater renown.
What is GameFi?
The phrase “gaming built on blockchain” is often used to differentiate GameFi. When a gaming component is added to a system designed to generate income, making money is transformed into an activity that is not only fun but also engaging.
One of the things you need to know about GameFi projects is that they use their own game tokens or cryptocurrencies. The usefulness of a GameFi project, the features it offers, and the network it utilizes are some of the aspects that affect investors and users.
The best GameFi projects you should check out
The vast majority of GameFi projects that have been made public are, for the most part, dull, do not create a significant amount of profit, and have sizeable initial investment costs.
Nevertheless, there are a few initiatives that genuinely stand out from the rest. Even though they may have some of the same issues, they are trying to improve the gameplay and the financial incentives they provide to make them more attractive to new players.
To ensure that you stay one step ahead of this trend, we have selected the GameFi initiatives that we believe hold the greatest promise for you to keep an eye on this year. Look at them in more detail down below:
The Move-to-Earn initiative is now commanding an exceptionally high price within blockchain gaming. This GameFi project will compensate you for your movement. You will require a pair of Sneakers, which is an NFT before you can begin earning.
The entry fee for StepN is quite heavy, particularly because players need to possess many pairs of Sneakers to open up more opportunities for financial gain. The StepN platform will soon add a leasing function, which will allow you to rent Sneakers from other users and share the earnings with those users.
The Star Atlas blockchain project was developed on the Solana blockchain. It offers a fresh take on GameFi by providing a narrative environment where players may compete for prizes while engaging in action.
This GameFi project uses a time incentive model that provides rewards depending on the total length of time you spend playing the game. You also have the option to choose from a variety of different ways to make money within the game.
CryptoBlades is an NFT RGP game initially developed on the Binance Smart Chain. Because the game can be viewed from any online browser, downloading any additional software is not required to play it. This click-style game is very easy to play.
Player-against-player (PVP) battles, specialized weapon drops, and a system that is both more effective and less expensive are some of the new additions that the developers of CryptoBlades want to include in the game soon.
Splinterlands is a collectible card game that was created on the Hive blockchain. Card games such as Hearthstone and Magic: The Gathering Arena was a source of motivation for the game’s creation. You will compete against other players in tournaments based on your skill level, and the game will require you to acquire cards with various properties.
Because the game takes place in a virtual environment where six great kingdoms compete against one another, Game of Thrones fans have a strong interest in playing it.
Although anybody may play the game for free, you will need to purchase a summoner’s spellbook to access all of the game’s features. If you have the summoner’s spellbook, you can access the keys to your account and unlock the possibility of earning Dark Energy Crystals (DEC), which can be exchanged for real money.
Axie Infinity was first introduced to the public in 2017 and has continued to enjoy extraordinary expansion throughout this year. The game started its spectacular climb in the GameFi industry in 2021 when its developer, Sky Mavis, was able to demonstrate the potential and promise of the P2E concept successfully.
In the game, you have to acquire NFT characters, which are referred to as Axies. You will use the Axies to do tasks and farm resources in combat. Farms and land may now be purchased using the in-game tokens, Smooth Love Potion (SLP) and Axie Infinity Shard (AXS).
The gameplay of Axie Infinity is really easy to understand. Since it enables you to mint Axie NFTs, join teams, and win fights to earn money, many players are compelled to try it.
My DeFi Pet
My DeFi Pet is a blockchain-based NFT pet simulation game where you will have the opportunity to design your very own NFT collectible pet based on your characteristics. The game’s developers have released a roadmap, which states that the game will presumably incorporate various social aspects in the future.
DeFi Kingdoms stands out as one of the most comprehensive GameFi projects on the market. It has not yet reached Axie Infinity in terms of market capitalization, but the game offers a one-of-a-kind take on the traditional gameplay experience.
By completing DFK’s daily tasks, you can advance the levels of your NFTs inside the game. Thus, you will accrue a more significant amount of rewards throughout the game. In addition, by taking part in the mining of the in-game money known as JEWEL, you have the opportunity to acquire rewards passively.
You may already be familiar with The Sandbox if you have played P2E games. Here, you will share your user-created objects, games, and experiences with other people. You can also develop on property that you control, and you may participate in a completely open world similar to Minecraft. The Sandbox is one of the most impressive examples of what the Metaverse aspires to develop into in the future.
Illuvium is one of the GameFi projects players are most excited to try out in the future. To the best of our knowledge, this is one of the many blockchain-based games that aims to offer AAA-level gameplay.
When it comes to the production of virtual assets within the Metaverse, it will operate in a way quite comparable to that of The Sandbox. Because of this, you will be able to raise the value of your virtual lands by populating them with new characters and providing them with more resources.
You may trade in-game products with other players through the usage of IlluviDex, which is a marketplace constructed with Illuvium. Some items you can trade include skins, weapons, and armor. Before the end of the year, a mobile version of the game will be accessible for players to enjoy.
Investing in GameFi
With annual transactions totaling billions of dollars, GameFi has established itself as the unrivaled industry leader in the crypto space. In addition to the fact that it will usher in a technical revolution inside the gaming sector, it also represents a highly profitable prospect for financial investment.
Putting money towards GameFi projects may be done in a number of different ways, including the following:
- Staking and farming
- Purchasing NFTs
- Contributing financial resources to GameFi endeavors while they are still in the IDO stage
Although all of these other investing techniques give outstanding returns compared to conventional investments in fiat currency, financing IDOs has shown itself to be exceptionally profitable. It is beginner-friendly, adaptable, and provides respectable earnings all at the same time.
Initial Dex Offerings (IDOs) is a kind of crowdsourced fundraising that is utilized by cryptocurrency-based projects. On decentralized liquidity exchange platforms, crypto business owners can raise funds by selling IDO tokens or coins to investors. These IDO tokens are representations of assets with a real price, either in cryptocurrency or fiat currency.
How to choose a GameFi project to invest in
Choosing a promising and reliable venture is the first thing you need to do if you want your investment attempt to be successful. Keep in mind that there are fake projects out there. When looking at possible chances for investment, it is essential to keep an eye out for the following qualities:
- Security: When analyzing potential GameFi projects, one of the most important aspects is their security. You need to check if the website and the social media and community channels affiliated with the initiative are genuine.
- Community: It is easy to get an idea of how popular a GameFi project is by seeing the number of individuals who discuss it on various social media platforms. Suppose the project has an incredibly engaged community that is ready to play the game. In that case, there is a more significant likelihood that it will result in a considerable amount of profit.
- Profitability: The point at which the development process of the initiative is taken into consideration is another factor that impacts profitability. Your potential for monetary gain will increase proportionately with the speed you buy the tokens.
Although GameFi initiatives may have gotten off to a rocky start, they have made significant progress. The ventures mentioned above go above and beyond poor cash returns in exchange for monotonous and uninspiring gameplay. Instead, they emphasize what really counts: having fun gameplay followed by profitable financial gains.
Despite this, you should be aware that participating or investing in these projects comes with certain risks and dangers due to the unpredictable nature of the cryptocurrency market. This indicates that you have a good chance of either making a significant profit or suffering a large loss.
To guarantee that you select the suitable game to play and make decisions beneficial to your finances, you will need further study and exercise patience. If you are interested in playing or investing in such games, you should only spend the money you are ready to lose without putting your financial resources at risk.
Do you want to be a GameFi gamer or investor?
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Enter as a token investor
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