Made for the Masses: The Rise of GameFi
December 01 2021 - 2:55AM
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Multiple trends have converged over the world in the past two years
that have made what was once almost unthinkable not only possible,
but probable. The catalyst that transformed the course of these
trends was COVID-19 and resultant government-mandated lockdowns to
combat the spread of the pandemic. The first of these trends was
the possibility of remote work. Already made possible through
advancements in technology, Zoom became an everyday word in 2020.
What was already happening accelerated even further. Per a report
from the National Council on Compensation Insurance, before the
pandemic, 6% of Americans worked from home. In May 2020, one-third
of workers worked from home. Many companies are evaluating. The
second trend is increased screen time in front of entertainment or
gaming platforms. Already an increasing trend over the globe,
lockdowns drove millions of more users onto Netflix as well as
gaming platforms. Per a report from Statista, there are now 3.24
billion gamers in the world. Then there is what COVID did to
economies and the far-reaching effects of this. Governments and
central banks implemented quantitative easing to prevent further
market collapses. This created a lot more liquidity across markets.
Thanks to apps like Robinhood, finance had also been gamified, and
millions were becoming first time investors. Stocks such as Tesla
and Zoom as well as other assets like Bitcoin and Ethereum have
seen record price appreciation since March 2020. Those newly
invested in markets saw tremendous gains many never experienced
before. And on the other side of the coin, this increased monetary
supply combined with re-opening economies and other factors are
contributing to inflation not seen in 30 years in the United States
and many other nations. Recent 6.2% inflation figures are decaying
at personal savings more than 60 times the rate of interest in some
savings accounts. This is very good for borrowers and investors and
bad for savers. With all of these factors coming to a head, there
is now the famed Great Resignation. With 4.4 million Americans
quitting their job, there is a growing desire from many who don’t
want to be left behind with inflation and want to increase their
income. They want to improve their financial situation and they are
voting with their feet. Another connected trend is a growing number
of people getting side hustles or working to build passive income.
One in three Americans is planning to get a side hustle this year
per this report from Nasdaq. Take all these trends happening at the
same time and meanwhile blockchain technology – NFTs and
cryptocurrencies are knocking on the door of gaming with a new
concept. Play-to-Earn gaming or GameFi. Decentralizing finance and
gaming combined. With billions of gamers around the world gaming
for fun – and many of those people looking for ways to increase
their income. What happens when they can earn money gaming? The
potential is there for the GameFi sector to absolutely explode, and
one project CoinFantasy is positioned to take advantage of this
pending economic explosion. CoinFantasy CoinFantasy is a gaming
platform built on blockchain technology. Similar to Fantasy Sports,
users compete to win rewards by predicting the outcomes of stocks
and cryptocurrencies. It features a variety of game pools and
prizes. The platform is open for anyone to participate in, and
there is no centralized “house” structured to take the lion’s share
of profit from the game. Anyone can become a game organizer at
CoinFantasy and they are entitled to get 20% of the game pool prize
money as reward for creating and filling the game pool. The
CoinFantasy ecosystem will also include NFTs or non-fungible
tokens. Players can buy or upgrade to win special player cards with
over 100 unique characteristics within the CoinFantasy metaverse. A
major innovation in blockchain gaming is players can own the
in-game attributes because they are NFTs. They can increase in
value over time and if they want to stop playing, they can sell
them to other players. These NFTs can even be rented to other
players when the user is not playing, and in some cases can be used
as collateral to obtain tokens used in gameplay. CoinFantasy is set
to utilize these new features to create a new user experience they
believe has the potential to onboard millions of new users around
the world. Also, it aims to create a niche billion dollar market of
gamification of financial markets
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