Exploring Gamefi on Near Protocol
Gamefi is a combination of the two terms “gaming” and “finance” coined by CEO of Yearn Finance in 2020.
In other words Gamefi means play to earn, it allows for gamers to earn incentives in form of cryptocurrencies and NFT’s.
Gamefi gained immense popularity in 2020 as a result of the lockdown restrictions when quite a lot of people resorted to gaming to pass time and gamefi provided them with a means to enjoy their games and earn cash at the same time.
With the current advancement and adoption of blockchain technology, we see a gravitation of the gaming sector towards blockchain games.
Research has found that the total market cap of GameFi has climbed to US $55.38B as of Feb 2022.
Naavik and BITKRAFT Ventures estimated that the blockchain gaming
market will grow at a CAGR(compound annual growth rate) of 100%, from $1.5B in 2021 to $50B in 2025.
The traditional gaming market is expected to grow at a CAGR of around 10%.
This means that GameFi will grow 10 times as fast as traditional gaming.
Traditional games operate the pay to play model, quite a number of the commonly played video games, especially the popular Call-of-Duty, require the players to spend their money to register and also to purchase in-game assets that can’t be sold or traded. On the other hand blockchain games allow the players to play versatile games and earn at the same time.
In the near future, we may see traditional gaming platforms adopting blockchain technology and moving towards Gamefi since more and more gamers are transitioning to blockchain games.
According to DappRadar, there are 1.09 million blockchain gamers as of February 2022. The number of gamefi projects has reached 1551 games as of June 2022. There are also over 230 Gamefi tokens listed on Coingecko.
Some of the most successful and popular gamefi projects include Axie infinity and crypto kitties.
Near protocol being a simple, secure and scalable layer 1 blockchain network is certainly the best place to explore Gamefi if you have intentions of doing so.
Near protocol is undoubtedly a flourishing ecosystem with over 790 projects currently building on Near, Aurora and Octopus.
Currently there are 101 gaming platforms that have been built on Near and these games are diverse and interesting in their own ways.
Some of Near Gamefi projects which I have found captivating are:
- Hash Rush
Hash rush unites the worlds of play-to-earn and real-time strategy gaming, unites the worlds of crypto and RTS gaming. For the first time ever, this combination allows gamers to compete for cryptocurrency and other rewards.
Hash Rush is an online sci-fi/fantasy RTS set in the fictional Hermeian galaxy, Hash Rush sees players build, fight and trade their way to victory as they grow and manage their small mining colony, battle monsters, and trade valuable items and resources.
Website hashrush.com
2. Metamon
Metamon is a world of Sci-Fi and Fantasy where you venture into the stars to discover exciting new worlds and majestic life-forms with immeasurable power. You wield a Gauntlet-like device equipped with a rare Forma Crystal which enables you to capture, evolve and transform yourself into a Metamon. You travel across space and time to hunt for more power and resources, to become the very best Metamon warrior. With the power of your Forma Gauntlet, you join an epic battle for the supremacy of your Faction in the Galactic Federation. Your actions will determine the future of this universe.
Website metamon.app
3. LandToEmpire
LandToEmpire is a play-to-earn mobile ready strategy game on Near Protocol. The game is set in a fantasy world where the player is the lord of the land. In LandToEmpire, players have to upgrade their land using resources gained from attacking other players lands or producing them on their land. To attack, players train different types of troops using resources. The main resources are gold and elixir. Players can unite into clans, which can then participate in clan battles, and communicate with each other.
Players can trade game tokens on the exchange, withdraw and deposit them into the game.
Website landtoempire.com
4. Zomland
Zomland is an interactive P2E NFT card game with exciting gameplay and a lot of fun. You take on the leader’s role of the army of zombies and monsters to battle with other users all over the world.
Website Zomland.com
To take a look at other gaming platforms on Near visit: awesomenear.com
Getting started with these games are very easy, here are the steps to follow:
- Open a near wallet if you don’t have one on wallet.near.org
- Connect your wallet to the game
- Read the game requirements
- Start playing and earning
To sum it all up, the gaming sector is a space to explore as a gamer, developer or investor.
For more information, Do not hesitate to contact us on our website and social media handles:
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