Boosting the GameFi Ecosystem with GoFungibles Play to Earn Game on the Blockchain
GameFi, or Game Finance, is the rapidly approaching future, if not the immediate present, of the gaming industry. In this blog, we look into this rapidly growing sector and what GoFungibles adds to the mix.
Let’s start with some facts and figures on the gaming industry:
- The gaming industry is massive. Globally, the gaming market is one of the fastest-growing and most prominent forms of entertainment. It is currently valued at $180 billion. In comparison, the international film industry is valued at $100 billion, and all North American sports combine for $73 billion in terms of annual revenues.
- Per a report from FinancialNewsMedia.com, it is estimated that the number of online gaming streamers will total a billion by 2025. In other words, roughly equivalent to the population of the USA, Indonesia, Brazil and Nigeria.
- e-Sports is massive and continues to grow in popularity across the world rapidly. A single event, the Free Fire World Series, which was held in Singapore earlier this year, had over 5.4 million viewers on television. The global eSports industry is on track to rake in over $1 billion in revenue for the first time in 2021.
- Blockchain gaming has a lot of room to grow when compared to the overall gaming market. There are an estimated 3.2 billion gamers across the world. Blockchain games are tracked by user activity in Dappradar. Total daily gamers are around one million daily as of this writing.
Traditional gaming today happens on centralized platforms that house vast amounts of data storage. These platforms own all in-game assets, whether skins, abilities or avatars. Users don’t own any of the assets, and they cannot be ported to other platforms.
Gaming platforms built on blockchain have the potential to offer distinct advantages to players:
- Data privacy and sovereignty.
- Ownership of in-game assets as NFTs.
- Play-To-Earn capability with fungible tokens.
- Connections to decentralized finance resources.
Crypto’s richest billionaire, FTX CEO Sam Bankman-Fried, recently had this to say about the potential of blockchain gaming to disrupt traditional gaming:
“Many games already have economies built into them, but they’re extremely illiquid because there’s just a random video game trying to make an economy out of nothing,” he said. “But if you get access to an integrated financial system that even people who aren’t playing the game could get access to outside the game as well, that could create a much more liquid marketplace,” added Bankman-Fried.
GoFungibles is an NFT ecosystem that is an upcoming player in the GameFi sector currently in its final stage of development. It features a game called Meta Run, the first Blockchain-based P2E multiplayer runner game with absolute asset ownership. Meta Run is launching soon.
Here is how GoFungibles leverages blockchain resources to boost the gaming experience for all users in its ecosystem, bringing gaming and decentralized liquid assets together.
- MetaRun users can earn $GFTS tokens, the native token of the GoFungibles ecosystem and limited-edition NFTs by playing the Metarun game.
- Using the platform’s DeFi portal, users can stake their $GFTS tokens for rewards, earning more $GFTS tokens.
- A first in the blockchain gaming or DeFi spaces, users can also stake their NFTs and receive $GFTS tokens for rewards.
- Users can even rent out their NFTs to other players or sell their NFT on the platform’s NFT marketplace.
- Fungibility: the $GFTS token is an ERC-20 token built using the Polygon sidechain solution, enabling the tokens to be stored on a MetaMask or other ERC-20 software wallets.
Are you ready to get in on the gaming action? Connect with GoFungibles across social media and the web here: