California, USA - April 5, 2022 /MarketersMEDIA/ —
GameFi is now one of the most significant bitcoin and blockchain usage drivers. No one could deny the enormous traction GameFi innovation received in 2021. According to the 2021 Global Gaming Market Report, the number of global gamers increased by 5.3 % in 2021 compared to 2020, surpassing 3 billion. In the same year, total global gaming revenue increased by 1.4 % year on year to 2020, reaching $18.03 billion, with mobile gaming revenue accounting for 52% of the worldwide market.
Moving to 2022, the entire Cryptocurrency industry witnessed a tremendous reduction in the total market capitalization. This recession leads to a decrease in the Daily number of gamers to 7.3%, so the Daily Volume has been down by 47%. Since then, there haven't been many of the GameFi Projects that call to raise funds. At the same time, with the situation of the Crypto Market, everything seems to be a bit quiet in early 2022.
Nevertheless, many experts believe that GameFi might overcome the traditional gaming sector, which is predicted to reach $200 billion by 2023. For this fertile opportunity, many well-known studios such as Square Enix, Riot, and Gameloft, express the intention to enter this market with their stunning Triple-A games or integrate the Blockchain and NFT mechanism into their existing platforms.
The participation of big fish
The participation of traditional game studios will urge the growth of Blockchain Game with diversified and quality projects. At this stage, the entire Gaming industry notices the transition of conventional players worldwide to Blockchain games with the capability of True Ownership and Smart Economy. It could be said that the GameFi Industry is preparing for the second wave of mass adoption with more players, investors, brands, and celebrities joining the space. Still, it will take those studios 2 to 3 years of transformation and completion of their projects.
Meanwhile, many GameFi projects have to deal with the challenges within this industry to attract more players until the next wave. The first problem is the lack of Gameplay and Graphic; most games are simple in design and graphics and have monotonous gameplay. Their outlook seems to have a retrospect to the age of web games ten years back. Presently, the gameplay of blockchain games is basically limited to the more straightforward types of "lower technical" such as token collection and pet raising. And the mainstream game brands such as MOBA, FPS, and RTS haven't created a "3A masterpiece" blockchain game yet. The simplex gameplay is not enough to drive mass adoption as most of their players have long been experts in the crypto space. Even if users try it to earn income, they do not plan to play for a long time.
The second problem is about the simple economic model. It often overly relies on profiting users who are expected to continuously enter the market to create token demand, making GameFi sometimes a DeFi product parading as a game, or even simply a financial product.
Which project came up with a real product and long-term economy model?
To innovate from these above dilemmas, many projects have given out the breakthrough idea to prove their effort to become the pioneer in the GameFi space. There's a name that doesn't seem to be well known but really impresses with what they're doing, They deserve the mention: Binemon
Binemon is a very unique game with the Idle RPG game factors. They allow users to join in the PVP, Training, Squid Game and GVG (Guild). The whole concept establishes a MetaFi model concentrating on Entertainment, Metaverse, and Economic. They are an example of how a GameFi project should develop in the booming time of the GameFi industry:
● Metaverse experience with AR implementation. Yes, you didn't hear wrong; they are the first project to deploy the AR feature, which allows players to project the NFT onto the real-life surface for any battles;
● The whole gameplay combines tightly to help players advance their skills with Training mode and earn the extreme reward with PvP mode. The Squid Game series demonstrates how the Metaverse works with many game rooms and the capability of communication;
● NFT system with stunning visuals about Mons, Equipment, and many more;
● Collaborate with another project in Blockchain Space to advance players' experience and technology.
● PVP pays daily with ROI in the range of 6% to 50%. Squid Game is a breakthrough when the reward is up to 100x the cost, and it is extremely fun, strange
In conclusion, the GameFi Industry needs constant innovation to prove its long-term economic value and attract traditional gamers across the world. The breakthrough of the economy in Binemon is to use 100% of the revenue from the game to reward players, no game has dared to do this. That is further evidenced by their periodic financial statements. Binemon is a typical scheme of revolution that other projects need to follow.
Contact Info:
Name: Frank Desifone
Email: Send Email
Organization: Binemon
Website: https://binemon.io/
Release ID: 89072578
