GameFi: The New Golden Child of the Cryptoverse
The GameFi tokens are creating a buzz within the crypto industry with some, such as LBank, dedicating funds to its development.
Following the popularity of DeFi and NFTs, GameFi entered the show as blockchain’s next big thing. As per Google Trend data, the global search volume for “GameFi” has soared over 100% within five months, gaining traction not only within the blockchain community, but also in the gaming and finance world in general.
GameFi is a hybrid of blockchain gaming and DeFi, changing the gaming industry with “play-to-earn” models that differ from traditional “pay-to-win” models.
With traditional games you pay for an advantage in the game, such as equipment or powers. Play-to-earn games give players the promise of financial gain by giving them rewards that can be translated into real life asset, while delivering users a wide range of appealing activities.
The new generation of cryptocurrency advocates are young, and many are avid gamers. GameFi seems to be the logical next step of blockchain development. Users seize character cards and lands in games in the form of NFTs. With everything stored on public blockchains, no more counterfeiting, or limited access to your own gaming assets. Blockchain makes ownership easy to prove and the transfer of assets restriction free. Parts of DeFi are also transferring to GameFi, such as staking. Users can store their tokens and gain an annual interest or secret rewards.
Improve your character while earning blockchain secured tokens that can’t be taken away by game creators. Sounds like it belongs in a sci-fi novel. But with the development of blockchain technology, it not only is achievable, it’s already reality.
LBank Established GameFi Fund
Recognizing the potential of this field, LBank is paving way for GameFi projects by dedicating funds to their development.
LBank is one of the leading cryptocurrency exchange platforms that focuses on start-up cryptocurrency projects. Following the trend of DeFi and NFT, LBank is now expanding its business model to the GameFi community. The platform has established a dedicated GameFi fund in order to support early-stage projects and expand their influence in the blockchain space. Many projects listed on LBank have already surged in popularity. Here a few notable gainers.
GameFi Projects Listed On LBank
Star Atlas intends to provide a multi-genre, immersive metaverse gaming experience that blends a cinematic gaming experience with the potential to earn virtual goods that can be transferred for real-world currency. It operates on the Solana blockchain. Moreover, at the time of launch ATLAS was trading at $0.078, while after the launch its highest rise was 1,282,000%.
Learn more: https://staratlas.com/
CryptoMines is a SciFi play-to-earn NFT game that allows players to acquire Workers and Spaceships in order to travel through the universe in pursuit of $ETERNAL. It operates on the Binance Smart Chain. Additionally, it was trading for $40 at the time of launch in LBank and after that, it acquired the highest gain of 12,400%.
Learn more: https://cryptomines.app/
The ILV token is the primary currency in the Illuvium ecosystem, and it is used to reward players for their achievements in the game. It is utilized to participate in the governance of the game via the Illuvium decentralized autonomous organization and entitles players to their portion of the Illuvium Vault (DAO). It is another popular token which was listed in LBank on March, 20. At the time of launch, it was trading around $15 and following that it has the highest gain of 9900%.
Learn more: https://www.illuvium.io/
Axie Infinity is a blockchain-based trade and battle game in which participants own and run a portion of the company. It is a fighting game inspired by Pokémon in which users can breed and train their Axies to fight against other players. Moreover, AXS is the first popular coin which initiated with the hype in gaming assets. At the time of launch, it was trading for $2 and then achieved a highest gain of 8300%.
Learn more: https://axieinfinity.com/