Made for the Masses: The Rise of GameFi
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 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