Crypto Gaming (GameFi)
Blockchain games with real ownership of in-game assets — Play-to-Earn model.
Crypto gaming (GameFi = Game + DeFi) are video games built on blockchain where players have real ownership of in-game items as NFTs and can earn cryptocurrencies by playing.
Play-to-Earn (P2E) model:
•Players earn tokens and NFTs by playing
•Can sell earned assets on OpenSea, Blur
•Real income from gaming — examples from Philippines and Indonesia
Game examples:
•Axie Infinity — P2E pioneer, AXS token, Ronin blockchain
•Gods Unchained — trading card game, GODS token
•Illuvium — AAA graphics, IMX token
•Star Atlas — space MMORPG, ATLAS token
•Pixels — top Ronin game, pixel art farming
Axie Infinity boom and bust:
•2021: $15M daily revenue, Philippines dependent
•Ronin Bridge hack ($625M, 2022) — dramatic fall
•AXS from $160 to $6 in 2 years
GameFi challenges:
•P2E economy sustainability — inflationary token if no new players
•Barrier to entry — Axie required $1,000+ to start
•Poor graphics and gameplay vs mainstream games
Future: "Play and Earn" instead of P2E — game must be good on its own.