HANOI, VIETNAM / ACCESSWIRE / August 20, 2021 / Blockchain games incorporating both NFTs and DeFi attributes are becoming more common in the space. Crypto entrepreneurs are constantly experimenting with innovative ways of engaging their audience with Play-to-earn, a new paradigm in blockchain gaming where people have fun and earn rewards during game time. Investors in the traditional capital market and niched blockchain tech sector have equally been helping to fan the embers of blockchain gaming innovation with funding trickling into the industry.
How are investments in blockchain games coming along?
About 24 blockchain gaming companies successfully closed their funding rounds by Q1, 2021, netting in close to $500 million in investment funding. However, only three of these companies: Forte, Animoca Brands, and Mythical Games, accounted for 75% of the total funding. According to a recent report by InvestGames, Forte, Animoca Brands, and Mythical Games raised $185 million, $89 million, and $75 million, respectively.
Although blockchain gaming investments were just 5% of the larger gaming industry deals and 9% of its total value, the fact that crypto is making inroads in the aspect of funding for building gaming infrastructures makes it a sector to watch.
The iconic NFT marketplace OpenSea, which raised $100 million at a $1.5 billion valuation in July, has played a huge role in the recent uptick we see in blockchain gaming today. Besides Dapper Lab’s wildly successful CryptoKitty game and the ushering of similar digital pet breeding games, OpenSea was instrumental in giving NFTs the needed boost even while the DeFi yield farming concept was becoming popular among DeFi enthusiasts. As DeFi farmers were getting more comfortable staking their assets in different smart contracts offering mouth-watering APYs, it was only a matter of time before they turned their attention to the burgeoning NFTs sector to unlock the liquidity from non-fungible assets.
Play-to-Earn blockchain games offer gamers digital freedom and an added source of income
Players in typical blockchain games can create unique NFT avatars, registering that they owned the digital asset on the blockchain, thereby preserving the provenance of such digital assets. And with their unique avatars, players get to enjoy a wide range of options with their assets such as earning, buying, and selling not just an in-game item but the rarest, one-of-a-kind in-game item. These can be later auctioned off to the highest bidder, enabling players to make money from and even creating a residual income source. And even if their game of choice shuts down, a player could easily migrate his NFT avatar and other in-game items to another game.
DeFi-based non-fungible token (NFT) games are not only serving the fun utility; they are also pumping to record highs because P2E games are now acting as an income stream for players in developing economies.
In an inflation-ravaged country like Venezuela, gamers surprisingly turned to P2E blockchain games like Axie Infinity to overturn their financial woes. They now earn regular paychecks through farming gold in various games on the blockchain. After farming, they can transfer the ownership rights of their digital assets to other gamers in western countries for a price. More often than not, this has now become a source of stable income far above their country’s minimum wage.
More so, the story isn’t different in the Philippines, where many live below the poverty line but with a climate for fast smartphone adoption. By playing P2E blockchain games, a trove of indigent Filipinos is hacking their way out of financial difficulty and providing basic needs for their families after the pandemic dealt a devastating blow to their country’s economy.
Step Hero’s P2E gaming model, an added boost for blockchain games adoption
Step Hero is taking the blockchain Play-to-Earn gaming sector by storm as the first NFT fantasy-themed RPG game on Binance Smart Chain with a bridge over Polygon, a layer two infrastructure allowing for transactions with insanely low fees and near-instant confirmations. This makes it the perfect DeFi and NFT gaming combination.As a fast-rising P2E game, Step Hero’s ecosystem facilitates a metaverse where users have fun playing games and earning profits simultaneously. It adopted a plot that mimics a post-apocalyptic war between the Heroes led by archangel Gabriel and the army of Shadows led by Lucifer; it tags as the “Demon Lord”. Players play the hero roles whereby their missions include fighting villains in battles while building their energy. They top up energy by collecting in-game assets and earning STEP coins, which they can spend to upgrade their characters.
Step Hero’s robust ecosystem comprises the Step Hero RPG game, its unique NFT marketplace, and Heroes Farming. This amazing RPG game goes far beyond the conventional gaming boundaries, facilitating a strong community that helps players invest in in-game items that they can cash out huge profits from after that. In Step Hero, gamers can generate revenue through selling in-game assets such as self-crafted weapons, healing potions, and power-impulse-potions on the marketplace for money.
Furthermore, as it allows for Player vs Player contests, gamers can also earn prizes once they win in PvP battles. In a nutshell, players can upgrade their characters, making them more unique and powerful to be traded for real money later. Hence, the more unique these characters, the better the chances of earning higher incomes when gamers trade in their special characters.
SOURCE: Step Hero
View source version on accesswire.com: