Huobi Research, the research arm of Huobi, has identified the growing interest in blockchain gaming as a direct impact of GameFi’s arrival. decentralized finance (DeFi) and blockchain games to incentivize users based on a play-to-earn model.
According to Huobi Research, in-network data shows that GameFi initiatives have grown exponentially since June 2021 due to significantly reduced transaction costs and improved user experience.
actionresearchIt shows that popular blockchain games such as CryptoKitties It hit 140,000 daily active users and 180,000 daily transactions in November 2017, but lost more than 90% of user interaction within a few months:
“Early blockchain games experienced shortcomings such as singular models, simple entertainment, and generally bad experiences.”
However, the blockchain gaming industry has seen a resurgence with the integration of NFT tokens, DeFi, and other play-to-earn elements, with games like Axie Infinity, the NFT-based pet game, grossing $9.72 million in cryptocurrency. one day in june It surpassed Tencent’s stats at the time.
“DApp rankings show that 5 out of 9 apps were GameFi apps at the beginning of December. [2021] GameFi’s weekly active users reached 9.21 million, a record high.”
Huobi Research concludes that transaction costs are important to As the gaming industry adopted a play-to-earn feature, “society tends to choose the system with the lowest transaction costs to operate.”
The research also highlights how GameFi differs from other existing game formats — such as in-game trading, game currency trading and pricing, and asset protection. The advantages of deploying private property rights through NFT at a lower cost:
“This is not only a comparative advantage that traditional game developers have never had. It also reflects the true value of blockchain technology in the gaming industry.”
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