The GameFi sector, or games in which you can spend or earn cryptocurrency, enjoyed rapid development in 2021-2022. In total, the crypto games industry currently has a capitalization of $34 billion, and the daily trading volume on the largest exchanges is $7-12 billion. The creators of the blockchain game BlaBlaGame.io talk about why GameFi is so popular and explain that in the future, simple games will take up part of the market.
The idea of making money playing games is understandably popular for game developers and players alike. The GameFi market is made up of a young audience of players from 19 to 30 years old and is growing by leaps and bounds, while not being as strongly tied to the bitcoin exchange rate as other coins. At the same time, the popular GameFi tokens, traded for billions of dollars a day, are of interest not only to young people but also to professional traders on the cryptocurrency market.
“The popularity of GameFi lies in the fact that it covers several target audiences at once. Young players earn and spend money while playing, ensuring circulation and demand for the token. Market professionals speculate on the exchange rate and make money, and investors invest in debt. Thus, a game for a specific niche turned out to be an investment tool for everyone,” say the BlaBlaGame developers. “In fact, the GameFi market has become a universal tool at the intersection of crypto, games, investments, and speculative trading.”
The BlaBlaGame developers note that the GameFi market is very heterogeneous in terms of geolocation. “There are a lot of traders from Hong Kong and China who trade GameFi tokens, and they play in Turkey, Vietnam, Korea, Nigeria, Malaysia, and the Philippines. By the way, we especially want to mention the Philippines, since we will also target this audience.
The Filipino mentality is unique. If you walk up to a Filipino on the street and offer to play a game, 9 out of 10 people will agree. GameFi is so popular in the Philippines that the SLP token is already accepted in stores, and the country’s authorities have proposed taxing the use of the token. One Filipino player even bought two houses while playing Axie. The idea of making money quickly and doing nothing is key in such countries. This is neither good nor bad — it is simply a powerful driver for the market.”
Basically, today the market can be divided into two parts: the first part involves games that are complex in terms of mechanics, in which you need to buy access to the game and items within the game, and you can sell your artifacts and characters as NFT tokens. All this requires players to know the crypto market and conduct transactions.
Recently, at the beginning of March 2022, the GMT token was released on the leading cryptocurrency exchanges and gave 139% to its holders in a month. The token is tied to the STEPN game, in which users earn money through real running.
But the process of buying items in the game, and the game’s mechanics themselves, are quite complicated for users.
BlaBlaGame believes that as a result, simpler, “children’s” games that anyone can figure out will get their share of the market. After all, even children’s games can be exciting if you play for money. And cryptocurrency is the most desired and sought-after asset in the face of the instability of fiat currencies.
“The idea of our game is as simple as rock paper scissors. You can’t fake the results of the game, because it’s on the blockchain and all interactions are recorded. The game is understandable to any person of any age, it is intuitive and does not require any additional knowledge. There will be no NFT tokens in our game, only a battle between players. This is an opportunity to earn money quickly, not only by playing but also by investing in tokens or inviting your friends,” say the BlaBlaGame developers. “Part of the market will really be given to very simple games, without exchanging characters or selling their items. Complex apps and games which require investment are not accessible to everyone. Our idea is to let any novice player make money on a cryptocurrency game.”
$200 billion – in 2024
$350 billion – in 2026
$500 billion with the launch of META
Average token profitability – 11534%
Top 5 Largest Game Tokens by Capitalization and Their Profitability Data
|Token name||Ticker||Price||Capitalization, $||24-hour trading volume, $||ROI when buying at min price|
|Decentraland||MANA||$2.36||5.1 B||0.5 B||9000%|
|The Sandbox||SAND||$3.53||3.5 B||0.7 B||36404%|
|Axie Infinity||AXS||$58.10||3.5 B||0.68 B||9102%|
|Theta Network||THETA||$3.51||3.4 B||0.3 B||2181%|
|Stax||STX||$1.31||1.7 B||0.03 B||985%|
|Average of the Top 5||$13.76||3.44 B||0.442 B||11534%|