“GameFi has the potential to change lives and create more equitable societies in developing countries,” say experts
GameFi has been called the next big thing in tech, along with the current Non Fungible Tokens (NFT) craze.
It has already achieved significant momentum with a combined market capitalization beyond $13 billion.
GameFi introduces the play-to-earn model that rewards players with financial revenue to play and progress and even earn a full-time income.
“Play-to-earn (P2E) has already impacted the lives of many in the Philippines. Also, in Latin American countries where the minimum wage is $300 or less, such as in Colombia, Peru, Argentina, Mexico, Brazil, and Venezuela, where it is currently equivalent to less than four dollars a month,” said Luis Carranza, CEO, and Founder of Fayre Labs.
Zacary Egea, a Venezuelan policeman turned virtual gardener, recently told AFP his story about how he hung up his uniform after nine years and became a gamer to put food on the table for his family and provide them with a better future outlook.
“You might tell yourself this is science fiction, it can’t be real, or it’s too good to be true, but the new play to earn (GameFi) concept is already changing lives,” says On Yavin, the CEO and Founder of Cointelligence, in an article on his website. “I believe play-to-earn crypto games are the future of the gaming industry.”
Kelly Choo, a partner at True Global Ventures, was recently quoted saying she sees massive potential in P2E, especially in developing nations. About people in the Philippines making up to $400 a month in blockchain P2E games, she said that “In Europe or the U.S., that could only mean maybe just a week’s worth of living expenses. In Asia, one of the exciting things about this whole play-to-earn is that a lot of these players are actually putting food on the table.”
P2E games have forever changed the way gamers interact with in-game ecosystems by providing them with control and ownership of game assets and increasing their value through gameplay quickly.
While GameFi proves its potential for gamers, the crypto industry also sees a huge future in this new but already trendy financial ecosystem.
Tron founder Justin Sun recently said he believes this new sector will be vital in increasing cryptocurrency adoption. “GameFi is going to be the next big thing that makes the DeFi, NFT, and the larger crypto space easy to understand and be involved in,” he added.
Justin Sun has expressed his interest in taking GameFi to the next level and help more people in as many regions worldwide as possible. That is why TRON has partnered with Decentral Games.
“I believe that the partnership with Decentral Games will unlock more potential for GameFi,” said the TRON CEO and Founder. “It’s fascinating to see how GameFi facilitates a player-owned economy with ownership transfer and additional revenue generation. That has already benefited many, especially in South Asia.”
TRON and APENFT launched a $300-million investment pool in August dedicated to advancing GameFi related technology, a space in which Decentral Games has become a prominent player.
TRON invested a substantial sum in Decentral Games following other investments and partnerships with prominent projects involving Binance Smart Chain, Polygon, and Decentral Games to name a few.
Decentral Games (DG), a unique P2E metaverse gaming platform, is not only a prominent GameFi player. It also provides exciting employment opportunities in the metaverse gaming ecosystem.
CoinDesk ran a story in March this year about how the company was seeking to pay real people to staff the virtual casino for a role that game developer would usually reserve for bots.
“We were inundated with inquiries and applications and ever since have been receiving applications across the globe and have expanded the scope beyond gaming such as music events where we had onboarded two full-time event managers managing events every day across our metaverse venues. One of them quit the large accounting firm (KPMG) to join Decentral Games full time,” said Lee Lin Liew, CMO of Decentral Games.
Decentral Games prides itself on being the world’s first metaverse employer and the benefits its future of work brings to people.
“The job I had at the time (before joining DG) was ten years in the making, an amazing place to work,” Murphjestic, Decentral Games’ Community Manager recalls of when he decided to end his Big 4 Accounting role. “I loved that job, so it wasn’t a matter of being unhappy with my employer. I had fallen in love with crypto, the metaverse, the potential, and the amazing communities that were being forged.”
Decentral Games’ Metaverse P2E Casino Host Aeron admits he “won’t lie. It was scary enough to give up a stable IRL job for a job I didn’t know if it would be for the future. But now, after more than five months, I can say that this job is all I wanted and even more!”
GameFi and the P2E models do not seem to be slowing down any time soon. With new investment and GameFi-specific funds, the potential of the industry is only just beginning.
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