About GameFi
GameFi, which stands for “game finance,” is a new trend that combines video games and decentralized finance (DeFi). It introduces the concept of “play-to-earn” (P2E), where players can enjoy virtual worlds and earn income by interacting with cryptocurrency game mechanics. This innovative sector has revolutionized the game industry by using non-fungible tokens (NFTs) instead of traditional in-game purchases. By owning NFTs, players can create, sell, and exchange assets within game worlds, opening up new sources of income.
Statistics and Challenges
The GameFi market has faced challenges throughout its history, particularly during bear markets. In 2019, 94.3% of 244 games launched had failed. Although there was some improvement in 2021 with only 45.9% of projects failing, the number of failed projects doubled in 2022. As of December 2023, 70% of the 720 GameFi projects launched have not been successful.
Game Trends and Prospects
Despite the challenges faced by the GameFi market, it continues to attract investors and players. In 2023, investment in Web3 games reached $600 million, indicating strong interest and support for this sector. With advancements in technology and improvements in economic models, we can expect to see more successful GameFi projects in the future.
Yat Siu, head of Animoca Games, predicts that 2024 will be a transformative year for cryptocurrency games and the Metaverse. Despite the challenges faced by GameFi and similar projects, they continue to draw attention, and the growing interest in the Metaverse indicates long-term prospects for this industry.
Girand – A Breath of Fresh Air for the Industry
One of the most highly anticipated events in the GameFi world is the launch of the alpha version of the game “GIRAND: IN THE LOST CITY” in early 2024. This AAA game features stunning 3D graphics and introduces a realistic 3D metaverse that recreates an ancient kingdom. Inspired by Lovecraft and ancient Greek philosophers, this fantasy world tells the story of Atlantis.
Girand aims to simplify entry into the game for players who are not familiar with the digital economy. Instead of creating a crypto wallet, players can simply log in via Telegram. The project team behind Girand includes experienced professionals from companies like Mail.ru, 1C, and Blizzard, ensuring a high-quality gaming experience.
Sergey Fominyh, the creator and ideological inspirer of Girand, has a strong background in digital agency ownership, stock market investing, and IT software. This expertise contributes to the development and success of Girand.
Girand’s Economy
Girand introduces a unique gaming economy based on NFTs. It implements a tax system for certain transactions and places limits on payouts for PvE activity and ratings. This step-by-step implementation, combined with the P&E model (play-to-earn), promotes stable growth in gaming activity. The developers have taken measures to avoid creating a Ponzi scheme, which often raises skepticism among investors in GameFi projects.
The creators of Girand prioritize creating an engaging game rather than focusing solely on making money. They believe that captivating gameplay, graphics, and universe should be the main motivation for players, with the opportunity to earn money as an added bonus. By taking this approach, Girand aims to keep players engaged regardless of market trends.
The main source of income in Girand comes from mining rare NFTs within the metaverse. Minting new NFTs does not affect the value of existing ones, as the number of NFTs is limited within each race. The creators plan to hold a large-scale tournament in the UAE at the end of 2024, giving players the opportunity to sharpen their skills and compete.
Final Thoughts
The GameFi industry has faced challenges, but it continues to evolve and improve. The upcoming launch of Girand: IN THE LOST CITY is a testament to the industry’s growth and potential. Cryptocurrency games are expected to play a significant role in the global gaming industry ecosystem and become an important element of the financial landscape.
Hot Take: Exciting Times Ahead for GameFi
2024 is expected to be a year of change in the gaming industry with the rise of GameFi. This exciting trend combines video games and decentralized finance, creating a unique space where players can enjoy virtual worlds while actively participating in economic processes.
The GameFi market has faced challenges, but it continues to attract investors and players. With advancements in technology and improvements in economic models, we can expect to see more successful GameFi projects in the future.
Girand: IN THE LOST CITY is one of the most anticipated GameFi projects scheduled for release in early 2024. With its stunning graphics and unique gameplay mechanics, Girand aims to provide players with an immersive gaming experience while also offering opportunities for earning income through NFTs.
As GameFi continues to evolve, it is set to play an increasingly important role in the global gaming industry ecosystem, offering new possibilities for both players and investors.
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