Made for the masses: The rise of GameFi


In the past two years, several trends have come together around the world that have made what was once almost unthinkable not only possible, but probable.

The catalyst that changed the course of these trends was COVID-19 and the resulting government-ordered lockdowns to combat the spread of the pandemic.

The first of these trends was the ability to work remotely. Already made possible by technological advances, zoom became an everyday word in 2020. What was already happening accelerated even further. Before the pandemic, 6% of Americans worked from home, according to a report by the National Council on Compensation Insurance. In May 2020, a third of workers were working from home. Many companies evaluate.

The second trend is longer screen time in front of entertainment or gaming platforms. Lockdowns are already a growing trend around the world and have driven millions more users to Netflix as well as to gaming platforms. There are now 3.24 billion players in the world, according to a report by Statista.

Then there’s what COVID has done to economies and the far-reaching effects of it. Governments and central banks implemented quantitative easing measures to prevent further market slumps. This created a lot more liquidity in the markets. Thanks to apps like Robinhood, finance has also been gamified and millions have become investors for the first time. Stocks like Tesla and Zoom, as well as other assets like Bitcoin and Ethereum, have seen record gains since March 2020.

Those who reinvested in the markets saw tremendous gains that many had never seen before.

And on the other side of the coin, that increased supply of money, combined with the reopening of economies and other factors, is contributing to inflation not seen in the United States and many other countries in 30 years. The latest inflation figure of 6.2% falls on personal savings that are more than 60 times the interest rate on some savings accounts.

This is very good for borrowers and investors, and bad for savers. With all these factors coming to a head, there is now the famous Great Resignation. With 4.4 million Americans quitting their jobs, there is a growing desire for many who don’t want to be left with inflation and increase their incomes. They want to improve their financial situation and vote with their feet.

Another related trend is that an increasing number of people are getting outside employment or working to build a passive income. According to this Nasdaq report, one in three Americans is planning to get a part-time job this year.

Take all these simultaneous trends and now blockchain technology – NFTs and cryptocurrencies are knocking on the door of gaming with a new concept.

Play-to-earn gaming or GameFi. Decentralization of finance and gaming combined. With billions of players around the world playing for fun – and a lot of these people looking for ways to increase their income. What if they can make money playing games?

The potential for an absolute explosion in the GameFi sector is there, and a project by CoinFantasy is positioned to capitalize on this impending economic explosion.

CoinFantasy

CoinFantasy is a gaming platform based on blockchain technology. Similar to fantasy sports, users compete for rewards by predicting the outcomes of stocks and cryptocurrencies. It offers a variety of game pools and prizes. The platform is open to everyone and there is no centralized “house” structured to extract the lion’s share of the profits from the game. Anyone can become a game organizer at CoinFantasy and is entitled to 20% of the game pool prize money as a reward for creating and replenishing the game pool.

The CoinFantasy ecosystem will also include NFTs, or non-fungible tokens. Players can purchase or upgrade special player cards with over 100 unique properties within the CoinFantasy metaverse to win them.

An important innovation in blockchain gaming is that players can own the attributes in the game because they are NFTs. They can increase in value over time and if they want to stop playing they can sell them to other players.

These NFTs can even be rented to other players when the user is not playing and in some cases can be used as collateral to get tokens used in the game. CoinFantasy will take advantage of these new features to create a new user experience that they believe has the potential to bring on millions of new users around the world. In addition, a niche billion dollar market for the gamification of the financial markets is to be created

Made for the masses: The rise of GameFi

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