GameFi, DeFi and the future of Gaming across the Blockchain
It’s been awhile since you’ve last heard from us here at Digital Fixation. I’ve been a bit preoccupied of late working on a number of new projects and just getting my bearings around some new spaces and industries. Which brings me to the purpose of this article. I wanted to provide a look at the rising industries of GameFi (Gaming Finance) and DeFi (Decentralised Finance). And how these two entities are increasingly being integrated under a larger umbrella of gaming across the blockchain. My colleague, Lee Paton has recently started a role as the Chief Marketing Officer at Revolve Games. Revolve Games is heavily involved in the GameFi space. What do you think of their terrific logo?
There is a generalised divide from financial responsibilities and awareness among many members of society, particularly among digitally oriented millennials that are seeking an escape from “Real Life” into the online world. This has led to the emergence of a new trend. This has resulted in gaming being integrated into the decentralised finance space. The appeal of this is DeFi is technologically and dynamic enough to provide gaming with an entirely new dimension of player engagement.
The concept of GameFi came into notice back in 2020, through an audience of broader net users by Andre Cronje, the founder of the “Yearn”. He sent a tweet out about the “gamification” of monetary policies in a decentralised environment. Due to its nascent nature, many Blockchain analysts and enthusiasts lack a general consensus about which protocols and solutions should be classified as GameFi. In a nutshell though it’s at the intersection between decentralised financial instruments ( yield farming, lending/borrowing, stablecoins, token minting) and blockchain based gaming.
Value is the underlying concept of GameFi, where “play” turns into “work” in a seamless fashion rewarding the gamers with digital assets that bear real value for themselves or someone else in the marketplace. Such examples are to be found in the fast growing NFT collectibles market. This market includes the NBA (National Basketball Association) trading cards, FIFA cards, Formula 1 and even works of art such as high end paintings. Some of these NFT collectibles can fetch prices easily reaching six figures.
As NFTs turn into highly coveted items that can be used in DeFi entities, they gain more value and start attracting more than just the attention of avid collectors and fans. The process of gamification can be replicated in other sectors of the DeFi space. Asset trading on exchanges can turn into a game involving real money with the concepts and mechanics explained using entertaining tutorials instead of standard, boring textbooks.
This brings me to back to Revolve Games. After spending a bit of time working on Blockchain and Crypto projects, the opportunity arose for Lee to join the team at Revolve Games. He has been brought aboard in the capacity of CMO (Chief Marketing Officer), with the objective of spreading the word about the expertise that Revolve can bring to the world of gaming on the blockchain. Revolve Games is redefining GameFi with their goal of creating a gaming ecosystem that works seamlessly with DeFi. The Revolve games ecosystem provides incentive for the gamers to provide liquidity and for liquidity providers to play Revolve games. Are you familiar with the term “Metaverse”? In the Revolve Sandbox Metaverse in which gamers can purchase land on planets, shape the landscape, build games and monetise space.
You’ll be hearing more about our work spreading Revolve “Revolution”. The NFTs in the ecosystem are tethered and representative of an RPG (the native token of Revolve). We recently released some information about phase 2 of the Revolve UI. You can look forward to more information through such social media channels as Twitter, Telegram and LinkedIn. In addition I will provide the occasional update via Digital Fixation so you can follow our progress. I encourage you to check out their website at https://revolvegames.io/ and perhaps join in on the fun! Until then enjoy your Digital Fixation and the Revolve Revolution!