The gaming industry gained a lot of interest following COVID-19. Due to strict movement rules and little to do, people focused more on games. In 2020, the mobile and PC game markets amassed a total of 114 billion US dollars. A survey carried out by Chainplay shows that crypto-based games have enjoyed similar success.
In a survey of 2428 investors, 75% joined cryptocurrency because of GameFi. 75 out of 100 is a large percentage; it means three out of four people were introduced to the crypto space via gaming. Gaming opens the gateway to DeFi in the crypto space. In GameFi, in-game items are earned as NFTs, and gamers gain money.
According to a recent survey, the pay-to-earn model attracted 51% of users to GameFi. The P-2-E model has been a brilliant idea; gamers get to play for fun and earn as they do. The added incentive while having fun has introduced a lot of gamers to the world of DeFi.
In the same survey, 44% of investors agree that traditional gaming companies should push for updates in the GameFi community. It has been beneficial for crypto-based platforms and can do the same for traditional companies.
With Gaming-based web technologies, traditional forms of finance have become obsolete. Traditional finance is centralised; it requires users to obtain proper licenses and authorization from regulators. These regulators are public governing systems that act as central points of authority. It has limited innovation in traditional financial systems.
On the other hand, DeFi offers all the features associated with web technologies and blockchains. It is very open and transparent, which allows it to gain traction in the gaming community. The permissionless access it offers attracts a lot of gamers.
While the surveys show how gaming has been massive for DeFi, 73% of respondents mentioned rug pulls, pyramids, and Ponzi schemes as reasons why they might shy away from the GameFi community.
