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Huobi Research Claims That GameFi Apps Have Rekindled Interest in Blockchain Gaming By BTC Peers

by Mike Robinson

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Huobi Research claims that GameFi Apps have rekindled interest in Blockchain Gaming

GameFi has seen a dramatic increase in its projects since June 2021 due to the significant decrease in transaction costs, and an improved user experience. Huobi Research, Cryptocurrency Exchange Huobi’s research arm has also seen a rise in interest for blockchain gaming because of GameFi’s efforts. GameFi is a combination of decentralized finance (DeFi), and blockchain gaming that rewards players using a pay-to-earn model.

Huobi Research reveals that GameFi has seen an increase in its efforts since June 2021. This is due to a substantial reduction of transaction costs.

You can also read: Play-to-earn game using NFT with classic 8-bit design

CryptoKitties was a top-rated blockchain game that saw 140,000 active users daily and 180,000 daily transactions. It peaked in November 2017 at $140,000 per user. According to the study, almost 90% of users lost their interaction after a short period.

Early blockchain games had problems such as single models, simple entertainment, and bad experiences all around.

Blockchain gaming is making a comeback thanks to the incorporation of Nonfungible Tokens (NFT), Devi and other play-to earn aspects. Tencent’s $9.72million record was broken by the NFT-based pet gaming in June.

The GameFi app is the most popular among nine of the best apps. Early December [2021]GameFi’s Weekly Active Users have surpassed 9.21million, an all-time high.

Huobi Research discovered that transaction cost is critical for new economic models based on previous research. While the game industry already had play-to earn elements, the “society” prefers to select the system with lowest transaction costs.

The study found that GameFi is different from all other gaming platforms in three ways. These include free trade of components, pricing and trading of game currencies and intellectual rights protection. GameFi developers also benefit from lower costs for private property rights through NFTs.

This is not only a competitive advantage traditional game developers have never enjoyed, but it also shows the inherent value of blockchain technology within the gaming industry.”

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