GameFi Initiative has experienced a massive rise as of June 2021 as a result of a significant cutback in transaction charges with advanced user experience. The integrated user experience features more exciting games. The number of addresses registered on the website shows an increase in the game.
Significant investments have been made in the gaming industry by Huobi Research firm. The crypto exchange research firm Huobi Research has decided to integrate blockchain in its GameFi. This new design is to introduce the play-to-earn model. This model is operated by decentralized finance (Defi) integrated with blockchain gaming design. The aim is to introduce the decentralized blockchain system in the gaming features to ease the interface.
The gaming industry is on the rise, a statement made by the crypto exchange company Huobi Research. This increase was observed in June 2021 through the provided on-chain data. The user-friendly interfaces and low transaction fees have attracted more users to the sector.
Cases With The Initial Program
Games that operate on blockchain face a decrease in users. Most users suffer from poor controls, entertainment, and user experience. These faults have discouraged most active players from engaging in the game. The less the activities operated on the network, the less the chances of having a significant rise.
The research posted that about 90% of the users gained by blockchain games as of November 2017 have been lost. Blockchain games like Cryptokittes, which has about 140,000 daily users that form about 180,000 in everyday transactions, have dropped. This drop is also a result of poor interaction within the system design. The design used in blockchain gaming is faulty in many ways that disrupt the flow of interaction in the game.
However, there is bullish speculation in the crypto world as games operate on blockchain rises. Integrating NFTs tokens with play-to-earn protocol is the reason for this positive shift. This new initiative also works on a decentralized system and has accumulated up to $9.72 million in a 24-hour transaction in June. This earning benefits Axie Infinity, putting it in the number one spot over Tencent’s.
Huobi Research Conclusion
The conclusion stated by Huobi Research is that the cost of transaction is necessary for the current institutional market to function correctly. A system that operates on play-to-earn system can be neglected for systems with cheaper charges on transaction. The infusion of cheaper rates has players rushing in to make transaction.
Other features distinguished this new model of GameFi from other existing popular games. The new model is robust with free game items, exchange of other gaming currencies, and protection of properties. This protection gives rights to the developers to modify the cost of private property through NFTs.
The new system presents a modified advantage for game developers, missing at the initial state. This privilege shows the in-built value of blockchain initiatives in the gaming world. This investment is set to boost the price of games that operate on blockchain in the marketplace.