Metaverse and its positive impact on Blockchain games

Axie Infinity is an NFT game that is attracting a lot of players around the world Screen capture

The Asia region has been considered the pioneer of GameFi since the wave of NFT games like Axie Infinity emerged, with dozens of new projects being launched and being sold for the first time every day (IDO).

There are currently 2,700 different Play-to-earn games running across platforms. And GameFi’s total market capitalization has grown to $55.38 billion, as of February 2022. Blockchain games are forecast to grow to 50 billion USD by 2025, this growth rate is 10 times that of traditional games.

These numbers clearly show that the Blockchain gaming ecosystem is growing at breakneck speed and the financial impetus it brings.

“Blockchain technology has brought innovation to the traditional game industry. With a combination of tokens, NFTs and new in-game mechanics, GameFi brings value ownership into the hands of users. It’s not about paying to pay. win (pay to win), that gamers with a certain level can make money (win to earn), or content creators can be creative to increase their income”, Mr. Tri Pham, Founder and CEO Whydah shared.

The play-for-money model has shaken the online gaming industry, with traditional players looking to turn to GameFi projects like Axie Infinity. Recently, cryptocurrency has been successfully integrated into the virtual world created by companies like Decentraland and Sandbox. For example, users in Decentraland can buy virtual real estate such as amusement parks and monetize them with cryptocurrency.

All Blockchain games offer NFT in their communities and provide players with rich, graphically diverse virtual experiences that open the door to the Metaverse.

Mr. Tri Pham added: “At GameFi applications, players can be traded, bought and sold on secondary markets. In a way, Metaverse will include a number of virtual worlds that are compatible with each other. This means that both the play-for-money model and the NFT powered by Blockchain games will also play an important role in the Metaverse in one way or another.”

As a Blockchain application programming company in Vietnam, at present, Whydah is pioneering with foreign partners to build products on Metaverse using Blockchain technology. Whydah is developed based on a combination with traditional game studios, helping to transform the model through Blockchain application, meeting international technology standards.

CEO Whydah believes that a key factor contributing to GameFi’s disruptive power is that it is built on Blockchain technology, with a range of powerful tools to power creativity, ownership and connectivity. community. “Game studios need to focus on promoting their intrinsic values ​​and identities through gameplay, graphics or plot and design, when harmonized in Metaverse, it will be more attractive to all participants. family,” said Mr. Tri Pham.

It can be said that 2021 is a good premise for GameFi (seriously invested, methodically, with a good strategy) to continue to grow in 2022. Especially when the world’s leading technology giant also begins to grow. enter this market. Facebook’s parent company changed its name to Meta and also revealed its ongoing Metaverse project.

“With many technological solutions for different visions of the Metaverse, I believe that GameFi is paving the way, with a decentralized model so that the value of games and gaming is focused on the subject of the player. is an inverted model where people have more options and opportunities, to form communities together, contribute their efforts and own their own economy,” said Mr. Tri Pham.