Is GameFi legit? Or just another Sham in the Crypto verse?

Cryptocurrencies, tokens, and Initial Coin Offerings have had their share of ups and downs in the past couple of years. However, the constant variable is the hype surrounding the new concepts associated with crypto. New blockchain technologies and protocols are on the rise that has entered into a solid partnership with video games.

Is GameFi legit?
Is GameFi legit?

This new amalgamation of the decentralized financial system and video games gave birth to GameFi; the newest domain in the crypto world.

Gamefi is defeating the odds, it can no longer be considered a fraud or a scam. The gamefi market is real and it has billions of dollars pumping in and out with a market cap of $11.6 billion and a daily trading volume of around $2 billion.

The idea is based on blockchain-based video games in the new Web3 where developers can create their own virtual worlds and make money out of them. Too techy?

Imagine you are playing Minecraft, and creating your own world and characters in it using a creator’s engine.

Your world and characters are liked by others, you sell them and earn real money. This is gamefi in the simplest of terms.

Though the majority of gamers are still sticking with traditional Web3 gaming, the recent rise in Web3 gamers tells a whole new story.

More and more players are getting interested in playing and earning, and play and scale models of video games, something that traditional games do not have.

Is GameFi legit?
Is GameFi legit?

However, not every gamefi project will succeed, some will bite the dust. It is up to the investors to figure out where to invest and which projects to avoid.

At the moment, the experience is mixed, the games are a bit craggy, and the majority are still reluctant to migrate.

But it will change in the coming years and GameFi will experience a massive expansion and adoption.

Reinout te Brake

In a career spanning across 20+ years, Reinout te Brake has raised over 100+ Million Euros in Fundraising for a diversity of companies and has worked with several venture capitals firms. Helping gaming companies expand their brand reach, get the right story telling and make an impact on a global scale. Reinout te Brake has had the honor to counsel some of the major gaming companies operating on a global scale. For the last 12 years, he has devoted his major focus towards the niche of gaming consultancy to provide his insight and expertise to help gaming companies reach outstanding financial and business results.