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Huobi Research: GameFi apps boost interest in blockchain gaming

 


GameFi initiative have seen strong growth since July 2021. This is due to the reduction in transaction costs and the better user experience.


The research branch of the Huobi crypto exchange called Huobi Research has found that interest in blockchain gaming has increased as a result of the GameFi initiatives. GameFi means that central financing (DeFi) and blockchain gaming offer users incentives as part of a play-to-earn model.



According to Huobi Research, the on-chain data suggests that GameFi initiatives have seen strong growth since June 2021. This is due to the significant reduction in transaction costs and a better user experience.


From the research that popular block Chain games like CryptoKitties shows in November 2017 a maximum of 140,000 daily active users and 180,000 daily transactions recorded. But within a few months, user interaction fell by over 90 percent:


However, the blockchain gaming industry made a comeback with the integration of NFTs, DeFi, and other play-to-earn elements. The NFT game Axie Infinity grossed $ 9.72 million in a single day in June, beating Tencent's record at the time.


"The DApp ranking shows that five of the nine leading apps are GameFi apps. At the beginning of December, the number of weekly active GameFi users rose to 9.21 million, a record."

Based on the above findings, Huobi Research concluded that transaction costs are of great importance in the new institutional economy. While the gaming industry has already introduced play-to-earn capabilities, "society tends to choose the system with the lowest transaction costs".


The study also highlights three fundamental aspects that distinguish GameFi from other existing game models: the free trade in game material, the free trade in and pricing of game currencies, and the protection of property rights. In addition, GameFi developers have the advantage of being able to leverage private property rights over NFTs at a lower cost:



"Not only is this an advantage traditional game developers never had, but it also reflects the intrinsic value of blockchain technology in the gaming industry."

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