Why GameFi is the most promising sector for Web 3.0?

to me Fingerprint AnalyticsTransactions related to the GameFi sector jumped by 2934% in 2021. On this occasion, the Parisian school ESCE International Business School On Tuesday, May 10, 2022, it hosted the first French conference dedicated exclusively to GameFi.

Presentation of the event

Located in the French capital, ESCE has established itself as a crypto-friendly place: According to Won Kim, Director of Blockchain Project Design Specialized Master, the school has previously welcomed major crypto partners such as the Sandbox metaverse and the AAVE decentralized protocol.

This evening, the event responded to the desire to democratize the world of Web 3.0 from the perspective of video games. After a presentation of opportunities in the sector, Won Kim made the stage for the evening’s speakers: Ryda Priheli, CEO of The Key Foundation, and Paul Adler, Co-founder of The Dogami Project.

From left to right: Réda BERREHILI – Won Kim – Paul Adler

growing field

Whether you are a specialist in topics dealing with blockchains or a simple video game enthusiast, GameFi is an area that you should not miss! Concretely, this term refers to the amalgamation of the video game sector and the decentralized finance sector. As a reminder, decentralized finance makes it possible to carry out financial actions without a trusted third party. For example, instead of going through a company to buy something, you can buy it directly from the seller without an intermediary between it and yourself, through the blockchain.

Through GameFi, players can monetize their gaming experience by performing in-game actions and owning specific assets. For example, in Step’N, players can earn tokens by running outside (in-game movement) or by selling shoes as NFT (in-game specified asset). After receiving his tokens, the player has two options. He can keep it for reuse in the gameplay of the game, thus increasing his returns. If he wishes, the player can also free himself of his tokens by reselling them for another currency (via an external exchange of the app). This economic process, in which each player is rewarded for time spent playing, is called playing to earn.

Monetizing on Step’n according to GST shoe type – https://stepn.com/

With nearly three billion players in 2021, the gaming market is a key sector with high potential in Web 3.0: the doubling of uses associated with blockchain technology (such as NFTs, metaverses, or even DAOs) allows the publication of original projects that are likely to attract an audience Big. Axie infinity was the first game to be a hit, and since its launch in 2018, the GameFi world has developed at a high speed: in 2021 alone, the number of GameFi-related projects increased from 658 to 1141. Along the same lines, the number of users increased from 100,000 (in April 2021) to 1.2 million (in March 2022), a 12-fold increase in the number of players.

French projects on display

Among the thousands of projects associated with GameFi, two of them were presented to us during the event: Cosmon And dogami. Let’s see together how his projects can improve the gaming world within the crypto ecosystem!

Officially announced in January 2022 by the Ki Foundation, Project Cosmon is a card game with 25 leaders from all over the world, from ancient times to the present day. The core objective of the game is to defeat opponents in 3v3 with characters you collect as NFTs. In addition, each character has a different level of rarity, ranging from ‘generic’ to ‘divine’: as in another game you win, the rarity of the origin gives you advantages in the game.

Here is a representation of Winston Churchill in his six rare levels – https://medium.com/@malek_97480

The important novelty of this game is the token that it offers to its players. In short, a token is all the information about the management of one or more cryptocurrencies associated with a project. In other words, the symbolism of the project affects the returns of the players, but also the long-term sustainability of the project. For Réda BERREHILI, the game token should benefit the player in the long run: For this, Cosmon wants to block at least 20% of game revenue to put into the ATOM token of the Cosmos ecosystem. The goal is to earn interest on bets on these cryptocurrencies, making it possible to award higher rewards to players while creating a solid cash flow for game development in the coming months and years.

In the same perspective of a long-term vision, The Dogami Project builds on the relationship with its community to bring its ideas to life: With over 100,000 subscribers on their Twitter account, many of them on Discord, Team Dogami has the ambition to create a game with the theme… dogs! Come and dive into the heart of “Betaverse”, the animal metaverse that is man’s best friend.

Each NFT represents a dog with a rare level, unique skills and personality – Dogami.com

For Paul Adler, co-founder of the project, Dogami has entered a large market divided into three categories. First of all, the project is aimed at individuals who have a dog in their home: in France alone, this part is aimed at ¼ of the population, and worldwide, this figure should exceed 400 million by 2026 (after the Euromonitor pass, in 2021). Second, the project is based on the huge market for mobile video games, with a total turnover of $180 billion in 2021. Finally, Dogami is based on game fashion where the user plays with animals (such as Tamagotchi and Pokémon to name a few). In other words, the team is targeting a global market with high potential of users.

Like Cosmon, Domagi is a game that wins, rewarding players for performing in-game moves. Currently, the project has achieved a first drop of 8000 NFT, and the second is planned for the end of May.

Picture of the eight dog breeds from the first drop – Whitepaper.dogami.com

According to Paul Adler, the game will be released in beta at the beginning of the summer, while the official version will see the light of day during the third quarter of 2022. Finally, advanced features will be introduced in the game during the year 2023 with DAO integration in particular. Now all you have to do is be patient before you can play with the most loyal animal to man.

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