Guess what the #2 GameFi blockchain is?
GameFi is expected to become a huge market over the next decade. The excitement over the potential of gaming along with decentralized finance is warranted. We can easily see how the two were almost made for each other.
Gamers are very familiar with in game assets and tokens. This is something they used for years. However, the challenge is that, for the most part, the value is locked in the game. What this means is that once the game is turned off, the value of the assets is gone. With the rare exception, in game assets cannot be move to a secondary market for sale.
Blockchain, cryptocurrency, and digital wallets changes all this. Here we see how from the onset where assets are held by the individual. For the most part, they are game agnostic, at least in terms of the value. That can be exported (usually) to another wallet to swap on open exchanges
Here is where the entire complexion of gaming can be altered. At present, a few are fortunate enough "to earn a living" in this manner. They are the elite players, usually supported by the game producers themselves or advertisers. Either way, the number is rather small.
GameFi alters this completely. Basically, anything that is earned by the individual is theirs. With the early games, we see people getting rewarded for minimal success. Game creators are working on coming up with systems that allow many to benefit.
Thus, while few are still earning a living off gaming, there are more who are feeling a positive financial impact. This is a stark difference from what we saw over the last few decades.
Here is where blockchain enters the picture.
Hive is the #2 blockchain in the gaming market. The leader is Wax. This means it is in terrific position going forward. The industry is expected to absolutely explode.
As the market battles the bearish blues the blockchain gaming space continues to grow in stealth. The GameFi Market is expected to surpass $74.2 billion by 2031 from $8.9 billion in 2021 at a CAGR of 23.7% in the coming years.
That is a very solid growth rate. How would things look for Hive if we saw this rate occurring overall?
It is a question to consider stating that a number of games are looking to emerge over the next year.
This chart is overwhelming in favor of Wax. That said, we can see, in the upper right hand corner, that Hive ranks second in GameFi transactions. Think about that for a second: Outside of Wax, Hive ranks ahead of all other blockchains in gaming transactions.
We see the gap closing a bit when we look at the distribution of games actually played.
That looks better. Here we see Wax still has a bit of a lead yet the difference is not as extreme.
Both these charts show has Hive is a solid blockchain in the gaming space.
We all know much of this is due to the success of Splinterlands. That is one of the most popular games in the GameFi space. Anyone on Hive understands the success this game had.
It is logical to think that the future of Hive has to be outside of that one game. Fortunately, we are seeing other games start to arrive on Hive. Two that I am optimistic about that will be rolling out over the next half year are Ragnarok and PsyberX. Both have a great deal of excitement surrounding them and are close to early user launches.
We have another chart showing the trend, including the fact that Hive held up fairly well through the bear market.
The next challenge is to roll out some games that attract people from the outside. Could this be PsyberX, one of the first shooter games tied to blockchain, be the answer? We will see.
Nevertheless, here we have a situation where Hive is, once again, completely overlooked. Even if the article linked did not get a lot of traction. That is not surprising since the focus always remains upon price.
People often discuss about the need for utility. Here is a prime example of a situation where the blockchain does just that. Splinterlands is the shining star for Hive. This was the case for a long time. However, the goal is to develop another half dozen applications or games that have the impact of Splinterlands.
Until that happens, it is good to see Hive showing some strength in this area. Keep this in mind each time you play a game on Hive. It is not going unnoticed as the activity is recorded on-chain.
And as we can see, once in a while that will get picked up by the mainstream crypto media.
As always, we just keep building.
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