How To Navigate This Bear Market Via GameFi
It’s official: we’re in the thick of a bear market. The fear level when it comes to cryptocurrency or even investments in general is at a high right now, where many are not sure if they should buy or even continue holding on to what they have. However, experts have predicted that a bull market will follow after the bear market – and in fact, that one of the industries likeliest to survive through this market and perhaps even thrive is the Play-To-Earn (P2E) or GameFi industry.
GameFi combines the two things most people in this world enjoy: gaming and earning money. Until blockchain started existing, the only way people could earn via gaming was through e-sports competitions, but that situation has vastly changed today. The fact that GameFi has its own draw out of simply being a “protocol that you can earn from” increases its long-term appeal especially for projects that are able to keep their community for a long while, which means that if you’re looking to hold or buy crypto at this time, you might want to look to GameFi projects to invest in or continue holding.
For a start, these are some GameFi or GameFi-related projects that you can consider:
For a GameFi Crypto Wallet – MetaPocket Digital Wallet
MetaPocket has been gaining traction with the media and GameFi community recently, and its traction is well-deserved. MetaPocket is a digital wallet optimized for all things GameFi and NFT, supporting multi-currency, multi-layer and cross-chain transactions, with the goal of being a one-stop digital wallet for all things GameFi. It works well with main platforms including Ethereum, Binance Smart Chain, Rarible, and Opensea, and is also trusted by all the top games like Axie Infinity, Decentraland, The Sandbox, Illuvium, and much more, with an ever-expanding list. In-app, you can browse for and interact with most of the top decentralized games, earn through the Yield Farming function where you can stake any supported GameFi tokens to earn more METAPK, and more. METAPK is their utility token that gives users certain perks and privileges, and also is a deposit for developers so that users are protected just in case anything happens to the games. Apart from being a community aggregator with its natural ability to simplify and consolidate GameFi for users, MetaPocket also owns a sniper bot where you can snipe new tokens at launch with your own set parameters, which means you can maximize your profits when it comes to getting tokens quickly. MetaPocket will give users and investors significant returns as the market recovers due to its functionality and power to grow.
For a GameFi Guild – Yield Guild Games
Yield Guild Games is a household name now when it comes to gaming guilds in GameFi. Stemming from two ambitious and creative Filipinos, this giant guild offers NFTs that links up GameFi gamers globally, creating a network of players and investors who can help each other get started or grow their earnings through borrowing and lending. Yield Guild Games has a metaverse economy built on the Ethereum blockchain, and the Yield Guild Games DAO is an open-source protocol with rules enforced by smart contracts. It has been used for many purposes, such as executing governance decisions, NFT rentals and rewards issuance. All NFTs and digital assets are stored within the YGG treasury that provides NFTs and P2E assets from various blockchain games. YGG is a project with utility that will stay around for a while, as it helps both newbies and old-timers earn.
An example of a good GameFi game – Decentraland
There are many GameFi games out there, and many are pretty good – but for the purposes of analysis, we’ll be looking at Decentraland, which has been at the top of the GameFi market for a while, and for good reason. Decentraland is a decentralized VR platform that runs on the Ethereum blockchain. Within the platform, users can create, experience, and earn from all they do inside. The real estate in Decentraland is called LAND, an NFT maintained in an Ethereum smart contract. LAND is divided into parcels that are owned by players and are purchased with MANA, Decentraland’s token. Players have full control over the environments and applications that they create (hence, a Decentralized Land), which can show up in any form – whether static or interactive. The content that makes up Decentraland is stored and distributed via a decentralized network while ownership and transactions are validated on the Ethereum blockchain. Given its appeal to players, growth and earning potential via both the token and game itself, Decentraland or MANA would be a good example of a GameFi project.