What is GameFi and Why Build on Oasis
The Oasis Bloom Hackathon is a chance for developers to showcase their innovation and creativity in blockchain gaming.
GameFi or Play to earn Gaming is a unique, emerging cryptocurrency trend that has gained significant traction. It combines NFTs (non-fungible tokens) and DeFi with a video gameplay reward system, allowing users who invest their time playing games to earn token rewards.
Unlike traditional gaming models using a play-to-win model, GameFi’s model provides players with financial incentives to advance in rewarding games and enjoy alternative sources of income. GameFi combines video games and blockchain to create an engaging reward experience for gamers.
Traditionally, in-game assets hold no value outside the game; however, GameFi enables gamers to turn in-game assets into real-world value by facilitating trading digital items with other players either in-game or externally via third-party NFT marketplaces. P2E gaming ecosystems include:
- An in-game currency (native crypto or other supported crypto)
- A marketplace to trade in-game items or other supported items
- A token economy that the gaming community handles
Which are some of The Most Popular Play to Earn Games and platforms?
There are many successful P2E platforms and games. Some of the biggest names include:
Axie Infinity: Axie’s gameplay resembles an amalgamation of Pokemon Go and CryptoKitties; Players breed, train, and collect creatures called Axies and earn in-game tokens called Smooth Love Potions (SLP). As of Sept 2021, Axie Infinity has an estimated 2M monthly users.
Decentraland: The platform is the first fully decentralized virtual world. Starting as a 2D pixelated grid, Decentraland evolved into a 3D virtual reality universe; players can buy, develop, and sell virtual land in the expansive Decentraland metaverse. Decentraland is among the top GameFi coins by market capitalization.
The Sandbox: A virtual gaming world where players can build, own, and monetize their gaming experiences. The Sandbox blockchain gaming platform consists of three integrated products that together provide a comprehensive experience for user-generated content (UGC) production. The combined products further benefit users by allowing them to secure copyright ownership for their user-created content through blockchain and smart contracts.
MOBOX Platform: MOBOX builds on the growing DeFi ecosystem and creates a GameFi infrastructure through liquidity pools, yield farming, and NFTs. MOBOX features a wide variety of action-packed games that are educational and entertaining.
The three platforms offer multiple earning mechanisms, from trading in-game items or developing virtual assets for future sales. Future GameFi platforms will require a scalable, reliable, and versatile blockchain foundation to ensure maximum gaming enjoyment.
Emerald ParaTime: Why Oasis Network is Perfect for GameFi
GameFi is an exciting new industry offering gamers the opportunity to play premium games worldwide. To keep pace with demand, GameFi requires versatile and scalable platforms so players can always enjoy a high-quality experience on a dynamic gaming network. Oasis assures gameplay without delays through its Emerald ParaTime — the official EVM Compatible ParaTime.
Emerald allows for:
- Full EVM compatibility
- Easy integration with EVM-based DApps, such as DeFi, NFT, Metaverse, and crypto gaming
- Scalability — increased throughput of transactions
- Low-cost — 99%+ lower fees than Ethereum
- Cross-chain bridge to enable cross-chain interoperability
Developers receive full support for world-building on Oasis; EVM compatibility and easy DApp integration means developers can utilize the Emerald ParaTime to receive computational benefits, including fast transaction times and multi-chain functionality. Oasis’s low gas fees and high scalability make it a perfect platform for GameFi dApps.
GameFi titles often build an ecosystem for a superior gaming experience and support in-game trading; Emerald’s support of DeFi, NFT, and Metaverse activities provide the required foundation for the development of the marketplace, in-game currency, and token economy present in a crypto gaming ecosystem.
The Oasis Bloom Hackathon: Bringing New GameFi Titles
One of the missing links in blockchain gaming is a true flagship AAA gaming title; maybe we see the birth of a new heavyweight gaming franchise at the Oasis Bloom Hackathon?
Ideas for developers taking part include:
- An FPS game where the last player standing receives a reward after a battle royale, or the player with the least deaths receives a crypto reward after a campaign. The game can include in-game items that prolong the survival of a player.
- A Formula 1 racing game with circuits from different stages in a Metaverse or different Metaverses; spectators pay to watch the races. The game can include real-world elements of users paying to view an F1 race. Racers receive rewards from the proceeds of the viewership; they can also purchase/upgrade their cars via in-game purchases.
- A turn-based strategy game, where players have to customize their character or army and defeat other players or armies via fun and strategic battles. Players can train troops and buy/win items used as battle equipment. These battle equipment are NFT’s which have various degrees of rarity, utility, and effectiveness. These in-game NFTs can be traded via an integrated marketplace amongst other players or external marketplaces, allowing for the monetization of the gaming experience.
At Oasis, we encourage creativity and innovation, which is why we’re hosting the upcoming Bloom Hackathon. It’s a chance for developers to let their imagination run wild, and with major rewards on offer, the event is one not to be missed!
How to Enter: To get started, please visit our hackathon page and submit your application by May 2, 2022.
Game developers have a chance to showcase their prowess in Oasis’ upcoming Bloom Hackathon. The brightest and best teams can earn rewards of up to $200,000 in cash prizes for developing a GameFi dApp on Oasis Emerald, our EVM Compatible ParaTime.