Market value of gaming-focused cryptocurrencies is $7.1 billion
GameFi, which brings together video games and cryptocurrencies in a financial perspective, became one of the prominent topics of blockchain this year, and according to CoinMarketCap data, the number of game-oriented cryptocurrencies reached 480 and the total market value reached 7 billion dollars.
The rise of the GameFi concept, which brings together video games and cryptocurrencies in a financial perspective, has also brought innovations in the video game market, which is considered among the powerful economies of the digital world. Game-focused cryptocurrencies, which improve the player experience and offer a new revenue model for game studios, continued to be popular in 2023. While the number of gaming-focused cryptocurrencies listed on CoinMarketCap was observed to be at 480, the total market value of these cryptocurrencies used in games was seen to be 7.1 billion dollars.
What are DeFi (Decentralized Finance) Products?
Sharing their evaluations on the subject, Emir Emad, Founder and CEO of local game studio and publisher Unipoly Games, and Co-Founder Onurhan Aydoğan said, “The values of cryptocurrencies used in in-game spending have a different mechanism from the general cryptocurrency dynamics. “These crypto currencies, which are not seen as an investment tool, but are preferred by many gamers to facilitate in-game spending, create a new economy for the entertainment world” they said.
700 thousand wallet activities in the second quarter
According to the State of Blockchain Games 2023 second quarter report prepared by DappRadar in partnership with the Blockchain Gaming Alliance, nearly 700 thousand unique wallet activities were seen in blockchain games during the mentioned period.
Pointing out that hundreds of thousands of players currently use crypto currencies in games, Emir Emad said, “Predictions made by one of the leading cryptocurrency exchanges at the beginning of 2022 show that the GameFi market value will reach 50 billion dollars by 2025. This will be supported by the increase of reliable projects in this field and approaches that bring together different games in a common cryptocurrency. Gamers are eager to embrace cryptocurrencies, which they can exchange with other gamers around the world without leaving the game, in return purchasing goods, services, character designs or features. “Because in-game cryptocurrencies can be used anywhere within the borders of that game, just like the currency of a country,” he said.
It will be used in 100 games by the end of 2024
Noting that realizing the full potential of in-game cryptocurrencies will be possible with interoperable infrastructures, Emir Emad said, “As we move towards a future where cryptocurrencies will be the valid currency of in-game expenditures; It is not a user-friendly approach to expect a gamer who plays more than one game and spends in each game to keep a separate cryptocurrency for each game in his crypto wallet. The focus of blockchain technology is decentralization and interoperability. As Unipoly Games, which has undertaken to move the European gaming ecosystem to Web 3.0 and works like an incubation center in this direction, Unipolycoin, our ecosystem cryptocurrency that we have developed in accordance with the nature of the blockchain, will come into play here. This cryptocurrency, which we launched in the Raidfield 2 game, which currently appeals to 2 million users, can be used in 3 new games by the end of 2023 and in 100 games by the end of 2024. “In this way, the gaming experience will improve and the earning potential will emerge,” he said.
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