How GameFi Will Revolutionize the Gaming Industry for Younger Generations
Since its inception gaming has evolved from a niche pastime to a huge, multi-billion dollar business. What’s next for the gaming industry?
The Changing Tides
With global lockdowns due to the pandemic, the gaming industry saw massive increases in revenue, generating $180 billion dollars in 2020 alone. Users are plenty but gaming as usual is starting to shift. Why?
After living through one unprecedented event after the next, younger generations are more thoughtful in their spending than generations past. Financial institutions have failed them multiple times already, and thus youths care about transparent businesses more than ever. They want to support companies and brands that contribute to society and favor companies that are socially and environmentally focused. People around the globe are demanding a way to return to community and exchange goods with one another without the interference of third parties.
Fintech, short for Financial Technology, is a growing industry that utilizes innovative software to revolutionize traditional financial processes and services. Fintech shifts the power from a few companies and executives to consumers by disrupting and automating processes through algorithms and digitization. In doing so, users can support fellow consumers or businesses with their financial transactions.
Gaming + Fintech
The decentralization of the financial industry is bleeding into other industries as well. People are seeing the benefits and seeking to be involved in systems that aren’t owned or controlled by a single entity. You may be surprised to learn that video games are the new frontier of fintech. Gaming communities, much like local towns and cities, have become places where people can exchange items of value directly with one another. Players are used to exchanging digital goods with one another, and this established behavior could easily extend into a new digital economy.
The gaming industry could utilize blockchain technology to put the ownership of content in the hands of individuals rather than corporations. To do this, users must opt into play-to-earn games. This initial fee to play allows them the opportunity to engage in a new economy where individuals play games and earn tokens which can then be used to purchase items within the digital platform or exchanged for other tokens within the blockchain.
Barriers to Mainstream Adoption
With the growing demand for a decentralized economy and an increasing appetite for games, there is an enormous opportunity for the gamefi industry. There are 3 million adults actively playing games across the globe, but only a small number play to earn rewards, through P2E games. In utilizing blockchain technology into games, gamers can form their own micro-economies, and essentially get paid to play games.
For new investors, putting a lot of money into cryptocurrencies or non-fungible tokens may seem like a risky investment. But in the context of gaming platforms, it’s the surefire way for creators and users to invest in themselves. After all, NFTs have a specific code that makes them unique and irreproducible. NFTs lend themselves to individual ownership and allow for transferability between individuals, eliminating the need for third parties.
Currently, the P2E gaming industry generates over $40 billion dollars in revenue coming from items that are used to enhance game play. The fact is gaming is not limited to the younger generations. In fact, there are a wide range of adults of all ages who play-to-earn games for side income. This opportunity to build wealth for members of a gaming community should be more widely adopted. After all, the more users who participate in a P2E gaming community, the stronger and more vibrant that digital economy will be.
PlayEstates is providing a way for gamers to earn extra income through gaming on their play-to-build gaming platform. We’re mixing the best of gaming with the innovation of fintech to help young investors build wealth while they grow their game. PlayEstates members will earn tokens and use them to invest in our NFTs which will be tied to actual real estate in various states across the US. Players can get started building their assets after paying to become a PlayEstates member.
PlayEstates welcomes gamers and curious minds to get their feet wet in the digital economy without the need to be an expert in blockchain or NFTs. Check out PlayEstates if you’re interested in playing great games, making new friends, and earning real money.
PlayEstates is a sustainable hybrid finance model that turns your gaming hours into ownership of real-world real estate assets. Our fractional ownership model is user-friendly, community-oriented, and the most fun way to get into real estate. PlayEstates is bridging the real world into the virtual world by integrating IRL real estate assets with blockchain gaming so users can collect NFTs as passive income. Come join us. Grow your game and build your wealth.