Where would blockchain gaming be without GameFi? A Huobi_Research study reveals GameFi apps fueled the industry’s growth in 2021 in part due to a sizable reduction in transaction costs and improved user experience.
Crypto exchange Huobi’s research arm, Huobi Research, has identified a rising interest in blockchain gaming as a direct impact from GameFi initiatives. GameFi implies the use of decentralized finance and blockchain gaming that incentivizes users based on a play-to-earn model.
“Early blockchain games suffered from defects such as singular models, simplistic entertainment and poor experiences in general.”However, the blockchain gaming industry saw a comeback with integrating nonfungible tokens , DeFi and other play-to-earn elements. NFT-based pet game Axie Infinity made $9.72 million in a single day in June, surpassing Tencent’s record at the time.
Based on the above findings, Huobi Research concluded that transaction costs are essential in new institutional economics. While the gaming industry had already implemented play-to-earn features, “the society tends to choose the system with the lowest transaction costs to operate.”
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