The number of GameFi projects has continued to rise steadily and has reached 1,551 games as of June 2022, crypto exchange Binance has said in its half-yearly research report. That said, the slow growth is evident as the month-over-month growth has tapered to low single-digit rate, clocking at 2.5 per cent in June 2022, the report further said.
The name GameFi combines the terms “game” and “finance”, and it includes both gameplay and financial incentives. Beyond just simple financial rewards, GameFi offers players the chance to own digital assets in the virtual world, along with the option for interoperability by bringing these assets across various virtual worlds.
Binance’s research report said that GameFi has a huge potential that comes from integrating traits of Blockchain technology, gaming, financialisation, and non-fungible tokens (NFTs), which has contributed to significant interest in and growth of GameFi.
According to the report, the broad overall negative market sentiment...
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