Guess what the #2 GameFi blockchain is?
GameFi is expected to become a huge market over the next decade. The excitement over the potential of gaming along with decentralized finance is warranted. We can easily see how the two were almost made for each other.
Gamers are very familiar with in game assets and tokens. This is something they used for years. However, the challenge is that, for the most part, the value is locked in the game. What this means is that once the game is turned off, the value of the assets is gone. With the rare exception, in game assets cannot be move to a secondary market for sale.
Blockchain, cryptocurrency, and digital wallets changes all this. Here we see how from the onset where assets are held by the individual. For the most part, they are game agnostic, at least in terms of the value. That can be exported (usually) to another wallet to swap on open exchanges
Here is where the entire complexion of gaming can be altered. At present, a few are fortunate enough "to earn a living" in this manner. They are the elite players, usually supported by the game producers themselves or advertisers. Either way, the number is rather small.
GameFi alters this completely. Basically, anything that is earned by the individual is theirs. With the early games, we see people getting rewarded for minimal success. Game creators are working on coming up with systems that allow many to benefit.
Thus, while few are still earning a living off gaming, there are more who are feeling a positive financial impact. This is a stark difference from what we saw over the last few decades.
Here is where blockchain enters the picture.
Hive #2
Hive is the #2 blockchain in the gaming market. The leader is Wax. This means it is in terrific position going forward. The industry is expected to absolutely explode.
As the market battles the bearish blues the blockchain gaming space continues to grow in stealth. The GameFi Market is expected to surpass $74.2 billion by 2031 from $8.9 billion in 2021 at a CAGR of 23.7% in the coming years.
That is a very solid growth rate. How would things look for Hive if we saw this rate occurring overall?
It is a question to consider stating that a number of games are looking to emerge over the next year.
This chart is overwhelming in favor of Wax. That said, we can see, in the upper right hand corner, that Hive ranks second in GameFi transactions. Think about that for a second: Outside of Wax, Hive ranks ahead of all other blockchains in gaming transactions.
We see the gap closing a bit when we look at the distribution of games actually played.
That looks better. Here we see Wax still has a bit of a lead yet the difference is not as extreme.
Both these charts show has Hive is a solid blockchain in the gaming space.
More Than Splinterlands
We all know much of this is due to the success of Splinterlands. That is one of the most popular games in the GameFi space. Anyone on Hive understands the success this game had.
It is logical to think that the future of Hive has to be outside of that one game. Fortunately, we are seeing other games start to arrive on Hive. Two that I am optimistic about that will be rolling out over the next half year are Ragnarok and PsyberX. Both have a great deal of excitement surrounding them and are close to early user launches.
We have another chart showing the trend, including the fact that Hive held up fairly well through the bear market.
The next challenge is to roll out some games that attract people from the outside. Could this be PsyberX, one of the first shooter games tied to blockchain, be the answer? We will see.
Nevertheless, here we have a situation where Hive is, once again, completely overlooked. Even if the article linked did not get a lot of traction. That is not surprising since the focus always remains upon price.
People often discuss about the need for utility. Here is a prime example of a situation where the blockchain does just that. Splinterlands is the shining star for Hive. This was the case for a long time. However, the goal is to develop another half dozen applications or games that have the impact of Splinterlands.
Until that happens, it is good to see Hive showing some strength in this area. Keep this in mind each time you play a game on Hive. It is not going unnoticed as the activity is recorded on-chain.
And as we can see, once in a while that will get picked up by the mainstream crypto media.
As always, we just keep building.
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Wax is leading but Hive is closing in. Would be interesting to see how this will change when the new games (Ragnarok and PsyberX) will launch.
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There seems to be a lot of excitement for both games. I will be watching to see what they come up with when they hit the market.
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It will be great to see how it goes. Although I've been seeing posts about them, I haven't really explored further so perhaps it's time to check them out.
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It does look like there are several games releasing in the next 6-9 months. It is difficult to know how far they can go but it shows that the chain is useful and that continuous developments are being made. That's a guarantee that Hive will be a long-term success.
We have some things in the hopper it appears. This is going to be fun to watch what unfolds. Each month it seems like we are moving ahead in big ways.
Development is certainly growing on Hive.
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This is really impressive, Hive taking the second spot in GameFi. Splinterlands is well positioned to become a key player in the GameFi space. Emulating this success on a number of D'Apps will definitely pull the gem (Hive) out of the rubble.
At this point, Hive is certainly riding the coattails of Splinterlands. However, a couple more games that achieve a decent amount of success and we could see the numbers really jump.
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The future is looking very promising in the GameFi space!
I would love to see some game like Mobile Legends be implemented on Web3.
A game like Mobile Legends would put web3 on other level, and it is not necessary to have an own token.
I think GameFi needs to move to the next level than click games or card games.
I am far from a gaming expert so I will defer to you on that. However, the idea of expanding is in line with what I think about the entire industry.
So it makes sense that gaming has to advance.
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were 200k bots on Splinterlands and that's why it's such a hard decline?
There were some changes in what was posted on chain versus what they keep on their servers. This could be a reason. The bear could be another.
All aspect of crypto are down, transactions included.
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Man, I love both HIVE and WAX and I am pretty involved in both of them. I consider both of them underdogs and blockchains made for the common people, rather than those that were NFTs are more expensive even if they don't have any good reason for crazy prices. Hopefully, these underdogs will prove themselves at some point and take the markets by storm!
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Hive have a lot of potential to grow in the world of games
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Hive in second place as the blockchain by transactions and most played is great to see, despite being over looked it is ranking high in GameFi.
I see Hive's ranking getting better with Ragnarok and PsyberX coming up.
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Promising future
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STOPCheck out the last post from @hivebuzz:
Thanks to GM, I’ve recently started exploring WAX a lot more.
Their biggest game appears to be Alien Worlds which… isn’t really a game at all.
Gamified defi, yes (which is personally more my jam anyway).
But not really any gameplay in the traditional sense.
—-
I keep thinking more about PsyberX and whether that counts too.
Like where do you draw the line that makes something a blockchain game or not?
Because I take it that just the economy behind the game is going to be on a blockchain, while the gameplay is just like any other.
Anyway, just thinking out loud here haha.
Have a good one Task!
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I think WAX is better interface-wise for things but I think the general structure of Hive is similar to that of Hive. So in a way, those free transactions are something people are betting on even if the costs can be huge depending on how congested the network is. I haven't really touched WAX lately but I still prefer Hive because it doesn't have as many layers and I don't have to pay for storage of NFTs either.
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Thank you so much for your support of my @v4vapp proposals in the past, my previous one expired this week.
I'd be really happy if you would continue supporting my work by voting on this proposal for the next 6 months:
Additionally you can also help this work with a vote for Brianoflondon's Witness using KeyChain or HiveSigner
If you have used v4v.app I'd really like to hear your feedback, and if you haven't I'd be happy to hear why or whether there are other things you want it to do.