Crypto perspective: GameFi Projects Seen as the Next Gold Rush by Crypto Stakeholders
A wave of notable GameFi startups has emerged to merge gaming with blockchain technology, a sector projected to surpass a $200 billion valuation by 2023.
Leading the play-to-earn trend is Axie Infinity, boasting the highest-ever NFT sales of over $2 billion by mid-September. The meteoric rise of blockchain-based gaming has captured the attention of investors.
Huobi Ventures, the investment arm of one of the world's largest cryptocurrency exchanges, has also entered the fray. In September, the company allocated a $10 million fund to early-stage GameFi projects.
Earlier on August 10, Justin Sun of the Tron Foundation announced a $300 million fund dedicated to investing in GameFi projects over the next three years. Another major crypto exchange, OKEx, launched a $10 million fund to support similar projects through grants, hackathons, listing support, and marketing.
Over 2 million unique wallets were created across all blockchain networks in August alone, marking an 883% increase from the same period last year. According to DappRadar, blockchain gamers significantly contributed to this growth, with an average of 883,000 wallets interacting with gaming-related smart contracts daily.
This surge underscores the burgeoning interest and investment in GameFi, positioning it as the next frontier in cryptocurrency innovation.
