The fast-paced nature of the cryptocurrency industry has led to a variety of exciting new sectors of the industry. Gamified Finance, or GameFi, has brought a new dynamic to the gaming world, offering the most productive use of Non-Fungible Tokens (NFTs). NFTs have been under the microscope, especially with the boom of art-based NFTs early back in 2021, with many critics claiming they have little to no value.
The persistent ‘crypto winter’ has seen the value of such NFTs plummet in value. However, what’s worth noting is that these artworks are always going to be sold at market value. GameFi NFTs offer a unique and functional value that is better than what was previously on the market. Whether it’s GameFi, streaming services, or the next World of Warcraft, all of these can benefit from using NFTs.
In terms of GameFi, it’s a mixture of money and video games—with NFTs acting as the owned token that gamers buy, sell, and trade. GameFi-specific games are still in their infancy, so they don’t measure up to modern platforms from Electronic Arts and Activision. But, by the very nature of GameFi, these projects are generating profits, which are then invested in the game to develop and evolve these unique platforms.
The GameFi space is proliferating, and with that, there are a variety of uninspiring projects that seem more like cash grabs than anything of substance. To make it easier for our readers to get to the great projects and those with potential, we put together the top 3 Play-to-Earn crypto projects of 2022. Let’s dive right in.
A project that has been up and running for over a year, offering a unique take on GameFi NFT-based games. The platform focuses on the strategy to promote sustainability on a virtual planet based on the planet earth. This is all achieved by collecting land and territories known as PIX (NFTs) and earning the game’s currency, the IX Token (IXT).
Planet IX is made up of 1.6 billion PIX, giving the project a great deal of room for expansion and growth, which is especially useful considering the fast-pace the with which the game’s player base is growing. PIX is split up into different classifications and tiers, depending on where they’re located, with some far rarer than others.
Players can use their earned IXT to purchase PIX in the Planet IX marketplace. As players grow and develop their land, they will be given opportunities to create alliances and collaborate with other landowners in the Planet IX metaverse. The game’s developers hope that the interaction with the virtual world will inspire and help to fund real-world projects directed towards the sustainability of our mother earth.
For anyone who knows anything about Play-to-Earn (P2E) games, you’ll see the term metaverse strewn around, especially now that FaceBook has announced it’s dedicated to developing its metaverse—and going one step further by renaming the company, Meta. One of the leading metaverse projects is Sandbox, known as Roblox on the blockchain.
The virtual open world, built on the Ethereum blockchain, allows players to share player-create items, games, and experiences, all while earning and using the game’s native currency SAND. Players can also build land and engage fully in open-world exploration and design in a pseudo-Minecraft experience.
Sandbox truly represents the potential of the metaverse, with many companies and big names in the industry already showing their hand and financially backing Sandbox.
To realize the potential of the GameFi, many envision the end product benign something of a fully-immersive MMORPG (Massively Multiplayer Online Role Playing Game) or some kind of MMO. The nature of P2E lends itself to a MOO; the in-game currency, the trading of commodities, and the ownership of land and more or less anything within the game. MMOs are a commitment, with players putting in years of their lives to achieve the best assets within the virtual world.
Big Time offers a taste of that with a massive multiplayer action-adventure project, where players can travel through the metaverse visiting different eras and locations using their ‘time machine’. The time machine is represented by the players’ wallet, where you’ll find the players' artifacts (NFTs) and tokens (cryptos) that have been acquired.
The game offers a vibrant world, with action and adventure at every turn. The expanding world allows players to level up as they continue to spread their wings and explore new territories!