DeFi gaming: A catalyst to mainstream adoption of decentrali | BTC | NEWS, ICO, IDO, NFT
DeFi gaming: A catalyst to mainstream adoption of decentralized finance
Gaming is on track to boost the adoption of DeFi platforms. Here is a look at the latest developments that are pushing the play-to-earn business model.
The past few months have seen decentralized finance (DeFi) platforms gain a cult-like following on the backdrop of a bullish cryptocurrency market. That revolution of digital money is now moving into the gaming industry, creating an intersection between DeFi and the gaming experience that experts now predict will play a huge role in the next generation of games.
DeFi-focused tokens such as Polkadot (DOT), Solana (SOL) and Chainlink (INK), to mention a few, have had euphoric moments in the markets, gaining major traction as major developments continue.
Investors and speculators should expect even more going forward, given the bold move made by the likes of Solana Foundation and Houbi Ventures to invest in early-stage blockchain-based gaming platforms that incorporate DeFi into their system.
The emerging play-to-earn model is primed to highlight the benefits of blockchain technology in the gaming industry and beyond. In this article, we look at some of the latest developments in the DeFi gaming space with a discussion on what the future holds for this emerging sector.
Games simplifying DeFi
DeFi Land, a game designed as a multi-chain agriculture simulation aimed at enabling a gamified decentralized finance experience, just raised $4.1 million in a funding round that saw the participation of over 40 investors.
Founded in 2021, DeFi Land is privately held by a company whose headquarters are in India with a primary focus on creating educational and entertaining solutions for users looking to explore the DeFi space.
DeFi Land's agriculture simulation is designed with all the features you would find on a conventional DeFi platform. Unlike most DeFi platforms, however, DeFi Land features an interoperable ecosystem that is capable of running on other established platforms such as Uniswap or even Binance Smart Chain's PancakeSwap.
This approach is set to help DeFi Land avoid reinventing the wheel, thus allowing its users to access automated market-making protocols, decentralized exchanges and leading protocols on other blockchain networks. On DeFi Land, each digital asset is represented in the form of a plant. For instance, Solana's SOL token is a sunflower and the USDC stablecoin is a corn plant. Users can farm these tokens and earn an annual percentage yield that comes in the form of a bountiful harvest.
To make it even easier for users to learn the ins and outs of DeFi, DeFi Land features a practice mode where users can learn all about DeFi using fake assets while playing within a guided version of the game.
Brian Lee, a senior executive at Alameda Research — one of the firms that participated in DeFi Land’s investment round — said that DeFi Land blends “two of the most interesting things happening in crypto right now — gaming and DeFi.”
Huobi Ventures betting big on DeFi gaming
With an increasing wave of institutional capital flowing into the DeFi space, more companies are starting to pay serious attention to the sector, and Huobi Ventures is one of them.
The investment arm of Huobi cryptocurrency exchange, Huobi Ventures, just recently announced a $10 million fund that will invest in early-stage projects that combine a gaming experience with decentralized finance features, i.e., GameFi.
In addition to the financial support from Huobi Ventures, startups that take up the challenge will also receive Huobi's backing in terms of legal and technical support for their project, not to mention PR and commercial assistance.
Huobi Ventures director Unica Yin said, “blockchain technology has the potential to revolutionize the gaming business model and will play a core role in the next generation of games.”
