GameFi projects are experiencing a resurgence in popularity after a quiet period in 2022 and 2023, thanks to the ongoing bull market.
This week, StepN, a move-to-earn protocol, announced its partnership with Adidas to release 1,000 Genesis Edition nonfungible tokens (NFTs) on the Solana blockchain. This collaboration is part of a one-year partnership between the two companies, which will include a combination of NFTs and wearable sneaker releases in the future. Each NFT sneaker from the Genesis Edition will be valued at 10,000 GMT ($2,200).
StepN, created by FSL in 2021, allows users to earn rewards for their physical activities such as walking, jogging, or running. Users can earn GMT tokens, which have an inflationary mechanism, a supply cap of 6 billion, and a current diluted market capitalization of $1.2 billion, by interacting with the StepN app after purchasing a virtual Sneaker NFT and linking their smartphones. Shiti Manghani, the CEO of StepN, commented on the partnership, stating that it demonstrates the direction lifestyle rewards are heading. Last week, StepN also announced a $30 million airdrop for its loyal users.
For other protocols, the focus is on the hardware. Ordz Games recently unveiled its first Web3 handheld gaming device called “BitBoy One.” Inspired by the original Nintendo GameBoy from 1989, this device allows players to earn Bitcoin (BTC) through retro-style games. The BitBoy One device is equipped with native applications connected to the Bitcoin blockchain, enabling users to play various video games that are permanently recorded on the blockchain. The device supports both Bluetooth and WiFi for multiplayer gaming. Additionally, each BitBoy device comes with a 3D rendering of the physical device, which can be viewed on a VR device like Apple Vision Pro. The official unveiling of the device took place at Paris Blockchain Week.
Some projects in the GameFi space have shifted their focus to video games. Seraph Studio developed the ARPG game “Seraph: In the Darkness” on the Arbitrum blockchain. The game achieved sales of over 11,000 Ether (ETH) through multiple in-game NFT sales of heroes, priority passes, gear, and more. Seraph Studio is backed by the Korean gaming giant Acrotz Soft. The game, set for pre-season launch on April 19, features a dark medieval setting where players can customize their heroes, battle monsters, and earn loot. The pre-season of the game will introduce features that allow players to rent their in-game NFT equipment for rewards and discover treasure NFTs. The game has been in development since 2021, with a total expenditure of $8 million on operations and research. The final release will include new technologies such as multiplayer AI companionship. “Seraph: In the Darkness” is scheduled for launch on PC, iOS, and Android.
According to data from DappRadar, the number of unique active wallets in the GameFi sector has more than doubled in the past year, reaching 2.54 million. Yat Siu and Johnson Yeh, founders of a gaming studio, predicted last December that “tens of millions” of players would enter Web3 gaming this year. While GameFi projects have faced criticism for prioritizing the financial aspect of gaming over fun, with some notable collapses in the past year, they continue to thrive and attract attention in the market.
As GameFi gains popularity, it remains to be seen how it will be influenced by the same market forces as the traditional gaming industry.