GameFi Projects Surge with New Initiatives: StepN, Ordz Games, and Seraph Studio Lead the Charge
Summary:
GameFi projects are experiencing a resurgence led by protocols such as StepN and Ordz Games introducing new initiatives. StepN, collaborating with Adidas, announced a drop of 1,000 nonfungible tokens (NFTs) on Solana and a $30 million airdrop for its users. Ordz Games unveiled 'BitBoy One', its first Web3 handheld gaming device, allowing users to earn Bitcoin through retro-style gaming. Meanwhile, ARPG 'In the Darkness' developed by Seraph Studio achieved sales of over 11,000 ether through in-game NFT sales. Despite marked growth in the GameFi sector, it's also facing criticism for prioritizing financial aspects over immersive gaming experiences.
GameFi ventures are witnessing a resurgence following subdued activity in 2022 and 2023, as the bullish market continues to thrive. In the past week, StepN, a move-to-earn protocol, revealed a collaboration with Adidas involving a drop of 1,000 Genesis Edition NFTs on Solana blockchain. This rollout forms part of a year-long alliance between both parties, implying future releases of NFTs and wearable shoes. Each Genesis Edition NFT footwear will be valued at 10,000 GMT (approximately $2,200).
StepN, built by FSL in 2021, rewards users for movements like walking, jogging, or running. This happens when users acquire a Sneaker NFT and connect it to their smartphones. Interaction with the app earns users GMT tokens, which have an inflationary mechanism, a capped supply of 6 billion, and a standing market capitalization of $1.2 billion. Shiti Manghani, StepN's CEO, announced a $30 million airdrop for its loyal users last week.
Other ventures are focusing on hardware. Ordz Games recently showcased its inaugural Web3 handheld gaming gadget called 'BitBoy One'. Inspired by the 1989 Nintendo GameBoy, this device lets users earn Bitcoin through retro-style gaming. Every BitBoy device comes with a similar 3D representation of the device that can be viewed on VR devices like Apple Vision Pro, and the debut happened at Paris Blockchain Week.
GameFi project ARPG In the Darkness developed by Seraph Studio, recently saw sales surpassing 11,000 Ether (ETH) via multiple in-game NFT sales. Backed by Korean gaming powerhouse Acrotz Soft, the game is slated for a pre-season launch on April 19. The game allows players to customize their heroes, battle creatures, and earn loot, with the ability to rent in-game NFT equipment for extra rewards. Preparations for the game began in 2021 with considerable investment in research and operations.
Recent data from DappRadar showed that unique active wallets in GameFi more than doubled over the last year, reaching 2.54 million. Despite predictions of massive growth by gaming studio founders Yat Siu and Johnson Yeh, critics claim that GameFi projects often prioritize financial aspects over immersive gaming experiences, leading to several failures in recent times.
Published At
4/16/2024 9:09:14 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.