Table of Contents
After the popularity of decentralized finance (DeFi) came the rise of nonfungible tokens (NFT), and to the surprise of many, NFTs took the spotlight and now remain front and center with the highest volume in sales occurring at the start of January 2022.
“Nearly 50% of active cryptocurrency wallets connected to decentralized applications in November were for playing games. The percentage of wallets linked to decentralized finance, or DeFi, dapps fell to 45% during the same period, after months of being the leading dapp use case.”
Blockchain play-to-earn (P2E) game Axie infinity skyrocketed and kicked off a gaming craze that is expected to continue all throughout 2022. Crypto pundits and gaming advocates have high expectations for P2E blockchain-based games and there’s bound to be a few sleeping giants that will dominate the sector.
Let’s take a look at five blockchain games that could make waves in 2022.
Chainers takes the metaverse and NFT economy to another level. Not only is it the first truly well-designed metaverse that is developed to work smoothly on any browser, but it also mixes GameFi with NFTs in a world where the community practically gets to build the actual metaverse. The team behind Chainers is already known for a number of incredibly popular Play2Earn projects and it is this, that gives us the confidence to believe that Chainers is set to be no different.
With its NFTs soon to go on sale, the best part about Chainers game is that you don’t need to purchase anything to become part of the game. Players get access to Play2Earn games, purchase land to rent it out or build something meaningful on it for the community to enjoy or to pay for using it. Oh, and players will be able to design their own games, which is something that no other metaverse can offer. Unlike the recent Pudgy Penguins cash grab, Chainers promises to be 100% community (DAO) driven, which means that greed won’t stand in the way of the game’s development.
The inspiration for DeFi Kingdoms came from simple beginnings — a passion for investing that lured the developers to blockchain technology. DeFi Kingdoms was born as a visualization of liquidity pool investing where in-game ‘gardens’ represent literal and figurative token pairings and liquidity pool mining.
As shown in the game, investors have a portion of their LP share within a plot filled with blooming plants. By attaching the concept of growth to DeFi protocols within a play-and-earn model, DeFi Kingdoms puts a twist on “playing” a game.
Built on the Harmony Network, DeFi Kingdoms became the first project on the network to ever top the DappRadar charts. This could be attributed to an influx of individuals interested in both DeFi and blockchain games or it could be attributed to its recent in-game utility token JEWEL surging.
JEWEL is a utility token that allows users to purchase NFTs in-game buffs to increase a base-level stat. It is also used for liquidity mining to grant users the opportunity to make more JEWEL through staking.
JEWEL is also a governance token that gives holders a vote in the growth and evolution of the project. In the past four months, the token price surged from $1.23 to an all-time high of $22.52. At the time of writing, JEWEL is down by nearly 16%, trading at $19.51.
Surging approximately 1,487% from its humble start of $1.23 four months ago in September, JEWEL token price has increased roughly 165% this last month alone, according to data from CoinGecko.
Guild of Guardians NFT
Guild of Guardians is one of the more anticipated blockchain games in 2022 and it is built on ImmutableX, the first layer-two solution built on Ethereum that focuses on NFTs. Aiming to provide more access, it will operate as a free-to-play mobile role-playing game, modeling the P2E mechanics.
Similar to blockchain games like Axie Infinity, Guild of Guardians’ in-game assets can be exchanged. The project seems to be of interest to many gamers and investors with its NFT founder sale and token launch generating nearly $10 million in volume.
Launching its in-game token in October of 2021, the Guild of Guardians (GOG) tokens are ERC-20 tokens known as ‘gems’ inside the game. Gems are what power key features in the game such as minting in-game NFTs and interacting with the marketplace, and are available to earn while playing.
CryptoBeasts is a pixelated digital art game that elicits the retro feel of the original Zelda game. Built on the Ethereum blockchain, CryptoBeasts is a ‘peer-to-peer electronic rare egg system,’ (first for everything, right?) These 10,000 pixelated colorful eggs grant each owner one land parcel in the game‘s “Eggland” universe and one decentralized autonomous organization (DAO) vote.
The DAO operates on a hierarchy, as the number of eggs a player owns determines their voting status. As strange as it sounds, each decision appears to be calculated in CryptoBeasts. Numbers are worth noting, as they can determine one’s status, but prime numbered eggs tout benefits like yielding more of its native CBX token and can also hatch rare beasts with increased strength.
According to data from Dune Analytics, the highest-selling rare egg went for 5 Ether (ETH), valued at $9,085 at the time of sale. On December 31, 2021, an announcement about in-game tokenomics resulted in an uptick in sales. The current entry point at 0.05 ETH is notably higher than the 0.01 ETH mint price in June 2021.
While Cryptobeasts claims it’s more than “play-to-earn,” but rather “fun-to-play” it is still a blockchain game whose competitive edge is also dependent on its tokenomics. The native token, CBX, is the in-game token that is scheduled to be airdropped to all rare-egg holders.
CBX tokens can allegedly be used and earned in a variety of ways such as beast battling, land parcels generating daily CBX, completing certain in-game tasks and farming and harvesting resources.
CBX can also be staked to incentivize HODLing a little longer than intended. The token is expected to power in-game utilities and functions from purchasing items within the in-game economy to breeding. Similar to Axie Infinity, but not by happenstance, CryptoBeasts intends to integrate an academy and scholarships to provide the opportunity for bigger investors to loan out their assets.
Noted as the first blockchain game to execute its play-to-earn model, Axie Infinity has an established and highly developed ecosystem with a strong economic model. Axie Infinity is currently seen as the trojan horse for broader blockchain game adoption.
Axie Infinity continues to solidify its place at the top of DappRadar NFT rankings, according to its data. As the top traded collection, Axie Infinity comes on top of NBA TopShot, Splinterlands and WAX blockchain’s “Farmer’s World,” closing out $563.6 million in the past 30 days.
Final on NFT and GameFi
Axies are the NFT used for gameplay and can be bred using SLP, the in-game utility token, and AXS, the governance token. AXS can be staked, and with over $1.56 billion staked, users are continuing to reap a substantial annual percentage yield (APY) despite the overall yield being reduced from over 200% at the start to roughly 88%.
The recent launch of the Katana decentralized exchange (DEX) allows players to provide liquidity using SLP or AXS to farm RON.
RON is the ecosystem token and similar to Polygon (MATIC), it will be used as the gas fees on Axie Infinity’s Ronin sidechain. Axie Infinity, in many ways, is its own digital nation with a real economy.
Like any first market mover, it faces challenges, and its recent price correction could be an attractive entry point for investors who were previously priced out. With land yet to be released, users may have the opportunity to craft and harvest resources that will generate other tokens.
One of the largest digital land sales to date in the NFT/metaverse sector comes from Axie Infinity: one of the 75 genesis land plots that sold for $2.3 million.
Adapting to the rapidly growing blockchain games ecosystem, the Sky Mavis team has announced that it has rewritten the core engine from its 2D art style to 3D. The team also announced that “Project K” — the codename for a piece of a game and Lunacia’s kingdom — will be released in phases with each focusing on different elements of the game from resource gathering to “group strategic gameplay.”
As the concept of blockchain games gains broader adoption, and “play-to-earn” and “play-and-earn” models continue to develop, 2022 will be an exciting year for gamers, creators and investors alike.
Part of the article were extracted from an article posted on Cointelegraph