The metaverse is no longer what it used to be, as depicted some years back. It has evolved into a disruptive ecosystem, providing new opportunities for gamers, artists, and creators by not just reimagining the entire digital assets economy but inventing it afresh. As a primary go-to platform for entertainment, workplace, and even e-commerce, metaverse not only extends the web but is also its successor.
- According to DappRadar, there are nearly 400 active blockchain games as of April 2022. This represents a staggering 92% increase from the same time in 2021. The exponential growth in Blockchain games coupled with the increased popularity of NFTs demonstrates the power of decentralized networks in unlocking the sector’s potential.
- Yet, despite the growth of the GameFi space, the majority of value remains siloed in thousands of DApps fragmented across different chains that are not compatible. A disconnected GameFi landscape presents two problems. The first is that gamers have to manage multiple accounts. For example, a player would need to create an account for every game they play, manage their keys, and in most cases, buy a batch of the chain’s native tokens.
- The second issue is the creation of “walled assets.” The inability to move fungible and non-fungible assets between different networks makes selling or trading challenging, causing friction in liquidity for games with P2E aspects.
- With Analog’s XCEDT protocol, game developers can create an open marketplace that encapsulates the entire GameFi space under one roof. The gaming marketplace allows developers to create their own DApps that are interoperable with any chain. It also allows players to move between different games, carrying their unique assets with them.
Non-fungible tokens (NFTs) have quickly emerged as a new asset class because they prove
ownership over an object that users would easily reproduce. Unlike traditional digital assets
or artworks that are easier to duplicate, NFTs ascertain authenticity in the same way. Blockchain prevents...
Decentralized finance (DeFi) is the fastest-growing sector within the cryptocurrency markets. With promises of an open-source, permissionless, and consumer-centric financial ecosystem, DeFi is set to change the trajectory of institutional finance. As of December 2021, DeFi-based protocols had US$ 251 billion in total value locked...
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