Wanna get paid to 🏃? + Why 🕹 GameFi is taking VC interest by storm
Gm 1Walletoors
A shortage of stories in Web3? Don’t know her. But we do know how to make the most current stories related to crypto, NFTs, and other degen activities digestible. Here are this week’s spotlights:
👟 Play to earn? More like move - The newest game that has taken the world by storm
🕹 Bullish on GameFi - Another $600m to go towards web3 gaming
🍨 Sweet Scoop: Why the industrial hype around GameFi?
📲 1W Updates: Anyone can create a community channel in a few clicks
It pays to be in shape these days
🏃♂️Get paid to walk, run, jog, and skip for $GMT tokens
StepN, a GPS-based game built on Solana that requires you to have fast legs instead of fingers, is what some are calling the blockchain version of a marriage between Fitbit and Pokémon GO. Its premise is simple: you get paid to move. To get started, you “only” need $500 or 11.3 SOL for a digital, yes digital, shoe NFT (rare pair of Jordans sold separately), which has its own rarity and power that determine how long you can exercise without needing to recharge, and give you a speed bonus to earn more $GST (the game token) for walking, jogging, and running. Once your energy is used up, you stop earning. The more sneakers you have, the more energy you get. While you can try out the app for free, you can only move for 100 minutes a day before your “energy” runs out.
These creative, yet simple tokenomics and warmer weather no doubt contributed to its massive user growth as the prospect of earning tokens for exercising outside became very appealing. StepN’s economic structure is in many ways similar to that of Axie Infinity, the play-to-earn OG (token is used for sneaker minting), both relying on gameplay being uber-addictive and viral to sustain their current blazing level of attracting new demand for the token (new users; new kicks), to keep the game profitable for existing users. In addition to the token being used towards sneaker minting, it's also needed to repair sneakers (think shoe repair shop), level up sneakers, and upgrade sneaker gems. While this added token utility makes for unique gameplay, the critics caution that it may suffer a similar fate to previous play-to-earn darlings if and when user growth plateaus, causing the price to erode and making it less attractive for newer users to join. StepN has all the hype right now, encouraging millions to take up a healthier and more active lifestyle while getting paid to do so. But will that be enough to retain users when rewards dry up? We’ll find out in due time. Stay tuned.
Wen Call of Duty for web3
💰Andreessen Horowitz (A16z) betting big on the future of GameFi
A16z is the latest prominent VCs to launch a gaming investment fund (Game Funds One) with an emphasis on web3 and metaverse application (GameFi). The fund is backed by games industry leaders and visionaries from the industry giants – Discord, Roblox, Twitch, Blizzard, and Riot Games – and is founded on the belief that games will continue to play a pivotal role in defining how we socialize, play and work over the next generation. The $600m fund plans to focus on the future of gaming by investing in the following themes: game studios, infrastructure, and consumer appeal.
While A16z has invested in gaming well before the web3 craze with companies like Zynga and Oculus, they're dedicating more resources to promote gaming infrastructure and the growth of the category. What does this mean? If you’re building, supporting, or partnering with the next generation of games, the world is but a canvas to your imagination. Onward…
🍨Sweet Scoop: Why are so many bullish on the future of GameFi?
Gaming has gone from being considered an isolated activity to one that is inherently social. It plays an important role in social connection in the digital world by connecting over 3 billion users globally with one another, providing them with an excuse to get together with fam, and besties around a shared activity. The inherent social nature has web3 investors drooling over it as an important and potential breakthrough use case that will bring blockchain adoption to the masses.
The newest rendition is GameFi, an approach to gaming that gives players economic incentive to play. Not only have the most successful games generated billions of dollars in revenue annually, but the games with the highest number of users have a very loyal base of players, creating what many companies view as an opportunity to reach new audiences and monetize. Truth is, the gamer profile is no longer just the 15-year-old boy in a COD lobby screaming every slur under the sun. It’s 3.2 billion people across the world today. Humans are social animals and crave connection. And gaming is a way to satisfy that craving with strangers and friends alike.
Many believe web3 will extend gaming beyond its current functionality and audience. There are endless possibilities with microtransactions, personalization, and battle passes. Gaming can make the blockchain more fun and serve as an entry point for the DeFi-curious. Case in point, an estimated 30% of the StepN app users have never used any blockchain services before.
📲 1Wallet Updates
It’s game time! Gaming communities have decided 1Wallet is the place to collaborate and dip their toes in the crypto space. Cerebral Gaming community is using 1Wallet as they grow their new gaming network. Welcome to the Brainiac Community!
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See you soon,
1Walletees