The blockchain is fast spreading its “tentacles” to different consumer sectors, and adoption is at break-neck speed. Over the last decade, the revolutionary technology has proven to be worth its weight in gold, with many applications within and beyond the world of (decentralized) finance. One of the industries getting disrupted by decentralized finance in recent times is the gaming industry.
GameFi is the new buzz in the cryptocurrency industry. By bringing together DeFi, NFTs, and the practical application of blockchain technology to the gaming industry. There is currently a paradigm shift taking place as gamers move away from the traditional methods of traditional online games of “pay-to-play”/ “play-to-win” and toward the “play-to-earn” model recently introduced by GameFi.
Although early GameFi projects like Axie Infinity were built on the Ethereum blockchain. Newer blockchains, such as Binance Smart Chain, aim to improve the GameFi sector even further by offering faster tps, lower transaction fees, and a better user experience. This article will look more closely at the concept of Play-to-earn and how SQUIDANOMICS– a new hold to earn, hold to play, and play-to-earn platform– is attempting to redefine the meaning of GameFi.
PLAY-TO-EARN: Re-defining The Gaming industryPlay-to-earn is a new concept in the gaming industry that has been made possible by introducing decentralized finance and blockchain technology. Play-to-earn is the foundation for blockchain-based games. Play-to-earn is a new gaming model that rewards players simply for actively playing games. The play-to-earn model is becoming increasingly popular. The sector now has a market cap of more than 17 billion dollars, which is a considerable accomplishment given that it is still relatively new.
Axie Infinity leads the pack in the play-to-earn sector, with a market cap of more than $8 billion, accounting for nearly half of the total market cap of the play-to-earn industry. Axie Infinity has been a key player in the new wave of GameFi, with its gaming model based on play-to-earn, with 95 percent of earnings returned to players. Other GameFi projects worth mentioning include Decentraland, The Sandbox, and Illuvium, which account for a significant portion of the sector’s market cap. The industry is still in its infancy, and with its popularity growing by the day, it is no surprise that GameFi projects are currently leading in terms of user growth in Q3, and so far, so good in Q4 2021.
Hold-to-earn is a new model in the cryptocurrency industry that aims to alleviate selling pressure. Using a concept known as reflection mechanism, holders of reflective tokens are automatically rewarded for simply holding, preventing the classic pump and dump mechanism, which is common in the cryptocurrency industry. Hold-to-play is another concept in which users must have a certain number of tokens to participate in any game or tournament that requires this requirement.
Due to the advent of NFT technology, which allows players to genuinely own their in-game purchases and trade these digital assets in real-time on NFT marketplaces, there is currently a high demand for in-game digital assets. This opens up an entirely new path for gamers, as the value of their NFTs increases and can be traded to other gamers, making the play-to-earn model more appealing and providing additional incentives to sustain user growth.
Introducing SquidanomicsSeveral game-changing blockchain projects like Squidanomics are a breath of fresh air in GameFi and aim to incentivize the GameFi industry with its unique gaming models.
Squidanomics is a novel project launched recently by a tech team of bright minds based in the United States and Canada. The project is a fan-made token that portrays a perfect blend of tokenomics and entertainment inspired by the popular South Korean survival drama TV series –Squid Game.
Squidanomics is a groundbreaking innovation intended to usher in a whole new ball game to token holders. Individuals from every part of the globe can earn whopping sums of money by participating in simple and highly entertaining games. The TV-series-inspired project is a BUSD reward, a non-fungible and gaming token built on the Binance Smart Chain. It poses the most extreme and highly profitable pass known to the digital sphere. Like many modern crypto tokens, holders do not just own tokens but also receive handsome prizes across the platform.
Currently, as a leading community-driven play-to-earn and hold-to-play project on the Binance Smart Chain, Squidanomics combines fun and earning into a perfect mix where gamers’ interaction is at its best. SQUID holders get a 5% BUSD reward from transactions. In addition, transaction fees are economical as the project is on the Binance Smart Chain, which bolsters profitability for users and holders alike.
Squidanomics offers a safe platform for gamers and investors with a transparent framework and user-centric mode of operation–a completely different ball game in the world of GameFi.
Closing ThoughtsCrypto tokens have more to offer the industry besides acting as a store of value or an alternative to other things for investors. This aspect of blockchain technology will only advance with the development of revolutionary projects. Squidanomics aims to become one of the major driving forces behind this advancement as the most rewarding token on the Binance Smart Chain.
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