How Gaming Will be The next DeFi Frontier
DeFi is primarily a crypto-centric activity currently. The majority of DeFi applications are aimed at users who are already familiar with cryptocurrencies and aren’t afraid to experiment with innovative technologies. However, in order to reach a wider audience, DeFi must become much more accessible, and one of the greatest tips to do so may be through our natural affinity for games.
Although many DeFi applications provide incredible utility but still have the potential to destabilize finance as we know it. They are still rarely used by people who have little to no knowledge of cryptocurrencies.
Expanding beyond the crypto-savvy crowd is one of DeFi’s major challenges right now. With just over 100 million cryptocurrency users but only about 1.6 million DeFi users, there is indeed a lot of room for growth in the DeFi space in the future.
But it will take something approachable and intuitive to get through.
Blockchain-powered games may just be the launching pad required for wider adoption.
By incorporating online games and DeFi, players will find it much easier to not only enhance the development of their beloved platforms through community involvement but also monetize the content they create. It can be similar to how modders occasionally sell their own assets and expansions to retail games.
A lot of gamers have certain experiences with in-game currency. These are the ‘points’ or ‘credits’ used in the game storey and are generally used to purchase in-game items. For even the most part of it, these in-game currencies are restricted to use within a single video game. Gamers cannot use them outside of the game, and these have no real-world value, with the exception of the limited trading scene that encircles many popular games with rare in-game assets.
However, this may eventually change with the emergence of in-game cryptocurrencies that are often represented on the blockchain, making sure they have value well beyond the purchase of in-game assets.
The replacement of these in-game coins by blockchain based cryptocurrencies creates multiple benefits : firstly the rewards earned by Gamers are not just some virtual points but have some real worth which can be redeemed out of the scope of that game, hence playing games now becomes an investment of time to earn some handsome cash. Secondly, the boost it is going to give to crypto adoption by layman users is exponential via gaming.
No wonder, DeFi is the future of the financial world and this amalgam with gaming shall certainly help in blasting off into the future.
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