The blockchain is spreading to different consumer sectors and receives adoption at a rapid pace. Over the last ten years, groundbreaking technology has gained momentum, with many applications emerging in decentralized finance. The gaming industry is one of the industries getting disrupted by decentralized finance lately.
GameFi is the new trend in the cryptocurrency industry, uniting DeFi, NFTs, and the practical application of blockchain technology to the gaming industry. Gamers move away from traditional online games where they have to pay for games, play to win, towards the “play and earn” model introduced by GameFi.
Early GameFi projects were built on the Ethereum blockchain. However, new blockchains, such as Binance Smart Chain, improve the GameFi sector by offering faster transactions, low fees, and a better user experience. This article will take a closer look at the Play-to-earn concept and describe SQUIDANOMICS – a platform to play and earn.
SQUIDANOMICS Trying to Re-define The Gaming Industry
Decentralized finance and blockchain technology made it possible to introduce a new concept in the gaming industry Play-to-earn. This concept rewards players for active playing. This model is becoming really popular – its current market cap is more than 17 billion dollars, given that it is still rather new.
Axie Infinity is a leader in the play-to-earn sector, its market cap is more than $8 billion, which is almost half of the total market cap of the whole industry. Axie Infinity provides a gaming model based on the play-to-earn model, returning 95 percent of earnings to players. Other GameFi projects that boast a significant market cap are Decentraland, The Sandbox, and Illuvium. The industry is only beginning its development, becoming widely adopted day by day.
Hold-to-earn is a new model in the cryptocurrency industry aimed to reduce selling pressure. Using a reflection mechanism concept, holders of reflective tokens receive rewards for holding tokens, which does not allow pump and dump, so common in the cryptocurrency industry. This concept means users should own a certain number of tokens to participate in a game.
With the emergence of NFT, which enables players to own in-game items they buy and sell NFTs in real-time on marketplaces, the demand for in-game digital assets is showing rapid growth. This moves gamers to an entirely new level, allowing them to trade NFTs in other games, making the play-to-earn model more interesting, and providing grounds to sustain user growth as the value of their NFTs increases.
Squidanomics is a breath of fresh air in GameFi, that aims to stimulate the GameFi industry with its unique gaming models.
Squidanomics is a project developed by a team of bright minds from the United States and Canada. The project introduces a token blend of tokenomics and entertainment inspired by the popular TV series Squid Game.
Squidanomics is a project aimed to reveal a whole new ball game for token holders. People from all around the world have the opportunity to earn by participating in simple and entertaining games. The project offers a BUSD reward, a non-fungible tokens, and a gaming token built on the Binance Smart Chain.
Currently, Squidanomics blends fun and earning into a perfect mix with the best gamers’ interaction. SQUID holders receive a 5% BUSD from transactions. Besides, transaction fees are economical as the project runs on the Binance Smart Chain, increasing profitability for both users and holders.
Besides acting as a store of value, cryptocurrency has much more to offer the industry. Along with the development of groundbreaking projects, blockchain technology is going to progress as well. Squidanomics will be the driving force for this development, offering the most rewarding token on the Binance Smart Chain.