GameFi Studios Thrive as Crypto Prices Surge

GameFi studios thrive as the price of cryptocurrencies surges. GameFi projects captivated lots of investors in 2020-2022.

As Bitcoin BTC tickers down $65,843, approaching record highs, GameFi projects, the darling of the cryptocurrency industry that captivated investors’ attention during the bull run of 2020 to 2022, have made a highly anticipated comeback. 

Immutable, an Ethereum Web3 gaming studio, declared the launch of Guild of Guardians (GOG), its premier title, on Google Play and the Apple App Store on May 15. In Guild of Guardians, players embark on an expedition to Elderym, a realm perilously threatened by the Dread. Participants form a coalition of Guardians to safeguard the planet and engage in a perilous journey through labyrinths and foes while accumulating GOG token rewards. 

Chris Clay, director of Immutable Games, states that the organization intends to exhibit the Immutable Passport and Immutable zkEVM. “The last fifteen months have flown by as we laid the groundwork for a game and universe that we are just now beginning to construct,” he explained. 

The developers have allocated $1 million in GOG tokens and numerous hero nonfungible tokens (NFTs) as supplementary rewards for the game’s launch. 

In a separate development, Animoca Brands Japan announced on April 22 that it would collaborate with Square Enix, the developer of the Final Fantasy series, to create Symbiogenesis, an NFT hero game. The company wrote, “Animoca Brands Japan will assist Symbiogenesis in expanding its Japanese projects internationally, promoting collaboration opportunities to its extensive network of portfolio companies and partners, and providing its expertise in global NFT sales and marketing activities.” 

Symbiogenesis immerses players in a devastated high fantasy world where they must complete missions revolving around monopoly and distribution to decipher mysteries. The game can be accessed and navigated using any of the 10,000 NFT characters that also function as personal profile photographs. 

Cointelegraph reported on April 19 that Seraph: In the Darkness, an Arcade Fantasy classic developed by Seraph Studio and built on Arbitrum, recently surpassed 11,000 Ether in sales via multiple in-game NFT sales of heroes, in-game equipment, priority passes, and other items. Current preseason preparations are being devoted to the game’s ongoing development. 

Similarly, Pixels, a casual Web3 game featuring an unrestricted universe of exploration and harvesting, surpassed one million daily active players on May 13. In the past month, token sales generated $4.4 million due to VIP subscriptions and in-game transactions. The Pixels game surpassed a valuation of $2.7 billion in February, following its token listing on the cryptocurrency exchange Binance and its migration to the gaming blockchain Ronin. 

In contrast to the preceding cycle, the current and novel cryptocurrency bull market has been dominated by new initiatives. Axie Infinity, a fantasy monster battle NFT game, constituted approximately two-thirds of all GameFi NFT transactions on the blockchain two years ago. The monthly number of Axie Infinity participants was approximately 2.7 million then; that figure has since decreased to 342,353.