GameFi projects are making a strong comeback in the midst of a bullish market, following a quiet 2022 and subdued 2023.
One of the major developments this week is the partnership between move-to-earn protocol StepN and Adidas. They will be launching a drop of 1,000 Genesis Edition nonfungible tokens (NFTs) on Solana. This collaboration is part of a one-year partnership between the two companies, which will include the release of a combination of NFTs and wearable sneakers in the future. Each NFT sneaker from the Genesis Edition will have a value of 10,000 GMT ($2,200).
StepN, created by FSL in 2021, is a platform that allows users to earn rewards for their physical activities such as walking, jogging, or running. Users can earn GMT tokens, which have an inflationary mechanism, by interacting with the app. These tokens have a supply cap of 6 billion and a current diluted market capitalization of $1.2 billion.
Shiti Manghani, CEO of StepN, commented on the partnership with Adidas, stating that it signifies the direction in which lifestyle rewards are heading. Last week, StepN also announced a $30 million airdrop for its loyal users.
Another GameFi project making waves is Ordz Games, which recently unveiled its first Web3 handheld gaming device called “BitBoy One.” This device, inspired by the classic Nintendo GameBoy, allows players to earn Bitcoin (BTC) through retro-style games. The device enables users to play a variety of video games connected to the Bitcoin blockchain, ranging from HTML games to on-chain emulators and ROMs. Multiplayer activity is supported through Bluetooth and WiFi.
Additionally, each BitBoy device comes with a 3D rendering of the physical device as ordinal inscriptions, which can be viewed on VR devices like Apple Vision Pro. The official unveiling of the device took place at Paris Blockchain Week.
Other GameFi projects focus on video games, such as the ARPG Seraph: In the Darkness developed by Seraph Studio. Built on Arbitrum, this game has achieved significant sales through in-game NFTs, including heroes, priority passes, and gear. Players can customize their heroes, battle monsters, and earn loot in a dark medieval setting. The pre-season of the game, set to launch on April 19, will introduce features that allow players to rent their in-game NFT equipment for rewards and discover treasure NFTs. The game will be available on PC, iOS, and Android.
According to data from DappRadar, the number of unique active wallets in the GameFi sector has more than doubled in the past year, reaching 2.54 million. Founders of gaming studios, Yat Siu and Johnson Yeh, predicted that this year would see the entry of “tens of millions” of players into Web3 gaming. However, GameFi projects have faced criticism for prioritizing the financial aspect of gaming over fun, leading to notable collapses in the past year.
The question remains whether GameFi is subject to the same market forces as the traditional game industry.