LBank, a cryptocurrency exchange platform which has an LB Labs Fund based out of UAE has established a dedicated GameFi fund to support sector development. GameFi is a hybrid of blockchain gaming and DeFi, changing the gaming industry with “play-to-earn” models that differ from traditional “pay-to-win” models. LB Bank Group CEO Allen Wei is based in the UAE leading the LBank Labs Fund.
GameFi is allowing users to seize character cards and lands in games in the form of NFTs. Parts of DeFi are also transferring to GameFi, such as staking. Users can store their tokens and gain an annual interest or secret rewards.
Recognizing the potential of this field, LBank is paving way for GameFi projects by dedicating funds to their development. All Wei told UNLOCK, ” We are investing in various blockchain projects and not just gamefi.”
The platform has established a dedicated GameFi fund in order to support early-stage projects and expand their influence in the blockchain space. Many projects listed on LBank have already surged in popularity. Here a few notable gainers.
GameFi Projects Listed On LBank
Star Atlas intends to provide a multi-genre, immersive metaverse gaming experience that blends a cinematic gaming experience with the potential to earn virtual goods that can be transferred for real-world currency. It operates on the Solana blockchain. Moreover, at the time of launch ATLAS was trading at $0.078, while after the launch its highest rise was 1,282,000%.
CryptoMines is a SciFi play-to-earn NFT game that allows players to acquire Workers and Spaceships in order to travel through the universe in pursuit of $ETERNAL. It operates on the Binance Smart Chain. Additionally, it was trading for $40 at the time of launch in LBank and after that, it acquired the highest gain of 12,400%.
The ILV token is the primary currency in the Illuvium ecosystem, and it is used to reward players for their achievements in the game. It is utilized to participate in the governance of the game via the Illuvium decentralized autonomous organization and entitles players to their portion of the Illuvium Vault (DAO). It is another popular token which was listed in LBank on March, 20. At the time of launch, it was trading around $15 and following that it has the highest gain of 9900%.
Axie Infinity is a blockchain-based trade and battle game in which participants own and run a portion of the company. It is a fighting game inspired by Pokémon in which users can breed and train their Axies to fight against other players. Moreover, AXS is the first popular coin which initiated with the hype in gaming assets. At the time of launch, it was trading for $2 and then achieved a highest gain of 8300%.
Future of GameFi
What makes GameFi truly special, is the potential of financial freedom. Instead of gaming and letting the game developers rake in your earnings, blockchain incentivizes users by paying them for their time. Tokens and NFTs give the financial power back to the users, giving them more reason to continue their presence in the decentralized universe.
From anywhere on the planet, a user can game, win, and cash their virtual assets in real life. This gives anyone with a computer and internet access the potential of making a living online. A freedom that has until now been reserved for only a limited group of people.
As NFTs and Defi become increasingly mainstream, so will GameFi. For the growth and development of this early-stage hybrid creation, much support is needed. Only with the devotion of users, exchanges and communities alike can we develop GameFi into greater things that might change our lives in the near future for good.