While the broader crypto market is battling macroeconomic uncertainty, geopolitical tensions, and rising inflation, interest in the play-to-earn (P2E) blockchain gaming economy remains apace, realizing outsized momentum relative to other blockchain segments.
Play-to-Earn Momentum
Over the last few years, the play-to-earn ecosystem has grown extensively, primarily due to its unique combination of GameFi (gaming + financial opportunities).
It has changed the dynamics of the traditional gaming industry by leveraging blockchain technology, NFTs, and decentralization to offer players full ownership of in-game assets. At the same time, it has enabled players to generate revenue by unlocking multiple utilities through in-game tokenomics and secondary marketplaces.
Further contributing to the P2E sector’s momentum, Solana-based DeFi Land added play-to-earn mechanics to the game on May 18, 2022. While DeFi Land is the first-ever gamification project built on Solana, it didn’t offer any play-to-earn elements until now.
With the play-to-earn model successfully implemented, existing in-game mechanics are poised to change. DeFi Land players will earn the platform-native $DFL tokens as a reward alongside a new in-game currency titled $GOLDY. Players can use both of these currencies to upgrade their in-game NFTs and access other DeFi Land ecosystem features.
To access DeFi Land’s upcoming play-to-earn features, players must own one DeFi Land Gen-0 NFT. However, unlike most existing games, players can start playing DeFi Land without any investment. In the free mode, players can acquire experience points (XP) and climb the ranks in the community leaderboard for a chance to win monthly prizes, including $DFL and $GOLDY tokens, as well as in-game NFTs.
The initial DeFi Land rendition (without any monetary rewards) garnered significant support from blockchain gaming communities. As a multichain agriculture-simulation game with built-in DeFi primitives, DeFi Land has successfully built an ever-growing community within a short span, now counting over 7,500 daily active users.
DeFi Land’s in-game NFT launch was also a success, with the entire collection sold within 16 minutes of launch, helping the DeFi Land team raise upwards of $1.75 million. Recently, the NFTs registered a 2.5x increase in their floor price across NFT marketplaces OpenSea and Magic Eden.
Future Plans
The DeFi Land team is also working towards its primary goal of facilitating a multichain future to be rolled out over the coming months. The team aims to integrate with more standalone chains in the next few months. Meanwhile, an Alpha mobile version of the game is currently under development and is due for release in the third quarter of 2022.
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