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Crypto GameFi Apps Surpass DeFi In Popularity

While DeFi has become a popular buzzword among the crypto hip, it turns out that GameFi is increasingly where the action is these days. Nearly 50% of active crypto wallets connected to decentralized applications in November were for playing games, but the percentage of wallets linked to decentralized finance “dapps” fell to 45% during the same period, after months of being the leading dapp use case.

“There’s much more opportunity in the gaming space than there is in the DeFi space,” said Michael Bohnen, speaking on behalf of the EOSUSA marketing firm. “There’s only so many banks, but there’s always a brand new game of the week. It’s much more of an expansive space in my opinion There’s more opportunity to potentially make money.”

DeFi is still where much of the money is, but gaming is catching up. The top five gaming dapps recently had a total balance of invested funds of more than $14 billion, compared with $130 billion for the top five DeFi apps over the last 30 days. Players use these funds to play and earn returns. The gamers also benefit when tokens they earn in games appreciate: Axie’s AXS token has jumped to around $102 from 53 cents at the beginning of the year.

Many players are also renting out their digital goods to others, in a similar fashion as in DeFi. Although dapp games’ financial features can be equally complicated and risky, the sci-fi planets and cute cartoon characters can ease the way to diving in. In a typical arrangement, owners let someone else use their digital characters or spaceships or land, and the renter splits the gaming profits, often 50:50, or pays fees.

(All information was provided by Bloomberg)

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