After a relatively quiet 2022 and a subdued 2023, GameFi projects are experiencing a resurgence as the bull market gains momentum.
One standout announcement this week comes from the move-to-earn protocol StepN, which revealed a partnership with Adidas for a 1,000 Genesis Edition non-fungible tokens (NFT) drop on Solana. This collaboration marks the beginning of a year-long partnership between the two companies, promising a blend of NFT releases and wearable sneaker launches. Each NFT sneaker from the Genesis Edition will carry a value of 10,000 GMT ($2,200).
StepN, introduced by FSL in 2021, offers users the opportunity to earn rewards by simply walking, jogging, or running. Users need to purchase a virtual Sneaker NFT and link their smartphones to start earning GMT tokens, which come with an inflationary mechanism, a supply cap of 6 billion, and currently boast a diluted market capitalization of $1.2 billion, according to CoinGecko.
Shiti Manghani, CEO of StepN, commented on the partnership, noting that collaborations between widely used lifestyle apps and global brands like Adidas signify the evolving landscape of lifestyle rewards. In a recent move, StepN also announced a $30 million airdrop for its loyal users.
Meanwhile, Ordz Games has unveiled its inaugural Web3 handheld gaming device called “BitBoy One.” Inspired by the classic Nintendo GameBoy from 1989, this device allows players to earn Bitcoin through retro-style games. The device’s native applications connect to the Bitcoin blockchain, offering a range of games from HTML games to on-chain emulators and ROMs, with support for both Bluetooth and WiFi multiplayer activities.
🔥Introducing @BitBoyOne, the 1st-ever Web3 Gaming Device powered by GameFi + DEPIN
🎮Snag this Genesis edition, only for OGs, degens, fanatic gamers and true #Bitcoin lovers.
🎫GTD WL Spots with best price, can only be earned by staking @OrdzGames assets.
👉Secure your spot… pic.twitter.com/II1C4zf26Q
— Ordz Games (@OrdzGames) April 3, 2024
Moreover, Seraph: In the Darkness, an ARPG built on Arbitrum by Seraph Studio, has garnered significant attention with sales exceeding 11,000 ETH through in-game NFT offerings. Developed with backing from Korean gaming giant Actoz Soft, the game features a dark medieval theme where players can customize heroes, battle monsters, and earn valuable loot. Noteworthy features planned for the pre-season launch on April 19 include the ability for players to rent in-game NFT equipment for rewards and discoverable treasure NFTs.
Warriors, Preseason is coming💫
Be prepared! pic.twitter.com/qQUu65d3xT— SERAPH: In the Darkness (@Seraph_global) March 31, 2024
As the GameFi sector witnesses a surge in user engagement, with DappRadar reporting a doubling of unique active wallets to 2.54 million over the past year, industry leaders remain optimistic about the influx of new players into Web3 gaming.
However, concerns persist about striking the right balance between gaming enjoyment and financial incentives, especially given past instances of GameFi projects prioritizing finance over fun, leading to some notable collapses.
