The rise of GameFi was powered by the emergence of the Covid pandemic and the jump in unemployment. It saw the arrival of several leading gaming platforms, one of which has not yet even launched and yet has managed to draw around $20 million in funds.
Affyn has managed to successfully raise these funds in several rounds across both private and public spheres. Most recently, Affyn has raised over $10 million from the pre-sale launch of its utility token FYN within 60 hours of the sale opening. Before this, the Singaporean digital entertainment company that leverages blockchain technology raised over $7 million from across 50 different VCs, institutional and private investors ahead of the launch of its Nexus World Verse.
The GameFi Market
The market is far from saturated, however, this gaming platform offers users something that many of its competitors don’t. In addition to the play-to-earn model, which gives players the chance to redeem token rewards through gameplay, the product also considers long-term economical remuneration for its users in a variety of ways. It does this primarily by offering players the chance to conduct events on their own Land within the metaverse, and the chance to sell advertising to businesses and brands that want exposure to the players inside the platform. The game also features geo-mapping of the real world so that users can play outside on their mobiles, think Pokemon, and incorporate that with the advantages of the blockchain.
Play-to-earn has seen a massive rise in popularity due to the fact that users are rewarded simply for playing, rather than them having to win the game, giving them more advantages to playing. It has led to this type of gameplay accounting for nearly 50% of overall gameplay globally.
Affyn’s proposition is clearly exciting for a lot of people as the funds continue to roll in for this disruptive company. According to its Company founder and CEO Lucaz Lee,
“We would like to thank our partners, advisors, investors, and community for the tremendous support and trust in Affyn. Our successful fundraising campaign signals strong confidence in the vision of Affyn’s Play-to-Earn Metaverse. 2022 will be unprecedented as we ignite the tech space by ushering in a new era of Metaverse. We will pioneer the first of its kind Play-to-Earn Metaverse that encapsulates the fabric of reality into a synthetic world where the notion of a real-world is represented by digital avatars, NFTs, and assets. We would like to invite you to join us in this Metaverse where we can play, earn and have more fun together at the same time.”
NFTs as in-Game Assets
Nexus will incorporate the use of NFTs for its character “Buddy” and Land inside Nexus World. Users will be able to buy these assets inside the ecosystem and also use their NFTs to buy goods in the real world.