👩‍🏫Market Overview

A powerful mix of gamification techniques with financial incentives is now known as GameFi. Gamefi is majorly associated with the mixture of Defi (Decentralized Finance) & Games.

In recent months, blockchain games based on the move-to-earn (M2E) concept have come out with projects like STEPN;

Move-to-Earn happens to be the combination of gamification of human activity and rewards in tokens.

The “Move-to-Earn” concept is a fast-growing segment of the third-generation Internet (Web3) that enables users to control and monetize their personal data.

As the Move-to-Earn concept turns to crypto, players can earn in-game currencies they can exchange for real-world fiat currencies, thus providing tangible rewards for their participation rather than simply paying to play a game.

Participation in move2earn requires activities in either the metaverse or the physical world. The reward for this activity is sometimes in-game assets in the form of NFTs, which is the current sensation.

MadBackpacks brings the unique concept of “Find2Earn” into Gamefi, where users are given specific tasks to accomplish. These game tasks can be accomplished in the Metaverse or physical world; rewards will be either tokens or NFTs.

The Find2Earn project of “MadBackpacks” is a metamorphosis from Play2earn →Move2earn → Find2earn.

Here are a few data reports about GameFi, NFTs, and the Metaverse:

Key metrics of the top GameFi and Move2earn projects in the industry (STEPN, Step. app, Sweatcoin, GenoPets, etс.):

Average MAU (monthly active users):

• 50k to 200k users

Average unique site visitors:

• 200k to 1M visitors

Average ROI (ATH) ( average return on investment at an all-time high price):

• 18x

Users are mainly located in the following countries:

• USA, Russia, UK, Ukraine, Vietnam, Japan, Turkey, Japan, and India.

This means that countries, where people are highly interested in blockchain technology, are also potential GameFi players, and for blockchain games, this is a fairly solvent audience.

The Gaming Industry & VR global gaming market is projected to grow to $53 billion in 2028.

According to Fortune business insights, in 2020, the virtual reality (VR) game market was valued at USD 6.26 billion.

The impact of COVID-19 on the world has been unprecedented and astounding, and the epidemic has had a detrimental effect on demand across all regions for virtual reality games.

According to data from Fortune Business Insights, the global market grew significantly by 25.7% in 2020 compared to the average annual increase between 2017 and 2019. According to projections, the market is increasing at a CAGR of 31.4% between 2021 and 2028, rising from USD 7.92 billion in 2021 to USD 53.44 billion in 2028.

The global NFT market is expected to reach $122 billion by 2028.

When the industry initially began, NFT sales totaled several hundred million dollars; by 2021, those sales had increased to around US$20 billion. We think that the product-market fit can account for the exponential increase seen globally through a new asset class called digital collectables.

NFTs have successfully built a bridge for millions of mainstream users to start transitioning to Web 3.0.

According to Global Newswire, the global NFT market will have taken the world by storm and is estimated to be significantly higher over the upcoming years.

The global Metaverse market size has been projected to be around $1.6 trillion by 2030.

The user's virtual experience in real-time circumstances has been one of the best gifts of technology that was offered to humanity through the metaverse.

The Metaverse has drawn several social media sites, industry titans, and developers of online games to join and make their mark on the market. With a large user base and a fast-growing trend, the metaverse is used for various purposes, including online gaming, content creation, social interaction, learning and training, and virtual commerce. The global media, entertainment, and gaming industries have experienced the fastest growth due to the rising popularity of AR, VR, and MR technology.

Many reliable sources, namely PR Newswire, state that the global Metaverse market size will be dramatically scaled up and enhanced in the offing.

The conclusion

Although the market is subjected to strong downtime, there is a lot of activity in the crypto gaming industry. Given the extreme ongoing market conditions, GameFi will have a substantial influence on its own future progress.