The Problem Preventing Lift-Off Within The GameFi Industry

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Conceptually GameFi Benefits All

The GameFi industry has seen major advances over the past two years, with projects such as Axie Infinity (AXIE), Decentraland (MANA), and The SandBox (SAND) all competing for the top spot.

The concept of GameFi is one that is mutually beneficial for all involved and in theory should succeed as gamers are rewarded for playing the game through in-game assets and cryptocurrency that translate into monetary rewards. On the game developer’s side, creating an incentive to increase playtime and extend the life cycle will enhance the game’s metrics, analytics, and overall profitability. It really is a win-win.

The Problem That GameFi Needs To Solve

While in theory, GameFi will succeed there are still issues within the industry that must be addressed for the sector to reach its full potential. The main issue lies within the disconnect between the world of metaverse games and DeFi itself as there is little consolidation amongst assets and cross-border transactions from game to game can be complicated, tedious, and just flat out difficult.

The reason why DeFi is successful is down to individuals being able to take back control of their finances, but it is also because of the flexibility and interoperability across asset classes. For GameFi to become the normative gaming superstructure it also needs to incorporate interoperability to provide easy access across borders so that the fundamentals behind the success of DeFi translate into the world of metaverse gaming.

How Celphish (CELP) Can Provide Easy Interoperability

One new protocol that is just entering the crypto market that could help address the issues that GameFi has is Celphish Finance (CELP). Celphish is looking to integrate Web3 and cryptocurrency across an array of platforms, with specific attention towards making smartphones more crypto-friendly.

First Celphish is enabling users access to easy swapping of tokens and coins through its innovative swapping mechanism which is ultra-fast, ultra-cheap, and highly secure. To benefit users will link their wallets to the Celphish Swap which is a lightweight token exchange that operates similar to a regular DEX but as a lite version is more flexible and easy to use than some of the more complicated services.

Moreover, Celphish is allowing users to maintain full autonomy over their NFT assets through their own NFT marketplace, which operates under the AMM model (Automated Market Makers) enabling users to trade their digitalised assets seamlessly.

Through the unicorn services on offer, Celphish can extend into the GameFi industry to help provide interoperability of one’s in-game assets and native gaming tokens for swapping across borders on your mobile or the browser.

Lastly, Celphish also operates under a Proof-Of-Stake model and thus will allow users to stake the native coin CELP earning interest for locking the native coin and helping validate the network.

Some Way To Go But The Future Is Bright For GameFi

Whilst there is still some way to go for the GameFi industry to become the norm and overtake Web2 gaming, the potential is there, especially when there are projects such as Celphish that can aid the integration and developments for interoperability.

The total market cap of the GameFi industry hit $55 billion in 2022 and with blockchain gaming expected to grow a further 10-fold by 2025, the upside financially is clear alongside the potential enhancements in UX.

As such, many are betting on the GameFi industry and it is easy to see why.

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