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Bybit backed Yeeha Games enters Web3 gaming

By Carine Lee

01:55, 18 August 2022

GameFi graphic
The $50m-funded platform looks to bridge the traditional gaming and GameFi gap – Photo: Shutterstock

Yeeha Games recently announced its entry into Web3 gaming, with the intent to bridge the gap between traditional gaming and GameFi.

The $50m-funded GameFi platform, backed by Bybit, will be releasing a number of blockchain games over the next year and a half.

Bybit is a crypto exchange that trades coins and tokens such as BTC, ETH, XRP, MATIC and even ETC, ETH’s original half

MATIC to US dollar

The GameFi platform provides an ecosystem that offers a wide range of quality games, as well as a marketplace where users can trade in-game assets.

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GameFi on the growth path

GameFi, also known as play-to-earn (P2E) gaming, is the combination of gaming and decentralized finance.

The Web3 product combines blockchain technology elements such as non-fungible tokens and cryptos with gaming to provide economic incentives to players.

GameFi COO and co-founder Choy Wai Cheong said: “The GameFi industry saw incredible growth in 2021…But when compared to the traditional gaming market, we still see a massive untapped potential.”

Fun over earnings

“Blockchain or not, games have to be fun to attract and retain players in the long run,” Choy added.

DOGE/USD

0.13 Price
+2.390% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

66,667.40 Price
-0.560% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

170.33 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,501.03 Price
-0.230% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

According to a research conducted by Chainplay.gg in June, 2,428 surveyed GameFi investors said they saw their profit dive in 2022.

The research said investors are spending less time on GameFi and are also prioritizing fun over earnings.

Surveyed investors also said that “poor in-game economy design” was the main reason for the decline in GameFi profits in the last six months.

XRP to US dollar

Famed P2E game Axie Infinity, also allows its players to stake its AXS and the token can also be used for payment in the game and even as participation in governance vote.

People behind the platform consist of industry veterans from the blockchain, GameFi, and traditional gaming sectors — including Bybit, Tencent, NetEase, Animoca Brands, and TapTap.

Yeeha Games said it will focus on high-quality, free-to-play games that deliver on all aspects, as it is set to raise the bar and shape the future of blockchain gaming.

Markets in this article

AXS/USD
AXS/USD
6.48 USD
0.01 +0.160%
BTC/USD
Bitcoin / USD
66667.40 USD
-378.15 -0.560%
ETH/USD
Ethereum / USD
3501.03 USD
-8.18 -0.230%
ETC/USD
ETC/USD
24.190 USD
0.116 +0.490%
MATIC/USD
MATIC/USD
0.55898 USD
0.00724 +1.370%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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