Bybit backed Yeeha Games enters Web3 gaming
By Carine Lee
01:55, 18 August 2022
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.
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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.
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.
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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.
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