Reality Of GameFi: Are They Truly Decentralization? | Top GameFi Projects of 2024

Welcome back to the Gate.io YouTube channel! In today's video, Devashish Bhuyan, Gate.io Global Growth Manager tackles a controversial yet crucial topic in the web3 industry: the true nature of decentralization in GameFi projects. GameFi, a blend of gaming and decentralized finance (DeFi), has revolutionized the blockchain space with games like Axie Infinity and MOBOX attracting millions of users. But are these projects as decentralized as they claim?

In theory, decentralized systems should be transparent, immutable, and community-controlled. However, many GameFi platforms still rely on centralized servers for game hosting and operation. Axie Infinity, despite being built on the Ethereum blockchain, operates on centralized servers managed by its team. MOBOX, another significant player, faces similar challenges. This dependency raises concerns about true ownership and control over in-game assets.

The core issue lies in the current limitations of blockchain technology, particularly scalability and transaction costs. High latency and gas fees make it impractical for GameFi projects to operate entirely on decentralized networks. Instead, they opt for stable, cost-effective solutions like AWS or Google servers. But the future holds promise. With the development of Layer 2 solutions, we can expect more decentralized and community-controlled GameFi platforms.

Devashish also highlights the hottest GameFi projects of 2024. NotCoin, built on The Open Network (TON), saw an incredible launch with 35 million unique participants and a peak valuation of $1.48 billion. Pixels, the top game on the Ethereum network, boasts a $1 billion trading volume during its launch week. Saga, a DAO-based GameFi project, empowers users to shape the game's future.

As blockchain technology evolves, the potential for truly decentralized GameFi is immense. We're not blaming current GameFi projects; the technology just isn't there yet. But as we progress, we anticipate more decentralized solutions.

0:00 to 0:45: Introduction 0:46 to 1:10 True Meaning of Decentralization 1:11 to 2:16: Why GameFi Projects Aren't That Decentralized 2:17 to 3:02: Challenges Faced By GameFi Projects To Be Decentralized 3:03 to 3:14: How to combat these challenges 3:15 to 4:40: Top GameFi Projects In 2024 4:41 to 5:15: Conclusion

Don't miss this deep dive into the world of GameFi. Make sure to like, subscribe, and share this video. Stay tuned for more exciting content from Gate.io and keep trading on Gate.io!

#gamefi #BlockchainGaming #Decentralization #Gateio #CryptoGaming #NotCoin #Pixels #Saga ... https://www.youtube.com/watch?v=O0Mj3YD36Kw