Decentralized finance (DeFi) networks have received a cult-like following in recent months on the crest of a bullish cryptocurrency market.
That digital money revolution is now making its way into the gaming business, forming a nexus between DeFi and the multiplayer gameplay experts say will play a significant part in the next generation of games.
Given the brave step made by the companies of Solana Foundation and Huobi Ventures to invest in early-stage blockchain-based gaming platforms that include DeFi into their system, investors and speculators could expect much more in the future.
DeFi Land, a game intended as a multi-chain farm simulation to allow a gamified decentralized finance experience, recently secured $4.1 million in a financing round in which over 40 investors participated.
DeFi Land was founded in 2021 and is privately held by an Indian firm with a major focus on developing instructive and entertaining solutions for consumers wanting to explore the DeFi world.
With an increased flow of institutional funding into the DeFi market, more businesses, like Huobi Ventures, are beginning to pay significant attention to the sector.
Huobi Ventures, the investment arm of the Huobi cryptocurrency exchange, has launched a $10 million fund to invest in early-stage businesses that mix a gaming experience with decentralized finance capabilities.
Apart from investors and project developers, communities of gamers and nonfungible token enthusiasts are also joining the battle, as seen by recent events such as Crypto Gaming United and Zebedee raising $5 million and $11.5 million in investment, respectively.
Because the video gaming business is over $175 billion and the DeFi market is worth roughly $100 billion in total locked value, a convergence of the two industries may be a game-changer.