In the last two years, multiple trends have converged around the globe that made previously unimaginable things possible and probable.
COVID-19 was the catalyst for these changes. It also resulted in government-mandated lockdowns designed to prevent the spread and prevention of the pandemic.
Remote work was one of the first trends. Zoom, which was made possible by technological advancements, became a common word in 2020. The pace of what was already taking place accelerated. According to the National Council on Compensation Insurance report, 6 percent of Americans were working from home before the pandemic. One-third of all workers used the internet to work from their home in May 2020. Numerous companies are currently evaluating.
Second, increased screen time on entertainment and gaming platforms is another trend. Global lockdowns have been a rising trend. This drove many more people onto Netflix and other online gaming services. Statista reports that there are 3.24 Billion gamers around the globe.
Also, consider the devastating economic effects that COVID had on countries and their far-reaching consequences. To prevent market collapses, central banks and government implemented quantitative easing. This increased liquidity in the markets. Robinhood and other apps have allowed finance to be gamified. Millions of investors were now becoming first-time investors. Since March 2020, stocks like Tesla and Zoom have experienced record-breaking price increases.
Market investors who had just invested saw incredible gains that they have never seen before.
On the flip side, increased monetary supply and reopening economies are contributing to an inflation rate not seen since the 1970s in many countries. The 6.2% inflation rate is declining at personal savings of more than 60x the rate of some savings account interest.
This is good for both investors and borrowers but bad for savers. All of this has led to the infamous Great Resignation. With 4.4 million Americans quitting their job, there is a growing desire from many who don’t want to be left behind with inflation and want to increase their income. They’re voting to improve their financial position.
An additional trend that is connected to this one is that more people are starting side hustles, or building passive income. This report by Nasdaq shows that one third of Americans intends to have a side hustle in the coming year.
Take all these trends happening at the same time and meanwhile blockchain technology – NFTs and cryptocurrencies are knocking on the door of gaming with a new concept.
GameFi, or play-to earn gaming. Gaming and finance decentralized together. With billions of gamers around the world gaming for fun – and many of those people looking for ways to increase their income. How do they make money playing?
GameFi has the potential to explode and CoinFantasy can capitalize on that.
CoinFantasy uses blockchain technology to create a platform for gaming. Users can predict the outcome of stocks or cryptocurrencies to earn rewards, similar to Fantasy Sports. You can win prizes or play in a number of different game pools. The platform is open for anyone to participate in, and there is no centralized “house” structured to take the lion’s share of profit from the game. CoinFantasy allows anyone to become a game coordinator and receive 20% of the prize money for filling out the game pool.
CoinFantasy will include non-fungible tokens, or NFTs. In the CoinFantasy universe, players have over 100 different characteristics that they can purchase or upgrade in order to be eligible for special cards.
Blockchain gaming has a major breakthrough: players can now own in-game attributes, which are called NFTs. They are able to increase in value as they play and can be sold to players if they stop playing.
You can rent these NFTs to players even when you are not actively playing. In some cases, they can also be used to secure tokens. CoinFantasy plans to use these features to build a user experience that is unique and can be used to attract millions more users worldwide. The company also plans to build a market in gamification for financial markets worth a few billion dollars.