Apiary — GameFi Innovator and Distruptor
Hello Honeybees!
Before we begin, just a disclaimer that there is no advice in this post, everything are opinions and are meant to be discussed.
This posts covers the certain topics:
A. What is GameFi?
B. What is the current state of GameFi on Binance Smart Chain.
C. What is Apiary and why is it required in the current ecosystem.
D. What it will take for Apiary to succeed.
What is GameFi?
Everybody loves games. Especially when simply investing and playing a game could potentially turn your thousands into millions.
GameFi is a booming trend in the cryptocurrency world, referring to Decentralized Applications (programs on the blockchain) that incorporate certain kinds of game mechanics into their tokenomics or applications, making an financial investment feel like a game.
GameFi typically involves players buying digital assets (NFTs) using their project’s native token, or using other forms of crypto. Projects will then have game-utility based around these assets- gachapon, staking, fighting, upgrades, evolutions. Players are able to buy, use, trade, sell, rent digital assets (NFTs) from these applications as you would in a typical video game context, except all your digital assets have a certain monetary value and can be sold.
Now, why would people jump into GameFi? Three main reasons are:
- Playing can be extremely rewarding ($ — wise)
- Holding the characters/tokens can be a good investment.
- Games make crypto investments seem more fun and lighthearted.
If the mention of ‘Games’ + ‘Potential to earn $’ captures your attention, you might be tempted to throw your funds into the next GameFi you see… However, this is an EXTREMELY BAD IDEA in the current landscape if you don’t do your own research (DYOR).
The current state of GameFi on the Binance Smart Chain.
I have been lurking and investing in GameFi projects on BSC, hence my opnions are focused around this blockchain in particualr. Please note that these are all opinions.
The term GameFi has now been misused and abused, by scammers and bad actors who use this concept to hype up and trick people into investing into a non-existent product. While there are still gems to be found, most of the GameFi projects are recycled half-hearted content with no credibility and substance- relying on FOMO, community hype, marketing, and call groups.
With my exposure in GameFi discussion and community groups, call groups, and launchpads, I am uncomfortable investing into 95% of the projects out there. Forget the honeypots, scams, rugpulls. Even if a project ends up having a successful Initial Game Offering (IGO- Sale of In-Game Assets before Token launch), tokens are sold and minted by the team, tokenomics could be badly designed and unsustainable, there could be gameplay promised but delayed indefinitely.
The worst part is- People think that’s normal. When it comes to console and PC games, we are typically very picky about them, criticising their gameplay, graphics, storyline, price, fun factor; Yet when it comes to GameFi, people seem to accept things too easily, because of excuses such as- “it’s not mature yet”, “still in development”, “new technology”.
This needs to stop.
What is Apiary and why is it required in the current ecosystem?
I believe that we should empower the community and allow everybody access to quality games with fun, successful tokenomics, and a trustworthy team.
We have gathered a team of young and experienced gaming and crypto enthusiasts who are also developers, designers, economists, marketers, and aim to create a platform where we will provide unbiased and quality reviews and reports on GameFi projects.
With the community better equipped with knowledge, developers will have to do better, be more sincere, thoughtful and create better quality projects, to captivate the well-informed audience. There will be a positive reinforcement cycle where the community learns and knows what to expect, the developers up their standards and fulfill expectations, leading to high quality projects that will attract more investors and audiences from the general public and across the cryptocurrency world.
BSC has low gas fees and is easy to enter and start using, being affiliated with Binance, and having a variety of compatible Web3 wallets. With that said, it’s also more attractive for scammers and pump and dump projects to thrive. Our platform aims to equip individuals with knowledge to filter between the good and the bad.
What it will take for Apiary to succeed.
We aim to provide 6 core services that target both the community and developers.
- Gamedex (to publish “Investor Reports” on GameFi apps, and a forum)
- GameFi analytics (to allow players to monitor real-time stats of apps)
- Pollinator (to bridge good GameFi projects to a wider community)
- Project Launchpad (to help good GameFi projects kick off)
- NFT Marketplace (to assist in GameFi Digital Assets trading)
- Apiary Metaverse (to create utility for our token to kickstart our platform)
We will release these features in different phases, and will definitely require the help of the community accepting us and using our services in order to be a successful distruptor. If you think that our services will benefit you,
follow us on Twitter: https://twitter.com/apiarygamefi
join our Telegram: https://t.me/apiaryGameFi
read our Whitepaper: https://docs.apiaryhub.com/
tell your friends!
Thank you for reading!
Robert Garcia, CEO of Apiary.
