Place/Date: - December 2nd, 2021 at 10:17 am UTC · 8 min read
Contact: ForthBox, Source: ForthBox
GameFi is one of the hottest new trends to emerge from the crypto industry, combining decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain-based online games. According to the latest report from DappRadar, the number of active unique (AUW) wallets connected to games accounts for a whopping 55% of the total blockchain industry, continuing its dominance.
In the gaming industry, the play-to-earn business model is a recent innovation where players are rewarded in the form of tokens and NFTs for bringing value to the open economy of the gaming metaverse. However, there are still many disconnections between individual GameFi providers, including the gaps in asset and data interaction, which limits play-to-earn possibilities within projects and greatly slows down the evolution of GameFi’s ecosystem.
After years of development, many blockchain game developers have mastered blockchain technology into their games. At present, thanks to the rapid growth of GameFi, more and more creators are integrating games into blockchain technology and more and more blockchain games available for users. As a result, there are rare non-fungible items in-game and even DAOs to empower their communities.
There is also augmented entertainment combined with the metaverse, blurring the boundaries between the virtual world and reality. What’s more important is the continuous upgrading of the public chain, as some game companies are creating their own side chains for supporting a smooth gaming experience.
While a large number of users remain focused on just a few leading GameFi projects, many emerging projects can only gain short-term users by bringing them through the premise of high returns. This unhealthy startup approach greatly affects the future growth of these projects, as they lack a stable and sustained user growth issue and onboarding.
However, this zero-sum game is happening across the GameFi space. There is a real need for a carrier within the ecosystem that will enable GameFi to accelerate its development and user traction.
ForthBox is a blockchain game aggregator offering blockchain games developed by ForthBox, games sponsored by its community, as well as games provided by reputable third-party game developers. It aims to provide users unique blockchain games and is committed to becoming a leading blockchain game aggregation platform.
With gaming in its DNA, ForthBox created a forward-looking business and metaverse from the ground up. Its first milestone was the Avatar metaverse series, which launched in parallel with Ham, the first metaverse tracking game, making the overall gaming experience more fun and immersive.
Ham, or the “Ape-God” in the metaverse, is the chief IP of Forthbox. Everyone is free to mint Ham using a small amount of gas fees. Ham has multiple attributes, including hashrate, INT, AGI, etc.
To mint Ham, a combination of FBX and Forth tokens should be used. “Feed” Ham and the hashrate of Ham would be upgraded accordingly. Then, Ham could be staked (also known as NFT mining) to produce FBX tokens. Hold Ham NFT to join the ecosystem—it’s the ticket to the Metaverse of the future.
ForthBox offers new possibilities for the GameFi ecosystem: a platform model.
The Forthbox protocol operates in a similar way to Steam. Users can participate in any game listed on the platform, whilst game developers can list their own games on the ForthBox protocol’s platform.
As the world’s first GameFi aggregation platform, ForthBox offers decentralized financial products, the gamification of DeFi rules, and the NFT of game prop. One of the most notable features is that the user assets can become game items such as armor. In turn, the user can earn or get the rewards from playing the game.
Unlike traditional GameFi projects, ForthBox focuses on games with high playability and provides its business partners, especially game developers with a full suite of services such as blockchain technology, tokenomics design, community promotion, and other launching and compliance services.
The ForthBox team plans to release 15 high-quality blockchain games. Space War is the first space metaverse game independently developed by the ForthBox platform. Space War is a metaverse series that extends immersion and engagement within the boundaries of DeFi and NFTs, creating virtual and real worlds of identity, honor, and social interaction. Based on DeFi’s infrastructure, nobody will control this virtual parallel world that simulates reality except the smart contract.
To provide the best returns to liquidity providers, the ForthBox yield aggregator is constructed as a smart contract that integrates a series of optimized yield farming strategies which automatically accelerate the frequency of value exchange, seek the best returns strategies for users, and ultimately promote more value discovery. Value discovery is a comprehensive reflection of traders’ understanding of current market supply and demand and their expectations of the future market. It is not only conducive to the rational allocation of resources but also enables investors and financial institutions to make reasonable decisions according to the price.
FothBox creates a unique mechanism for NFT yield farming, endowing users with more rights and application value of NFT assets. Users can participate in ForthBox’s yiled aggregator. Each yield aggregator’s strategy is a smart contract that automatically optimizes and provides users with the best yield farming strategies. They can stake with Forth or FBX token on the ForthBox yield aggregator and earn tokens to unlock the NFT blind box, giving users an equal opportunity to create valuable legendary NFTs.
SocialFi is actually a combination of Social and Finance. It aims to deliver benefits and rewards to users through the financialization and tokenization of social influence.
For a better understanding, let’s look at GameFi first. GameFi is a brand-new gameplay that introduces DeFi gameplay to blockchain games where players can earn by playing games. This is one of the most important parts of the idea of play-to-earn. DeFi has built a perfect and self-consistent economic system for users, and everyone can gain benefits by demonstrating their own value.
It will also help users to truly demonstrate the value of their data sovereignty, which is in line with SocialFi’s philosophy of empowering creative individuals. Therefore, we can take SocialFi as a path to Web3.0, or at least a preview of Web3.0 for users.
ForthBox Yield Guild enables users to earn passive income by participating in various GameFi vaults, bringing players together to earn and leverage their NFT assets in exchange for a portion of the in-game rewards. Hence, users can gain early access to the tokens or game items, lend their game items to other players to earn, and stake their tokens on other players’ game items to earn.
ForthBox provides real-time interaction through its built-in data and processing power so that users can present their information in a timely way. ForthBox also encourages players to invite other users and rewards each new user with a unique recognition feature by recommending achievements prior to entering the platform, symbolic economic rewards automatically link rewards between game players and developers. It is possible to reward players who interact with ForthBox by incentivizing them to hold tokens while maintaining the scene themselves so they can earn extra rewards.
Similar to other blockchain projects that provide governance activities, $FBX (ForthBox token) token holders can stake their tokens on the ForthBox ecosystem and gain voting rights to important decisions, such as suggesting new features. The DAO can help ForthBox improve its internal management system, operational efficiency and establish a new decentralized, relationship.
FBX, the governance token, based on BEP20 and ERC20, enhances the ForthBox ecosystem by giving the community control over the protocol. Anyone who interacts with the ForthBox ecosystem on the chain is eligible to receive the FBX token. ForthBox is based on the multi-chain standard of BSC version 1.0 and ForthBox BRC1155 and BRC721 NFT storage and transaction. Players can earn ForthBox NFTs by staking their crypto assets on the ForthBox yield aggregator.
80% of the revenues will automatically be repurchased and burned by ForthBox. The smart contract checks the average FBX price over the last 72 hours. When prices fall below the 72-hour average, the smart contract is triggered and the funds in the repo pool will be exchanged for FBX tokens and burned at the same time.
GameFi will create new tokenomics for the NFT industry, which will gradually shift from collectible arts towards more immersive mobile games and social NFTs.
ForthBox combines the concepts of GameFi, SocialFi, and NFTSwap, as well as deploys the concepts of free-to-pay and pay-to-earn, to bring one of the finest innovations to the gaming metaverse. As a result, Similarly, trading NFT assets on ForthBox is like playing traditional games on third-party platforms. ForthBox offers more asset liquidity, more objective market value, greater appreciation potential for assets, and lower education costs for users.
As more and more users join, GameFi market will enter the 2.0 era and a new phase of development. Hopefully by that time, ForthBox will be the primary platform for users and game developers to unleash its potential.