Crypto.com Announced It Is Backing Arcade in the GameFi Industry

Crypto.com formed a strategic partnership with Arcade.

Play-to-earn games' popularity is rising but face obstacles in Asia.

In traditional play-to-earn games, individuals win rewards in the form of the platform's native cryptocurrency or NFTs that may be exchanged with other players. Although it is not related to Arcade, Axie Infinity is among the most popular play-to-earn games in the crypto world.

Josh Poole, Arcade CEO said, “Having support from Crypto.com Capital as the lead backer is a big deal for the future of GameFi. As one of the worlds leading exchanges and drivers for crypto adoption, they educate newcomers into the crypto industry every day.”

Bobby Bao, MD of Crypto.com said, “Arcade is bringing an entirely new perspective to play-to-earn gaming by allowing anyone to access games without even needing to play or own assets directly. The company is proud to back this innovative project by leading Arcades funding round.”

The Struggle of Crypto Games in Asia

Upon playing the game, players can exchange the NFTs or cryptocurrencies that were awarded to them in a marketplace. The NFT can be sold in a marketplace.

Once the NFT is sold, the cryptocurrency may be converted to fiat currencies and withdrawn. If the native cryptocurrency is unavailable at exchanges it can be converted to stablecoins such as USDT and then withdrawn.

Several platforms such as PolkaCity allows individuals to earn passive income simply by holding an NFT. For example, buying an airport in PolkaCity will generate 1,923 coins of the platform's native cryptocurrency per week.

In another play-to-earn game, Age of Rust, 20 bitcoins are hidden in the game.

The struggle with GameFi in Asia are strict regulations. In South Korea it is forbidden to convert gaming tokens into real money as well as China, which is stricter. Some Asian countries view games where money is earned as gambling.