DeFi Land is a game that simulates farming and is designed to gamify the complex and often confusing aspects of decentralized finance (DeFi).
The company is on a mission to expand the DeFi universe beyond just crypto enthusiasts and institutional participants by using games to educate the masses. They seek to create educational solutions for who want to explore DeFi and alternative finance.
DeFi Land is also introducing a play-to-earn model so users can earn income while playing the game.
Brian Lee, VC at Alameda Research said:
- “DeFi Land is an incredible blend of the two most interesting things happening in crypto right now – gaming and DeFi. We believe that DeFi Land can be a real game-changer in getting casual gamers and the crypto retails into DeFi.”
Incorporating NFTs. DeFi Land is planning to add NFTs to the game in the near future –Each NFT will be a unique object in the game, including trees, barns, sheds, tractors and other stuff on the farm. These gamified items introduce new opportunities to borrow or lend money, provide liquidity, reward farming and more.
The game will also imbue already existing NFTs with new features and utility – case in point is the Solana Monkey Business NFT which will generate monkeys running around as NPCs in your DeFi Land game environment that you can interact with. So, you can monkey around with your own NFT monkeys – cool.
Starting on Solana. DeFi Land chose the Solana blockchain to build their game on because it has “one of the fastest transaction processing speeds alongside near zero fees.”
Financing. The company raised $4.1M in financing from over 40 investors, including some of the biggest names in blockchain venture capital: Animoca Brands, Alameda Research, Jump Capital, NGC Ventures, Solana Foundation and Gate.io.
Individual investors wanted. The company wants to get casual gamers and crypto users using DeFi for the first time to play its game. Cointelegraph recently reported that institutional investors dominated the DeFi market in the second quarter of 2021, and data from Chainalysis indicates that large institutional transactions accounted for over 60% of all DeFi transactions between April and June.
The DeFi market is often measured in terms of total value locked (TVL), which is the amount of digital assets that have been “locked in” to DeFi platforms and is similar to AUM or assets under management. The TVL in the DeFi market is currently worth over $170 billion, according to industry data.
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