GameFi, a cryptocurrency company that brings gaming to the blockchain aims to make cryptocurrency accessible to everyone through playful means. Incorporated in Zug, Switzerland, the company offers its users a three-tiered cryptocurrency ecosystem that allows players to evolve from one token to another. The PIKA coin currently running on the Ethereum network is GameFi’s initial cryptocurrency. METRA is its second token offering that can be used to either stake or evolved into the third and rarest GameFi coin, Ki.
Speaking to Charles Miller on this episode of CoinGeek Conversations, company chairman Ajaypal Pama says GameFi is a one stop hub where users can enjoy the ecosystem in more ways than one— as a gamer, an investor or an NFT trader.
GameFi provides its users with a deflationary model design wherein PIKA, METRA, and KI are predicted to become scarce commodities creating significant wealth generation for investors. Ajaypal noticed that with other blockchain games, rewards start to decrease as more players join in. For this reason, GameFi is limiting the amount of users who can play GameFi’s play-to-earn games. Ajaypal says this will allow the value of their NFTs to increase due to its limited quantity.
Currently, GameFi’s blockchain games are built on the Ethereum network but as Ajaypal explains, Ethereum’s gas fees are too high, making it difficult to onboard new users. “The entry barrier for people getting into crypto is way too high and that's what BSV is solving, that's why we're choosing BSV - BSV can do micropayments, Ethereum cannot.”
Ajaypal is looking to have a feature within their ecosystem that will allow users access to BSV. “We would like to have a bridge available that the user can bridge their different tokens over to the BSV,” he says. With Ethereum, gamers have to pay $10 in gas fees to get $5 in rewards, and new users have to pay a $30 network fee to buy $100 in cryptocurrency. “That doesn’t make any sense,” he says.
Before joining the Bitcoin space, Ajaypal was an electrical engineer who began trading stocks and forex with the guidance of Capital Hungry, a platform that offers fundamental and technical market updates and analysis. Originally trading stocks and forex, Ajaypal made the switch to crypto trading and made his first investment with the Pikachu coin. Unfortunately, Pikachu’s original developers decided to abandon the project, he says. Pikachu coin owners were stuck with a 95% drawdown and didn’t know what to do.
Ajaypal decided to reach out to the Pikachu community and convinced them to trust him and his team with a new project. “We asked them, send in your old tokens, we will drain the liquidity pool, we will launch a new token which is ours, Pika, and we will use the liquidity pool to fund our new project - and that's how Pika came to life.”
The project has since evolved after a series of ups and downs. Ajaypal and his team managed to increase Pikachu’s market cap to $100 million from its previous $35,000 mark. However, after a series of changes that resulted to Pika, many of the users have lost interest. “There's too many changes happening, first, there's a swap from Pikachu to Pikka, now there's Pikka V1 and there's Pikka V2, they sort of lost faith in the project.”
Pika’s market cap is now valued at $4 million. Despite the significant drop, Ajaypal is confident that the coin will rise above its previous $100 million market cap. “The thing is, we're here to prove the people wrong, but, you know, we're still here, we're still developing… and we'll take it $1 billion this time.”
Ajaypal who was in attendance at the Dubai Global Blockchain Convention is impressed with what he witnessed within the BSV ecosystem. “I love it here everybody is so keen to help each other.”
As far as what to expect from GameFi, Ajaypal mentions an NFT marketplace that has already launched on Polygo