Web3 Innovations like GameFi, DeSci, DeFi, ReFi are Solving Real World Problems

March 16, 2023 - PRLog -- The rise of Web3 has enabled innovation and change that extends far beyond cryptocurrency and NFT trading. With the potential to become a major force for social impact, Web3 technology is enabling blockchain-based projects to solve real-world problems and make a difference.

Innovative Web3 verticals have arisen to help tackle some of the pressing issues that communities and society as a whole face today.

GameFi-for-Good

GameFi has become one of the fastest-growing sectors in the Web3 industry, accounting for about half of all blockchain usage based on January 2023 data from DappRadar. Combining gaming and finance to create new ways to generate income through Play-and-Earn (P&E) games, the GameFi movement has become most popular in Southeast Asia, where financially disadvantaged communities play NFT games as a means of earning supplemental income. Over 23% of the populations of Vietnam and the Philippines have reportedly engaged in P&E games, a region where the median monthly minimum wage is only US$300.

Taking a step to create social impact even further, entertainment company Digital Entertainment Asset (DEA) which operates the popular PlayMining GameFi platform, also channels back their platform profits for social good. They engage in various charitable initiatives like an ongoing agricultural project in the Philippines and a recent food drive in Indonesia organized in collaboration with YGG SEA, the Southeast Asian chapter of Yield Guild Games.

Japan's national newspaper, Nikkei recently published an article focused on the potential impact of AI and Metaverse gaming on society. Kozo Yamada, co-CEO of DEA said that gameplay could "contribute to solving social issues" and explained how anybody regardless of financial means could easily borrow the NFTs to get started with P&E gaming and share the earned income with the owners. According to PlayMining, through their 'scholarship system', more than 9,300 NFT borrowers have earned over US$4.7 million from their top game JobTribes since December 2021, with some saying that it supports their daily living expenses.

DeSci: Decentralizing Science for Social Good

The Web3 space is also seeing a rise in DeSci (Decentralized Science) projects, where blockchain-based solutions are being used to solve some of the problems plaguing modern science such as funding, publishing, and copyright. The academic research industry has been stymied by a funding model that primarily supports widely publishable research with limited-duration grants. This "publish or perish" pressure results in most research being focused on short-term projects that feed media hype rather than less interesting work that is more critical for society.

Source (https://www.investing.com/news/cryptocurrency-news/web3-i...)