The video game industry has seen rapid growth in its early years. The real-life feature is seen in games these days and developers are trying to find new things to make games as real as our world. Technology has advanced in every field of gaming like graphics, effects, etc. These games are now infused with the finance section where people can make money out of it. Many have taken gaming as a full-time profession these days. Thinking about all these, future gaming will be more than this. One of them is here, that is GameFi.
What is GameFi is about?
The concept of GameFi has been popular these days in the gaming industry which is based on blockchain technology. In the GameFi process, players create a virtual environment with blockchain, cryptocurrency, NFTs, etc, and earn money.
The model of this game is known as play-to-earn. Here, players are rewarded with incentives in the form of money and let grow in the game. Some players engage in this game full-time and earn a living through it. These games are integrated with decentralized finance for landing pages, farming, loans, etc to issue new tokens and stable coins.
Games such as GameFi are launched on the distributed ledger Blockchain which gives the player authority over the winning property. In GameFi, you need to play and just win rewards that are as simple as a normal game. Some such games need you to invest through cryptocurrency, to begin with, your gaming activity.
In some blockchain games, players are rewarded for completing the game tasks while in some other games players can generate revenue from the assets they have. According to an online portal, developers have earned $800 million in a month through the Axie Infinity project.
How this GameFi works?
The mechanism is different for different games here. the in-game items you own like land, house, gold, costume, avatars, etc are in the form of NFTs. Players can then exchange these items for any cryptocurrencies or they can trade them in the NFT marketplace. Many of the Crypto exchanges have the facility to purchase and invest in NFTs and earn money.
There are various ways a player can earn from GameFi.
- There are some gaming competitions where you can bet on the results of predictions and make money.
- The items you own in the game can be rented out or can be sold and thus can make money.
- There are some tournaments where a player can engage and increase their gaming revenue.
Since the GameFi ecosystem uses a public blockchain, all the rewards and ownerships are stored securely. Users of the game can fully own the items from the game. If you, as a player, owned or are rewarded with in-game items, you will be the sole owner of that asset. Even if the server goes down, your rewards will be safe.
The GameFi is now all set to hit the gaming market head-to-head with our traditional gaming industry. This GameFi ecosystem is a place where one can earn crypto assets easily from anywhere in the world.
The story of GameFi
GameFi is originated from the features of the Ethereum Network that is running the NFT crypto kitties. The NFT area is already popular with crypto kitties over 14,000 users a day. Due to the clogged Ethereum network, massive hikes in transaction fees are seen. Also, the slower transaction confirmation time made it a bit unfortunate.
This is why the developers jumped into upgraded blockchains where you can get speedy transactions, cheaper fees, and scalability. More and more players adopted GameFi since the growth of Defi. The smart contracts of new blockchain financial platforms are highly robust. This infrastructure makes players launch, trade, or lend the in-game items.
How is the GameFi market these days?
Both the functionality of decentralized finance and asset-to-token features are adopted by the GameFi industry which is why it is gaining popularity all over the world. The best example of this is the game MOBOX which is based on NFT collectibles and other DeFi services.
These blockchain games do not need any hard investments or hardware to participate in it. You can play them through your mobile phones, laptops, or PCs. Thus, we can be sure about the profit through this cryptocurrency and the NFT gaming space. The in-game items in the form of NFTs have made this GameFi industry more popular. We have already heard that some of the top GameFi blockchain games have crossed the market capitalization of $14 billion.
These P2E games are real excitement in the decentralized gaming industry. the financial incentives making them popular and attractive. There are various such crypto games in the industry already. Some of the popular games include Rainmaker, RaceFi, Battle of Guardians, Polygonum, Axie Infinity, MOBOX, etc.
How you can start with GameFi games?
There are many games in the blockchain markets now, but should be careful with fake ones. Create your crypto wallet, connect it to the game, review the requirements of the game, and there you are to start with the gaming.
The advanced version of online games is the concept of GameFi. The Plat-to-earn mechanism has made users adopt crypto and NFT. The explosion of this industry is not slowing down. This would be the rallying point for DeFi.
In simple words, GameFi has redefined the concept of online games with in-game items to be owned, traded, or sold which can earn you money. Now GameFi is considered to be the fastest-growing sector in the blockchain ecosystem.
GameFi advantage is to earn easily through playing games from anywhere in the world and win rewards, ease of transactions, the level of safety and security. The crypto gaming experience is overtaking the traditional online games that provide earning streams to players as well as to developers.
With the integration of blockchain in gaming, a vast amount of real money is to be earned and it is a clear sign of the emergence of the advanced world.