GameFi — Future of Gaming
A disrupting approach to gaming
The term “GameFi” is now frequently used to refer to the radical alteration that subverts the fundamentals of conventional video games.
Video games and decentralized finance are combined to form the word GameFi (DeFi). Blockchain is an innovative technology used in this kind of video game. It’s a revolution because players can own virtual things in the game. The goal of the GameFi industry is to represent a growing share of the video game market, which is expected to reach $200 billion by 2023.
GameFi, the evolution of a concept
An individual needs to have a bitcoin wallet to register as a verified player on a GameFi platform. Tokens obtained from the gaming activity will be kept in this wallet.
Then, in order to begin playing, many GameFi platforms demand that users buy characters or other stuff. Video game developers are getting very inventive and have created several tools, like in-game tokens or non-fungible tokens, to entice players to spend time and money on the platform (NFT).
As we write, the name GameFi echoes the “Play to Earn” (P2E) and “Move to Earn” (M2E) blockchain games. Games from which users can earn rewards from playing or moving?
GameFi projects, a new source of revenues
While traditional gaming demands players invest time, money, and effort, GameFi systems compensate users for their participation. This motivates players to acquire ever-greater methods, know-how, and abilities to increase their rewards and obtain NFTs or cryptocurrencies.
The Blockchain keeps track of in-game purchases and item transfers. Unless they choose to play themselves, game producers are not allowed to own the money that players make on their own. Unlike typical games, P2E games allow players to export items outside the platform to trade them, for instance, on an NFT marketplace.
By monetizing the ownership of assets, GameFi platforms ensure that their users remain loyal and their customer bases grow.
Today, GameFi platforms have become a new source of revenue and — for the most skilled and involved players — they represent a full-time job with recurring income.
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