DeFi is decentralized finance. Many GameFi projects
also include elements of decentralized finance (DeFi)
Among the first and most notable examples of GameFi projects
is the Axie game. The game was launched in 2018. Axie is a blockchain game featuring digital creatures that are levelled up by the player in the form of NFT tokens. By levelling up a purchased character and participating in battles, players receive rewards in the form of their own AXS tokens. Subsequently, the AXS token can be exchanged for fiat currency or spent to upgrade their character. Each digital character is an NFT token. It can also be exchanged for fiat or cryptocurrency. In addition to this, the virtual land in this game also received public attention, with land sale deals reaching several million dollars.
A report published by the Binance cryptocurrency exchange indicates that GameFi is among the reasons major game developers are switching to blockchain technology. It cites such game world monsters as Ubisoft, EA (Electronic Arts) as examples. The report also states that despite the downturn in the cryptocurrency market, the number of Game Fi projects is continuing to grow.