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What is GameFi?
The term GameFi, also known as “game finance”, was originally coined by the founder of Yearn Finance, André Cronje, to describe decentralized finance (DeFi) protocols with gamified elements. However, the term has since evolved to describe the financial nature of blockchain games, recognizing their direct connection to the real economy.
How Does GameFi Work?
With GameFi, digital assets such as avatars, virtual clothing, special abilities, and weapons of the participants are represented by non-fungible tokens. This allows players to take possession of them. You can earn more items through gameplay and trade them through the NFT Marketplace both inside and outside of the game, thereby opening up new monetization opportunities.
Here are a few examples of games:
● In the popular game CS: GO (Counter-Strike: Global), the rarest weapon skins are valued at hundreds of dollars. You play your favorite game, obtain skins and sell them.
● STEPN mobile game in the Web3 world, where you can buy NFT sneakers and earn cryptocurrency from jogging and walking. The game has been actively discussed in social media: the idea seems unusual — you walk and jog, and you get paid for it.
There are numerous platforms allowing you to exchange in-game currency or items for real money. The sellers - those who own these digital items from the time, money, and effort spent in the game - are on one side. The other side includes the buyers - those who are willing to exchange money for the items the seller has earned. There are many reasons for exchanging: limited availability, social status, lack of time to get the game item.
Here are a few examples of games:
● In the popular game CS: GO (Counter-Strike: Global), the rarest weapon skins are valued at hundreds of dollars. You play your favorite game, obtain skins and sell them.
● STEPN mobile game in the Web3 world, where you can buy NFT sneakers and earn cryptocurrency from jogging and walking. The game has been actively discussed in social media: the idea seems unusual — you walk and jog, and you get paid for it.
There are numerous platforms allowing you to exchange in-game currency or items for real money. The sellers - those who own these digital items from the time, money, and effort spent in the game - are on one side. The other side includes the buyers - those who are willing to exchange money for the items the seller has earned. There are many reasons for exchanging: limited availability, social status, lack of time to get the game item.
Blockchain
Blockchain is the backbone of the GameFi platform. Running games on a distributed blockchain registry not only allows players to own them, but also guarantees the transparency, honesty, and openness of all transactions.
Non-fungible Tokens (NFTs)
In P2E games, non-fungible tokens are used to represent assets and support transactions in the marketplace. In-game NFTs (in-game items) can be exchanged for other NFTs, cryptocurrency, and fiat money.
In contrast to traditional online games, P2E NFT guarantees that all in-game assets are unique and impossible to duplicate or be tampered with in any way. A large number of P2E games aim to encourage players to complete various game levels while monetizing and improving their digital characters (or avatars).
In contrast to traditional online games, P2E NFT guarantees that all in-game assets are unique and impossible to duplicate or be tampered with in any way. A large number of P2E games aim to encourage players to complete various game levels while monetizing and improving their digital characters (or avatars).
Play-to-Earn Model
Many online games use a “play to win” model. Access to an online game can be obtained by paying a monthly fee.
GameFi rewards players for merely playing. As players progress, they collect digital items in the form of NFTs. Players usually have to complete tasks in return, which include winning battles and completing daily quests. These assets have value and can be sold and traded on the market.
GameFi rewards players for merely playing. As players progress, they collect digital items in the form of NFTs. Players usually have to complete tasks in return, which include winning battles and completing daily quests. These assets have value and can be sold and traded on the market.
DeFi
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.
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.
Benefits of GameFi
GameFI is still in its early days, but it already offers plenty of benefits. To name a few:
● Earn by playing. Large games have long been monetized with monthly subscriptions, micropayments, etc. Any player in the game can buy an upgrade for their character or a unique skin for real money. This approach, however, lets only the game developers earn money and does not guarantee that the purchased game item will be truly unique.
With GameF, earning money becomes available for all participants. Moreover, blockchain guarantees that any in-game item sold is unique. Thus, the financial model is the main advantage of the GameFi model
● Asset ownership. In outdated games, purchasing an in-game item did not mean that the buyer actually owned their purchase. The game developers were the ones who decided the future of the game and the purchased items. The integration of NFTs (non-fungible tokens) allows the participant to own their digital assets. By becoming the legal owner of an NFT, you can be assured that you are the one who decides what to do with it both within and without of the game.
● The price of participation. Monetization of the old projects entailed buying a digital copy of the game, paying for monthly access, and so on. However, the buyer did not actually own anything. Most P2E games offer either free participation or a one-time purchase of a token to get into the game. Even by buying a game character you become the actual owner of a digital asset, which gives you full control over it.
● Earn by playing. Large games have long been monetized with monthly subscriptions, micropayments, etc. Any player in the game can buy an upgrade for their character or a unique skin for real money. This approach, however, lets only the game developers earn money and does not guarantee that the purchased game item will be truly unique.
With GameF, earning money becomes available for all participants. Moreover, blockchain guarantees that any in-game item sold is unique. Thus, the financial model is the main advantage of the GameFi model
● Asset ownership. In outdated games, purchasing an in-game item did not mean that the buyer actually owned their purchase. The game developers were the ones who decided the future of the game and the purchased items. The integration of NFTs (non-fungible tokens) allows the participant to own their digital assets. By becoming the legal owner of an NFT, you can be assured that you are the one who decides what to do with it both within and without of the game.
● The price of participation. Monetization of the old projects entailed buying a digital copy of the game, paying for monthly access, and so on. However, the buyer did not actually own anything. Most P2E games offer either free participation or a one-time purchase of a token to get into the game. Even by buying a game character you become the actual owner of a digital asset, which gives you full control over it.
How to Get Started with GameFi Games?
According to Binance reports, by mid-2022, there were over 1,500 GameFi projects. At this point, the number is probably much higher. Many games have their own unique logic and atmosphere. If you've found a game you like, there are just a few steps to begin playing.
Creating a Crypto Wallet
To access the world of GameFi, you need a compatible Crypto Wallet, such as Trust Wallet or MetaMask. Visit the official website of the game you've chosen to find out which wallet is the right one for you.
Connecting Crypto Wallet to the Game
To play blockchain games, you need to connect your cryptocurrency wallet. Usually the official website of the game has detailed instructions on how to connect.
Why do I need to connect my cryptocurrency wallet? When registering in old game projects you had to disclose some of your personal details (e-mail or cell phone number as a minimum, which was used to connect your game account). Instead of login and password, blockchain games will use your cryptocurrency wallet to identify the participant without revealing any of your personal data.
Why do I need to connect my cryptocurrency wallet? When registering in old game projects you had to disclose some of your personal details (e-mail or cell phone number as a minimum, which was used to connect your game account). Instead of login and password, blockchain games will use your cryptocurrency wallet to identify the participant without revealing any of your personal data.
Checking the Requirements to Play
Most GameFi projects will require you to purchase their cryptocurrency tokens or in-game NFTs to get started. While the requirements vary game-to-game, you should always consider the potential income and general risks. Take care to estimate the time it may take to recoup your initial investment and start making a profit.
The Future of GameFi
The number of GameFi game projects began to grow dramatically in 2021. As of March 2022, DappRadar has more than 1,400 blockchain games registered.
Since the blockchain technology continues to evolve, the number of GameFi projects is expected to continue growing at a fast pace. The ability to own in-game assets and earn money from games makes GameFi very attractive, especially in developing countries.
Since the blockchain technology continues to evolve, the number of GameFi projects is expected to continue growing at a fast pace. The ability to own in-game assets and earn money from games makes GameFi very attractive, especially in developing countries.
Top GameFi Games
Axie Infinity
Axie is one of the most famous and popular P2E games. The game is easy to play. All you have to do is to collect and level up digital creatures and participate in battles with other users. Owners of digital “critters” earn rewards for participating in the game. In addition, you can get quite large sums of money for selling your upgraded heroes.
Mobox
The P2E Mobox platform unites several NFT-based games, including Trade Action, OMO Farmer, and Token Master. MOBOX is a community-driven GameFi platform designed to empower users by rewarding them for their participation. This game was developed at Binance Smart Chain and combines profitable farming in DeFi with gaming-based NFTs to create a true gaming model with free games and earnings.
CryptoBlades
CryptoBlades is an NFT Crafting game in Binance Smart Chain where players can create NFT-based characters and weapons to earn $SKILL tokens. These tokens can easily be purchased, sold, and exchanged. The game revolves around the acquisition of legendary blades and mighty heroes wielding them. Users can create new weapons and characters to progress through the game.
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