GAMEFI - world of crypto

                                                                                               By - NILESH MISHRA

GameFi has grown into one of the hottest hotspots in the cryptocurrency industry right now. Blockchain Games is set to disrupt the $ 175 billion video game market. GameFi is a platform that uses the gaming model to profit and allows people to earn money by playing. It combines the words 'game' and 'financial' and supports the idea of ​​an open economy, where players are rewarded with game tokens and NFTs. 

GameFi is just a combination of the words “game” and “financial.”

It integrates cryptocurrency, blockchain, NFTs, and game tools to create a visual environment where players participate and earn money in the process.

GameFi works with the "play to get" model. This concept includes award-winning players with financial incentives to play and raise standards in games. Some blockchain games allow gamers to earn full-time earnings as they engage in games. Such online games can be combined with financial tools (DeFi) such as landing pages, loans, farming, new token removal tools, algorithmic stablecoins, etc.

Game projects like these are being introduced in the blockchain-distributed blockchain. This means that everything the players get becomes their full possession.

In the GameFi ecosystem, everything is simple: you just need to play and receive bonuses. Some game projects require you to invest some of your cryptos in order to start playing activity.

For example, some blockchain games reward players by eliminating in-game activities while others may enable revenue generation through various player-owned assets.

The Axie Infinity project is a good example. The developers of this blockchain game managed to earn $ 800 million in one month, according to the DappRadar portal.

Benefits offered by GameFi

Now that we have figured out what GameFi is, let's see what the benefits are. Most obvious is the ability to earn money and generate revenue through crypto game tokens.

The game-based economic model, which includes blockchain and cryptocurrencies, enables users to earn money by accessing the internet. Games based on Blockchain can also offer new employment opportunities, thus addressing the problem of unemployment and existing economic challenges.

GameFi also offers growing investment power. Currently, interest in crypto games is at an all-time high, so investors are beginning to seize opportunities in the industry. Not surprisingly, many game studios continue to develop new gaming consoles to your advantage.

How does GameFi Projects work?

Different GameFi projects vary with their machine. Typically, the in-game items are created as NFTs — digital tokens that are unmistakable and come in the form of avatars, land, costumes, weapons, gold, tokens, and pets. Therefore, you have proof of full ownership of any in-game items you receive.

Game players are looking for these items as they play these games and can trade them in NFT markets for profit or exchange them for popular popular currencies. In fact, we have launched our own Binance NFT Marketplace to give our users the opportunity to buy and invest in digital art and earn extra money.

In addition to improving your game-based quest, here are some other ways to earn money on GameFi:

1. Like “Bet Naija”, some gaming projects allow you to make money with predictions, as you bet on the results of other sports competitions.

2. In-game items you have acquired, such as Land and other items can be rented out. For example, Decentraland sold Fashion Street Estate for $ 2.42 million; and a portable yacht Metaflower from Sandbox was priced at $ 650,000.

3. Players can increase their playing revenue by participating in tournaments.

The GameFi ecosystem is secure because all information about the successes and ownership of the various items is stored in the public blockchain. This process allows users to become the full owners of game assets, not engineers.

Therefore, if you upgrade or purchase a player, no one can take away your copyright, and it will not disappear even if the game servers are offline. “Shikina!”

As a result, the GameFi sphere has become a place for crypto assets for users from all over the world. Now, the GameFi industry is set to compete with the traditional gaming market.

Gamefi History

GameFi came up with something that challenged the emergence of an NFT event CryptoKitties built into the Ethereum network.

The NFTs economy has been a viral success, with CryptoKitties hitting more than 14,914 users a day at peak times. Unfortunately, the success of these NFTs closed down the Ethereum network, leading to a significant increase in transaction costs and slower transaction confirmation times.

Since then, developers have moved to advanced blockchains that promise faster transaction speed, greater ratings, and cheaper payments. These include the likes of BSC, Solana, Polkadot, Polygon, Wax, and Cardano.

The growth of Decentralized Finance (DeFi) platforms has boosted GameFi adoption, with the emergence of blockchain financial platforms that operate using smart contracts. This provided the infrastructure for users to present, trade and borrow or stake their in-game tokens.

Interested in creating a crypto game for GameFi?

What is GameFi? Not just a global cryptocurrency talk but every game. Andrew Wilson, CEO of EA, said GameFi and NFTs are "the future of our industry." In just a few months, GameFi has moved from tweet to a course that could transform the industry. This represents a great opportunity for emerging publishers. Armed with the right game concept - and backed by the right partners - the sky is the limit.

To help developers who want to get into GameFi, wappier has created a comprehensive NFT SaaS solution that simplifies building, launching, and developing crypto-gaming projects. From launching smart wallets to creating an NFT market, our platform will help you deal with all the steps of the GameFi crypto development process. If you would like to see if we can help you turn your blockchain dreams into real world income, then reach out. We would like to help you make the next story of space success.

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