Gaming isn’t just a means of entertainment anymore, people can now earn money (cryptocurrency) from playing games online. These games use a “Play to Earn model” instead of a “Play to Win” and are commonly termed as GameFi.
The term ‘Gamefi’ was used for the first time in a tweet in September 2020 and ever since was adopted by many, it is used to refer to games embedded with blockchain-powered decentralized financial elements.
GameFi is one of the hottest buzzwords in the crypto world now. Its two words combined “Game and Finance” It is used to describe an economic setting that pools Decentralized Finance (Defi) and Non Fungible Tokens (NFTs) with Blockchain-based online games that allow people to earn profit from playing games online.
HOW IT WORKS
‘GameFi’ video games run on Blockchain’s distributed archive, which allow players to possess provable ownership of virtual items like avatars, weapons, tokens, etc. found or accrued from gameplay. These things are often traded within the digital marketplace for other NFTs or are often exchanged for cryptocurrency.
These games usually have several levels to progress through. Players can increase earnings by dedicating time to improving their characters, monetizing their assets by developing structures that other players pay to visit, or combatting other players in contests or competitions.
GameFi allows players to own their assets and Non-Fungible Tokens for life, by storing them on Blockchain, Assets accumulated exist independent of the game and can be traded at any time.
Crypto Wallet – Is needed to store virtual currency, NFT’s and make in-game transactions. It’ll function as a digital bank to facilitate the entire gaming process or economy. The precise wallet type however is decided on the Blockchain the games are built on.
Fund the Wallet – Although most of these games are free to download, they usually require players to purchase in-game tokens or characters from their wallets to get started.
There are several games to get started with, some of which are listed below:
Axie Infinity – is a web video game fashioned by Vietnamese studio Sky Mavis, It is an Etherum-based cryptocurrency. It offers a virtual universe where one can buy, rear, and trade digital monsters called “Axies.”
The game has a high earning potential but requires a great investment of time and participation to breed, care for, and trade rare or unique Axies.
Upland NFT – is very similar to Monopoly, it is a blockchain-centered game that allows players to buy, keep and trade virtual landed properties that are connected to the real world. Players can become digital landowners and build properties on them, also earn UPX coins. Players have an avatar that roams the city looking for proprieties to purchase. I like to refer to it as the “real estate game”, as the more properties of a single color one acquires, the more valuable ones properties are
Splinterlands – It is a digital collectible card game centered on blockchain technology, where players can build a collection of cards, which have diverse abilities, and utilize them in combating other players in skill-based matches.
All Images from playstation.com.