GameFi breaks new ground in the world of money by letting users play and earn from games as well as make content in virtual worlds. This post will talk about some interesting things going on in GameFi right now.
What does GameFi mean?
The name GameFi was made by combining the words “game” and “finance” together. Decentralized finance (DeFi) is in charge of the back end of a play to earn game. Game projects let you be completely immersed in a digital world where you can invest and play games to win money.
If this is new to you, learn the Basics of GameFi here
CryptoKitties and other early crypto games showed how non-fungible tokens (NFTs) could be used in decentralized applications (dApps). Still, GameFi takes a bit of a different approach to the problem. In the newer, more complex games, you can do more than just buy and sell things. With these games, you have the chance to:
- Take part in activities that are available across the DeFi network, such as yield farming, lending and borrowing, and minting tokens.
- Have an impact on how the project develops either by contributing content to the virtual world or by buying enough tokens to get governance rights.
- Generate passive income through staking
It seems like collecting items from games couldn’t go along with complicated financial transactions. Surprisingly, that is exactly where GameFi’s strength lies. Users can use GameFi’s financial tools because they are made to feel like games.
In the last few years, GameFi has grown into a major player in the bitcoin market. Since it is not just a passing fad in the industry, there is no reason to doubt that it will grow even more in the years to come.
GameFi’s trends this 2022
What do you think will be the biggest changes in how GameFi projects are made, and what can players do to make sure they get the most out of their P2E investments? Look at some of the most important trends and reasons why GameFi is likely to change a lot over the next few months.
Traditional games are starting to look into GameFi
Currently, most players click on ads to make money or get more in-game items from traditional games. Now, gameFi has added more depth and difficulty to games, which makes them more fun to play.
You’ve probably heard of Gameloft, Electronic Arts, SEGA, and other big companies that dominate the traditional video game market. Just recently, these businesses have started to focus on breaking into the lucrative GameFi industry through blockchain technology and NFTs.
GameFi continues to become financially important to gamers
GameFi helps people find the right balance between having fun and being creative while playing games and making decisions that will make them money.
The market capitalization of Axie Infinity, which is the most popular P2E game, is more than $1.3 billion right now. The price of AXS recently went up, which means that the best players can now make hundreds of dollars every single day. They could make even more money if they kept their tokens as their value went up and then sold them later.
People keep playing GameFi not only because they can make money from it but also because it’s fun and gives them a sense of community. You can also invest in GameFi projects and actively change their direction by using governance tokens and making your own content.
People who used to play traditional video games are now playing blockchain games
Even though traditional video games often encourage players to buy items inside the game, these assets are rarely allowed to be traded for real-world money.
On the other hand, the blockchain is used to keep track of the valuable in-game items that can be found in both NFT games and the whole GameFi area. This means that the assets can be traded in for cryptocurrency and then later converted into fiat money. As a direct result of this, people who play the game are likely to get benefits from the time and effort they put into it.
GameFi will still be a good way for gamers who want to make money on the crypto market. There are a lot of games that you can start playing without having to spend a lot of money.
More interactive and complex GameFi projects are now being developed
Because GameFi did a good job of attracting gamers, the next generation of video games will be more interactive and complex. This would get a lot more financial backers and investors interested in the industry, which would be good for the sector.
Increased adoption of NFTs
It’s possible that in the near future, the NFT market will become GameFi’s main source of revenue. There is a link between these two thriving markets that connect in-game purchases to the unique digital ownership rights that NFTs offer.
Also, the use of virtual reality and augmented reality technology in metaverse games will help create immersive 3D environments where digital assets like crypto tokens and NFTs can be bought, sold, and earned.
The GameFi business is going through a very big change at the moment. When you look at how much money has been put into the industry and how many people are using it more and more, the future years look like a good bet. Using GameFi’s P2E features, blockchain games will be able to make even more money.
GameFi is a sector that lets players earn money for new and upcoming games. But game developers are responsible for making and keeping token economies that work.
Do you want to become a GameFi gamer or investor?
GameFi plays a huge role in the crypto industry that involves many opportunities for investors and players to work together. Join millions of people in the GameFi industry by being a gamer or an investor.
Enter as a gamer
Be a Gaming Scholar of Railings University (RU) – the best crypto gaming guild under Play It Forward DAO that will unleash your gaming journey, earn while playing varieties of play to earn games and be involved in GameFi projects now!
Enter as a token investor
Be rewarded with the potential increase of the token prices sooner or later when you become a PIF token investor. Being a crypto token investor gives you assurance that your investment will be safe using the blockchain technology. Reach out to us by joining Play It Forward DAO’s Discord and/or Telegram channels.
Here’s an article that talks about The Top 5 GameFi Crypto Tokens for this year 2022
to help you decide.