What is GameFi?
The industry of gaming has always been very interested in innovative technologies and began to use them earlier than others. Therefore, there is nothing surprising in the fact that GameFi has taken root perfectly and is undergoing active development.
GameFI – game finance, decentralized games on the blockchain, a rapidly developing trend in the cryptocurrency market based on the concept of play to earn and NFT.
In GameFi, all objects are represented as NFTs (avatars, weapons, jewelry, land, etc.). The task of the player is to find and earn these NFTs in the game or on the decentralized platform. These game possessions can be traded with other players, sold for cryptocurrency, withdrawn and stored in a crypto wallet.
It is important to understand that GameFi is not a gambling site. To earn, a player must combine the skills acquired in computer / telephone games.
Depending on the game, players can increase their earning potential by spending time leveling up and upgrading their characters, building structures on their territory (which may be used by other players for a fee), or participating in tournaments.
All NFT and cryptocurrency transaction data is stored on a public blockchain to keep track of what each participant owns.
But how much can you earn in such games?
Live examples show from $10 to $70 per day, a lot will depend on the skills and the amount of investment. Somewhere you can start without investment, but more skills, creativity, and luck are needed.
This direction is certainly one of the most promising and is able to go much further than the sphere of gaming. For example, Decentraland.
The history of this game is slightly reminiscent of the history of Counter-Strike. Initially, Counter-Strike was a simple mod for the game Half Life but later developed into its own very successful franchise with many versions of the game and updates.
As for Decentraland, the game started out as a 2D pixel grid platform but evolved into a 3D virtual reality universe where players can buy, develop, and sell virtual land. Now the game has become one of the most popular destinations for launching the metauniverse. In November 2021, a group of investors bought a plot of land in Decentraland for $2.4 million, the largest land acquisition in the metauniverse.