The developers in the industry of video games have tried their best to create real-life riveting experiences in their games, to attract more youngsters in the field. The advent of technology in graphics, calculations, and several other areas has certainly helped create a better experience, however, most video games still don’t provide the players with the ability to earn incentives.
GameFi belongs to a new category that is a mixture of games and cryptocurrency (crypto-gaming platform), which has the potential to become a profession for young adults interested in the field.
Table of contents –
- What is GameFi?
- How does GameFi work?
- Top games of GameFi?
- How big is the company?
What is GameFi?
GameFi is a great combination of the old gaming thrill and the new advancements of cryptocurrency. It is similar to decentralized finance or DeFi, a field where there are token transactions through blockchains. GameFi is just DeFi with a combination of games.
The platform allows the players to earn crypto/tokens or other digital assets by playing games. This approach is also known as ‘play-to-earn’. There are numerous games on the platform, which allow users to virtually own each other’s lands for tokens or digital assets. Traditional gaming networks could let players lose all their winnings if the developer decided to shut the game down, however, GameFi stores the assets of the player in a distributed network, which takes out the risk factor. The digital assets are safely stored and have easy access.
How does GameFi work?
GameFi has 5 main pillars that make it what it is. They are Launchpad, Marketplace, Aggregator, Accelerator, and Yield Guilds. Each of these pillars has its own feature that is used for the benefit of the player to build a better digital community. Here is how each pillar works –
- The GameFi Launchpad – A dedicated game launchpad for game projects that will be the first to conduct Initial Game Offerings (IGOs) for in-game assets and will allow gamers to engage with developers.
- The GameFi Marketplace – This is a one-stop shop for all the players, which involves purchasing, selling, trading, discovering, and hosting NFT auctions. GameFi ensures reliability with the help of smart contracts and allows players to deal in NFTs from different games.
- The GameFi Aggregator – It facilitates the discovery and exploration of trending blockchain games. Players can also use it to track their play-to-earn yields, as well as keep track of their NFT assets amongst their in-game assets. It also allows players to stake their tokens or trade them, no matter which game they are playing.
- The GameFi Accelerator – It provides templates that are pre-built and help facilitate the play-to-earn mechanisms. They also provide tools that assist in applying components of blockchain in traditional games.
- The GameFi Yield Guilds – It allows players to participate in various finance vaults of the game and earn a passive income. With this feature, players can get early access to VIP game projects and items, lend items to other players, stake their items for interests, and many other features.
Top games of GameFi
GameFi games can be downloaded free of cost, however, most of them will not be properly accessible if an investment is not made. The initial investment can be as much as $600 at once. The items surely are expensive, but the results can be blooming.
Here are some top games in the field of GameFi that have made their mark.
- Axie Infinity – The blockchain game has promptly become one of the most popular games across the world. The process of the game is very simple and allows players to trade in NFTs and generate substantial income. The regular players have received about $400 at a time. The total market cap of Axie Infinity is more than $8 million.
- Farmers World – Players can grow their own farms in this farming game based on NFTs by purchasing farming tools, lands, and other in-game resources. The game has a similar vibe to Facebook’s famous ‘Farmville’. The players in the game can visit other farms and compete for resources.
- Alien Worlds – This is another video game based on blockchain technology. It has a game token called Trilim (TLM), which can be earned by performing missions in a metaverse. The players can purchase in-app tools and improve the mining efficiency.
- Arc8 by GAMEE – This is a play-to-earn game where players play against each other and win rewards. This game can be entered with the GMEE token, which can also be used to purchase items in the app.
- The Sandbox – This is a metaverse game that was launched in 2021 and has gained immense popularity. The game has NFT’s that help the players in building, owning, and creating their own digital world. There are SAND tokens (cryptocurrency) that help in buying and selling digital plots in the game.
- Splinterlands – This game lets players earn rewards in crypto by fulfilling the achievements or missions of the game. There are digital cards in the game based on NFTs that can be traded with other players.
- Star Atlas – This game is set in the year 2,620 where the players compete with each other and perform missions and quests to win rewards. There are two cryptocurrencies in the game, POLIS and ATLAS. It was released in October 2021 and has been widely appreciated.
How big is the company?
GameFi has gained a lot of popularity over time and by December 2021, they had about 544 active apps, while the year before there were only 200 apps. These games are played all over the world and have more than 2 million active crypto wallets. Several venture capitalists have invested as much as $4 billion in 2021 to create better play-to-earn games with better graphics and interesting gameplay. Traditional video game developers are also trying to issue their own in-game tokens seeing this as a great opportunity.
GameFi has become the talk of the world of crypto. What started out as a mere tweet is now considered the ‘future of the gaming industry’. The sky’s the limit for people who understand the concept of the game and are willing to invest time and money to create something innovative.
Also Read: How To Become A Pro In Gaming?