Every one of us has grown up playing different games. We all relish the rush of beating someone or winning something, whether it’s a simple arcade game or the more design-heavy games we play on PS5. This feeling is almost hardwired into our DNA.
But what if there was a possibility to earn money by playing games? Wouldn’t it be fantastic if you could use your passion for games to make big money? We are engaging with games differently in 2022, and thanks to GameFi, there are now thousands of opportunities to earn real crypto whilst we are at it.
GameFi is currently one of the hottest crypto trends
. An all-in-one discovery gaming hub or guilds, games, and metaverses, it is being called the future of gaming. This newly debuted industry can potentially alter the course of gaming for our future generations because apart from gameplay, there is also money involved.
So if you are a newcomer trying to break into this industry, now may be the best time to dive in: the entry hurdles are low, and the market slump offers the perfect time to enter and grow.
If this gets your heart pumping, stick around as we answer what GameFi is and how you can become a part of this gaming revolution.
As part of its GameFi initiative, the gaming industry is using Web3 to bring gaming and finance together. GameFi platforms enable players and creators to earn cryptocurrency and non-fungible tokens (NFTs) by playing games. Many of these games are hosted in virtual worlds we ll know as metaverses.
If you are wondering how does GameFi works, here’s how. All the assets created and owned by the players in the GameFi play to earn games are stored on the blockchain, which makes it really hard for hackers to breach and steal. Additionally, players own sole ownership of the assets they’ve purchased, guaranteeing a level of control over what happens to them.
Gamers can enter these play to earn games by purchasing non-fungible tokens, which then grants them access to playing games, and winning rewards. The currency of these games is usually comprised of Bitcoin (BTC), Ethereum (ETH), other altcoins and game-specific tokens. With each improvement in the players’ skills, the NFTs used in the game can be updated. These NFTs can then be sold
for a greater price on NFT markets because their quality gets improved. Chainers
is one such upcoming metaverse game, so make sure you check it out.
Some, associate GameFi with DeFi games created by DeFi projects, and they are not wrong, as it is all one big happy family of play to earn economies. As a result of the P2E (play-to-earn) approach, GameFi crypto games can easily grow their user base. In addition, in-game marketplaces boost community activity, as members exchange the all-important game assets. Props, vehicles, and weapons can all be purchased through such marketplaces and it is just the start of it all.
GameFi is a fusion of the words game and finance. It refers to play-to-earn blockchain games that offer economic incentives to players
How do I get started with GameFi?
With thousands of blockchain games on the market, one must first be cautious not to fall for scam projects and phishing websites. These usually require you to connect your Metamask wallet, and once that is done, people lose their hard-earned crypto. The actor Seth Green, is the latest celebrity victim of such NFT scam
. In order to protect yourself from these instances, you should keep a separate wallet filled with only enough money that will not affect you even if it is stolen.