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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.
GameFi: An Introduction
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.
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.
1. Setting up a crypto wallet
In order to function right, GameFi games require a cryptocurrency wallet, such as MetaMask. The game you wish to play can sometimes ask you to use several wallets or use a completely different blockchain network to get started on the platform.
Additionally, you can play various Ethereum-based games by connecting your cryptocurrency wallet. In games like Axie Infinity and Gods Unchained, you can safeguard your cash and increase rewards by using their own in-built wallets.
You can create your wallet on MetaMask by downloading the application and following the step by step guide in the app.
2. Connection wallet to the game
Playing a blockchain game requires you to connect your wallet. So you need to always make sure that you are linking to their real website and not some phishing website. You will find an option for connecting your cryptocurrency wallet on the website of the game.
These days wallets are used for creating gaming accounts regardless of the blockchain they operate on, so you may need to sign in using your wallet before getting started with defi or GameFi game.
3. Making sure you meet the requirements of the game
The majority of GameFi platforms require you to buy their cryptocurrency tokens or in-game NFTs in order to get started. Again, it is not always the case, as sometimes NFTs are not even part of a play-to-earn game. Rollercoin is one such example. You simply load the game on your browser and start earning free crypto.
Every game has different requirements, but you should always consider both the earning potential and the overall losses. It is wise to calculate how much time it will take to get back the amount you invested in the game before getting any type of return.
Based on our findings, Axie Infinity becomes incredibly profitable the more you play, and there are even companies that hire departments of people, who play the game all day long.
If you are hesitant to add money into your wallet, you can consider applying for an in-game loan. It is possible to borrow NFTs to play with, but your profits must be shared with the owners.
How do you make money with GameFi?
The concept of play-to-earn has proven to be a game-changer for the industry. The advantage of popular play-to-earn games is that players can control and take ownership of their assets. As a result, your assets can be put to good use, exchanged for cash, or enhanced to increase your chances of winning and earning more money.
Tokens from these networks can also be rewarded to users and increase in value over time. For example, in 2021, when Axie Infinity’s platform skyrocketed, the AXS coin gained in valuation like Beeple’s NFTs. Typical GameFi tokens can be earned for free and kept as legitimate investments by players.
The digital items you have in the game can also be sold or traded. Everything from land to gaming weapons to skins and more are completely marketable, giving you the possibility to make more money.
GameFi exists solely to increase investment opportunities and newcomers to this field may find it highly appealing at the moment.
What is GameFi Protocol?
As the world’s first gaming aggregation infrastructure, the GameFi Protocol is the initial protocol for the GameFi mining pools. GameFi Token (GFI) serves as the governance token. Through GFP-DAO, token holders form a collective entity, Conduct community governance for GameFi Protocol.
What does GameFi stand for?
The term “GameFi” is the combination of two words: “game” and “decentralized finance.” GameFi represents the concept of creating decentralized applications (dApps) with a gaming focus and a way for players to earn money while playing.
How Gamers Benefit From Play-To-Earn
GameFi’s projects wrap around the innovative gaming play-to-earn model (P2E games). Playing play-to-earn blockchain games is drastically different from other forms of games as you get to earn real crypto or fiat currency.
If you have played DeFi games then you already know that you have to invest in DeFi games before getting started. Same way players must invest an initial sum of money before they can start playing a pay-to-play game (not always the case). For example, Call of Duty requires players to purchase a license or subscribe to a recurring monthly fee.
In traditional video games, there are rarely any financial rewards for gamers, and the gaming corporation owns and controls their in-game assets. P2P games, on the other hand, allow players to earn money while maintaining complete control over their in-game assets.
What does the future hold for GameFi?
Even before Bitcoin was invented, people have been trying to earn big and trying their luck with basic internet games in hopes of making gains.
After the introduction of bitcoin games, Ethereum and smart contracts have transformed the blockchain gaming landscape, enabling much more complex and engaging experiences.
By combining entertainment with cash incentives, GameFi ecosystem is drawing gamers to its platform. As blockchain games grow in popularity, the metaverse will almost certainly see an influx of large corporations.
As a result of GameFi, a new type of virtual gaming world has emerged. It has become possible for players to directly obtain financial rewards thanks to GameFi, which isn’t possible with traditional games.
It is apparent how GameFi entices gamers with this combination of entertainment and financial rewards. As blockchain gaming becomes more popular, we expect to see an increase in firms investing in the metaverse.