DeFi Dynamics of Block Legends
Dear Community of Block Legends, we are here to briefly introduce the DeFi mechanism of Block Legends and teaser info of Block Legends.
About Block Legends
Block Legends is a scalable GameFi Network where anyone can monetize their gaming experiences and assets in-game. Block Legends will be composed of multi-game combinations, Ranking List, Initial Gaming Offering (IGO), NFT Market, NFT Staking Platform to form a financial ecosystem of games.
The DeFi paradigm of Block Legends
The service paradigm of Block Legends will consist of DeFi Mechanisms to allow players to earn rewards with real intrinsic values. To realize the Play-To-Earn ecosystem for games, we have merged core gameplay elements of traditional games and financial instruments of DeFi systems to form our Game-FI ecosystem.
Character & Item NFTs
The items such as characters and items of Block legends will have NFT values. So, unlike traditional games, in-game assets which can be obtained in the game are available in the form of NFTs. The tokenized in-game assets will give ownership of in-game assets to players.
The Players will have custody of their NFT game item in their digital wallets and ownership is proven by the on-chain ledger system. The NFT game items can be obtained from playing the game or be bought from the NFT Marketplace. The NFT items can be transferred to the NFT Marketplace for sales and players also have the choice of purchasing NFT game items on the NFT marketplace as well.
NFT Staking System
Similar to staking of tokens in DeFi services, Block Legends supports staking of non-fungible token, which is the locking of NFT items in the smart contract to earn additional yield and revenue for players
The Game-Fi token will form independent token economics to tie the various games on the Game-Fi network. The token establishes the incentive mechanism of the network and can be earned by playing the game. The tokens earned by playing the game can be used in swapping, item leveling, and exchanging in markets.