GameFi, the future of gaming

A disrupting approach to gaming

Today, GameFi is widely used to describe the drastic change that disrupts the principles of traditional video games.

The word GameFi is a mix of video GAMEs and decentralized FInance (DeFi). This type of video game uses an advanced technology called Blockchain. Players can fully own virtual items in the game and it’s a revolution, we will explain you why.

The goal of the GameFi industry is to represent a growing share of the video game market, which is expected to reach $200 billion by 2023.

GameFi, the evolution of a concept

In order to become a verified player on a GameFi platform, one must own a cryptocurrency wallet. This wallet will be used to store tokens earned from the gaming activity.

Then, many GameFi platforms require users to purchase characters or items to start playing. When it comes to encouraging players to spend time and money on the platform, video games editors are becoming very creative and have developed many instruments such as in-game tokens or non-fungible tokens (NFT). As an example, the only way to play on Stepn is to buy a virtual pair of shoes.

As we write, the name GameFi echoes the “Play to Earn” (P2E) and “Move to Earn” (M2E) blockchain games. Games from which users can earn rewards from playing or moving?

GameFi projects, a new source of revenues

While traditional gaming requires energy, time and money that gamers are willing to spend, GameFi platforms reward players for their activity. This encourages gamers to develop more and more strategies, knowledge and skills in order to earn more rewards and claim NFTs or cryptocurrencies.

In-game purchases and transfers of items are recorded on the Blockchain, game developers cannot own what players earn by themselves earn, unless they decide to play themselves. P2E games also allow users to export items outside the platform — in order to trade them on an NFT marketplace for example — unlike traditional games.

By monetizing the ownership of assets, GameFi platforms ensure that their users remain loyal and their customer bases grow.

Today, GameFi platforms have become a new sources of revenue and — for the most skilled and involved players — they represent a full-time job with recurring income. In the Philippines, 2 daily hours of gaming can represent the equivalent of the minimum salary.

Some of the most popular play to earn and gamefi games in 2022 :

Axie Infinity

In Axie Infinity, participants can have different goals. Players breed creatures called “Axies” to generate profit. You can breed any two Axies for AXS tokens plus some SLP tokens. The combinations used for the breeding of these creatures determine the number of SLP tokens used in the transaction.

StepN

This is a Move-to-Earn platform where the NFTs up for grabs are pairs of sneakers. Thus, to earn more money and rewards, each player must unlock several pairs of sneakers.

Aavegotchi

Aavegotchi remains quite similar to the concept of tamagotchis, in which players take care of small virtual animals. In this case, it’s a ghost that will serve as collateral for staking rewards.

Defi Kingdom

One of the leaders in the GameFi sector, this is a game that turns to a decentralized exchange concept in particular. Users can stask JEWEL tokens in order to enjoy a considerable annual return, which can sometimes exceed 1,000%.

Gods Unchained

Another type of GameFi and play-to-earn (P2E) model is trading card strategy games such as Gods Unchained. Those familiar with the iconic game “Magic: The Gathering Arena” are sure to gravitate towards this NFT gaming model.

Most crypto-gamefi specialists agree that traditional video game giants such as FIFA, Fortnite, Call Of Duty… … should within a few years adapt to the GameFi universe by offering NFT, decentralized content. In the same way that the giants of social networks Meta, Instagram, Twitter are taking this turn with the development of new web3 features on their various platforms

The goal of the GameFi industry is to represent a growing share of the video game market, which is expected to reach $200 billion by 2023.

MetaMakerz will bring a real solution to all those who want to take their first steps in Metaverse, NFT, GameFi projects thanks to a simple and secure approach while bringing exclusivity to its users. Discover more on www.metamakerz.io and on our social networks and don’t miss our ICO planned for Q4 2022.

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MetaMakerz allows users to easily and securely access to Metaverse, NFT and GameFi projects. $MKZ ICO is coming in Q4 2022.