What is DeFi?
What is DeFi? DeFi is short for decentralized finance. It’s a finance system on a blockchain network. Through DeFi, consumers borrow and lend cryptocurrency, without involving traditional banks.
Do you need a loan? No, problem.
Traditionally, you would need to go to the banks, fill out a loan application form, submit documents, etc… Then, the bank lends you the money and collect your interest payments. In DeFi, you can take out a loan instantly without engaging with banks. Anyone with an internet connection can join a DeFi loan pool to borrow money.
One of the hottest new trends you often hear with DeFi is GameFi, commonly known as Play-to-Earn. In a nutshell, GameFi is a combination of a game and DeFi. To better understand GameFi, you need to know what an NFT is.
An NFT is a crypto token that represents a digital asset in a game.
For example, weapons, costumes, and various items in game can be an NFT.
So, what does it all mean?
Play-to-Earn, which creates new economic values in games, mutually benefits both gamers and developers
by eliminating the harmful effects of excessive charging and by providing a new source of revenue. It rewards players financial incentives for just playing games! Alchemist Republic, the new GameFi platform developed by Blue Baikal lets players play games, acquire NFTs, then use these NFTs to easily earn a passive income.
Stay tuned for the official opening day announcement.
