GameFi — the new era of the cryptocurrency industry

Published in

Coinmonks

7 min readFeb 27, 2023

Greetings and welcome to this exciting announcement on the topic of “Cryptocurrency game industry development”. As the world becomes increasingly digitized, more and more industries are exploring the potential of blockchain technology and cryptocurrencies. The gaming industry, in particular, is poised to benefit greatly from these emerging technologies, and we’re thrilled to share with you the latest developments in this exciting field. So, sit back, relax, and get ready to explore the cutting-edge intersection of gaming and cryptocurrencies!

In this article I will tell you why you should pay attention to the gaming industry on the blockchain technology, show you how you can earn on it and present some projects that I follow.

Pros and cons of Blockchain Games

Pros:

Decentralization: Blockchain games are often decentralized, meaning they are not owned or controlled by any single entity. This can lead to greater trust among players, as well as increased security and transparency.

Ownership: Because blockchain games often use non-fungible tokens (NFTs), players can truly own in-game assets and transfer them outside of the game environment. This creates a new level of player ownership and control over their virtual items, which can be sold or traded on a blockchain marketplace.

Incentives: Many blockchain games have token-based economies that incentivize players to participate in the game and earn rewards. These incentives can help to drive user engagement and create a more engaging and rewarding gaming experience.

Interoperability: Because blockchain games are built on open protocols, they can more easily interact with other blockchain-based systems and marketplaces. This creates opportunities for cross-game interactions, as well as the possibility for players to earn rewards across multiple games.

Cons:

Complexity: Blockchain games can be more complex and difficult to understand than traditional games, which could potentially discourage some players from trying them out.

Costs: Because blockchain games often rely on the use of cryptocurrency, there can be costs associated with buying and selling in-game items or participating in the game economy. This could be a barrier to entry for some players.

Scalability: Currently, many blockchain systems can struggle with scalability issues, which could limit the number of players that can participate in a given game at any given time.

Quality: Many games are designed by developers to make a profit in the short term, which of course affects the fact that many games do not come to their logical conclusion, so we can say that at the moment, many games on the blockchain are quite crude structure and not of the quality that is in WEB2, but I think that this is not long.

Involvement: Many players who come to the game is aimed specifically at making money, and lost the very essence of the games — getting pleasure from the game process, which also has a negative impact on the dynamics of games, many games that are aimed specifically at earning players often quickly fade and disappear from view.

Security: While blockchain technology can be more secure than traditional systems, it is not immune to hacking or other security vulnerabilities. In addition, the lack of centralized control means that it can be more difficult to recover lost or stolen assets in a blockchain game.

The future of blockchain games

The future of blockchain games is exciting and full of potential. Here are some potential trends and developments to keep an eye on:

Increased mainstream adoption: As blockchain technology continues to mature and become more user-friendly, we could see a surge in mainstream adoption of blockchain games. This could lead to greater player engagement and more diverse game offerings.

Interoperability between games: One of the benefits of blockchain technology is its interoperability, which allows for different games and platforms to interact with one another. In the future, we could see more cross-game interactions, creating a more seamless gaming experience for players.

NFTs and ownership: Non-fungible tokens (NFTs) have been a major driver of blockchain gaming so far, and this trend is likely to continue. As more developers adopt NFTs, players will have more opportunities to truly own and control their in-game assets.

New game genres: As developers explore the possibilities of blockchain technology, we could see the emergence of new game genres that are uniquely suited to blockchain-based systems. For example, we’ve already seen the rise of blockchain-based collectible card games and battle royale games, but there are many more possibilities to explore.

Already now I see how many world-renowned companies are entering this industry, and based on this we can already talk about improving the quality of games and the offer as a whole.

Overall, the future of blockchain games is bright and full of potential. As more developers and players enter this space, we can expect to see continued innovation and growth, driving the development of exciting new games and experiences.

Earn money on GameFi

There are many ways to make money on GameFI, from getting nft for gameplay to getting a job on the web3

In the early stages you can get nft for passing games, and often if the game is successful, these nft greatly increase in value.
Passing game tournaments, they are often in this kind of games, so if you have the ability to do this, you can try yourself.
Participation in the project as an Ambassador, for many this is not a new topic, and you’ve probably heard that for helping the project, active participation in the development of the project can get the role of Ambassador and receive awards for your actions.
Work in the project, if you have experience and a great desire, you can always contact the funders of the project and try your hand as a moderator, community manager, developer, etc.
Yield Farming: Yield Farming involves staking cryptocurrencies in exchange for rewards, usually in the form of more cryptocurrency or tokens. Gamefi platforms may offer farming opportunities for users to earn rewards for staking their tokens.
Liquidity Provision: Liquidity provision is similar to yield farming, but instead of staking cryptocurrencies, users provide liquidity to a platform’s pool. They earn rewards based on the amount of liquidity they provide.

Projects that I actively follow and recommend to you:

Overworld — Cross-Platform Multiplayer RPG

— Cross-Platform Multiplayer RPG
— Explore, Conquer
— Craft, Own
— Player-Driven
WebSite: nope
Twitter: https://twitter.com/OverworldPlay
Discord: nope

2. METAPIXEL web3 ecosystem on Aptos. NPIXEL has the experience, resources, and track record to successfully create top-notch games. Read on to find out why NPIXEL is going to take web3 games by storm.

WebSite: https://brand.metapixel.io/
Twitter: https://twitter.com/METAPIXEL
Discord: https://discord.gg/dtvheQwH5Z

3. Oasys — The blockchain optimized for gamers, with instant transaction speed and zero gas fee

I have already talked about this project many times, you can see articles here, here and here.

WebSite: https://www.oasys.games/
Twitter: https://twitter.com/oasys_games
Discord: https://discord.gg/oasysgames

4. Beacon — F2P action roguelite RPG, in development. Enter dungeons, defeat evils & expand the Beacon’s light

I am the moderator of this project, so if you have any questions please contact me

WebSite: https://www.thebeacon.gg/
Twitter: https://twitter.com/The_Beacon_GG
Discord: https://discord.gg/s6YSypda

5. Kuroro Beasts — multidimensional gaming ecosystem. The island of Kuroro is the backdrop for an ever-growing world where Beasts with elemental powers roam free. Here, trainers from around the world set out to explore, collect, craft, battle and master the elements.

WebSite: https://www.kuroro.com/
Twitter: https://twitter.com/The_Beacon_GG
Discord: https://discord.gg/kurorobeasts