Have you heard about Gamefi? You will.
GameFi (like DeFi) is a cryptoverse term. It uses blockchain technology with NFTs (non-fungible tokens) in the gaming space to create a paid gaming experience. Andre Cronje, CEO of Yearn Finance, is credited with coining the phrase in 2020.
Although gaming is older than the cryptoverse, the expansion of blockchain technology is changing the gaming experience. Since gamers globally spend billions of hours locked into their gaming consoles, they realize there is more to their gaming journey.
(For more information, check out my article: Crypto gaming)
GameFi brings gaming and finance together, enabling gamers a path down the rabbit hole. The gamer not only earns tokens for playing (P2E=play to earn) but also has the opportunity to play as an owner rather than a consumer.
Such innovation allows gamers to own the weapons, costumes, and other articles needed to play the game. The current gaming model keeps these items locked in the publisher’s vaults (as it were), limiting the game to an end in itself.
GameFi rewards gamers with tokens for completing tasks and advancing to the next level. The tokens have value inside the game and within the larger gaming ecosystem.
Players of these games can obtain in-game rewards by completing tasks and progressing through various game levels…