DeFi Gaming- An Entry Point for Web 3 and Metaverse

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defi11

3 min readSep 16, 2022

Web3 and the Metaverse are the hot topics of the town these days, and so are the inconsistencies in the flow of information around them. There are misinterpretations and a lack of information for the non-tech guys, which makes the whole scenario of taking blockchain to the masses quite slow. The normal masses are not yet ready to understand the whole concept at once, but they can learn about it in bits and pieces. The gaming industry is the one aspect that helps users transition to web3 and the metaverse space without mugging up heaps of information. Let us learn more about it in this blog.

GameFi in the Metaverse

The Metaverse provides gamers with the ability to teleport between experiences, and the blockchain will allow them to permeate the entire economy. Crypto is far superior to money, which has slow settlement times and transaction costs, even though it’s still unclear whether the metaverse will use a single, fungible token or several different ones. Crypto is necessary because the metaverse is global; otherwise, users would have to spend a lot of time exchanging money and paying financial intermediaries’ fees for international transactions.

Today’s most popular GameFi programs, like DeFi11, allow for active player numbers in the tens of thousands. 80 to 100 million transactions per day are enabled throughout the 1,200 blockchain games in GameFi, and 70 new games are introduced every month. The Ethereum blockchain, which powers DeFi, might also be suitable for transactions in the metaverse, which call for even more scalability. In contrast to games like Roblox and Fortnite, which use their own proprietary tokens, GameFi’s cryptocurrency may be exchanged for any other cryptocurrency or sold for fiat money.

GameFi for Web3 Adoption

In a trend towards decentralization, the next iteration of the internet will be characterized by blockchain-based systems and methodologies. It might resemble how players earn cryptocurrency in play-to-earn games very closely, allowing users to profit financially from their use of a Web3 site.

Participate-to-earn is projected to become the dominant approach across Web3 as more sectors are gamified. Users might receive payment in cryptocurrency, for instance, for reading news articles, taking surveys, or producing thought-provoking material. Smart contracts will be used to enclose these transactions, eliminating any uncertainty regarding what should be paid out after a task is accomplished. Furthermore, blockchain transactions are more secure than older payment processing platforms.

How is DeFi11 helping users to adopt Web3?

DeFi11 is a DeFi-powered decentralized gaming ecosystem built on top of Matic Blockchain with Ethereum as the base layer. The platform aims to establish ethical standards in gaming by making the system transparent, auditable, and incentivizing. In this way, we are trying to bring more individuals to an already ripe gaming market, which has been stifled due to a lack of innovation.

With the innovation in the already existing space of fantasy gaming, we are trying to educate users by building on the concepts that they already understand. This shift from Web2 gaming to Web3 gaming will be smooth as the users will experience and learn more about the advantages of DeFi gaming, helping in the adoption of Web3 and Metaverse.

Conclusion

A crucial aspect of the transition to Web3 is the economic shift away from corporations and toward creators. Users will receive cryptocurrency compensation for their efforts in the creator economy based on smart contracts that execute on demand. In the gaming industry, players can now make money using cryptocurrency and NFTs, which represents a significant paradigm shift away from game developers and publishers. As a result, gaming has the potential to be a gateway to more general Web3 concepts, utilizing the billions of players already present worldwide.

About DeFi11

DeFi11 is a DeFi-powered decentralized gaming ecosystem built on top of Matic Blockchain with Ethereum as the base layer. The platform aims to establish ethical standards in gaming by making the system transparent, auditable and incentivizing. In this way, we are trying to bring more individuals to an already ripe gaming market, which has been stifled due to a lack of innovation.

DeFi11: Re-imagine the BLOCKCHAIN GAMING EXPERIENCE.

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