The GameFi Toolkit
So, you want to get into GameFi? GameFi is the fusion of game + finance, referring to blockchain games that are play-to-earn and allow players to earn money just for playing.
I’m going to give you what I call the GameFi toolkit, a list of helpful terms and resources to help you navigate your way through the Metaverse.
Glossary (A — Z)
Address
A place where cryptocurrency can be sent from/to. An address is a string of random letters and numbers, typically between 26 to 35 characters.
Airdrop
The distribution of a cryptocurrency or token, usually as a reward for being an early adopter or meeting a certain criteria.
Augmented Reality (AR)
An enhancement of the physical world with computer-generated input. One of the most popular examples of Augmented Reality is Pokémon GO.
Beta
A pre-release stage of software/hardware where access is limited to a specific number of users before being released to the public.
Blockchain
A sequence of blocks stored consecutively in a public database. What all cryptocurrencies are built on.
Coin
A cryptocurrency operating independently; a single unit of cryptocurrency.
Cold Wallet
A cryptocurrency wallet that is not connected to the internet.
Contract (Smart)
Smart contracts execute functions on the blockchain.
Cross-Chain
The interconnection of blockchain networks allowing the exchange of information.
Cryptocurrency
Cryptocurrencies are digital currencies using cryptographic technologies to secure their operation.
Cryptography
The practice and study of techniques for secure communication.
Custodial
Custodial cryptocurrency businesses are in possessions of their customer’s funds.
Decentralized Apps (dapps)
A type of application running on a decentralized network instead of relying on a single computer.
Decentralized Autonomous Organization (DAO)
A decentralized autonomous organization is founded upon and governed by a set of computer-defined rules and smart contracts.
DeFi
A movement encouraging alternatives to centralized forms of financial services.
Discord
A web-based communication tool built to enable communication between gamers.
ERC-721
A token standard for non-fungible Ethereum tokens.
GameFi
GameFi, also known as play-to-earn (P2E) games, refers to games that are designed with economic and financial aspects of blockchain and cryptocurrencies. Players have full control over their in-game assets allowing them to earn revenue.
Hot Wallet
A cryptocurrency wallet that is connected to the internet.
MetaMask
An online digital wallet that allows users to manage, transfer and receive Ethereum. MetaMask is an example of a hot wallet.
Metaverse
A network of 3D virtual worlds focused on social connection.
Non-Custodial
Referring to the storage of keys as it relates to wallets and exchanges. A non-custodial wallet is one where the private keys are held by the user.
Non-Fungible Token (NFT)
NFTs are unique cryptographic tokens existing on the blockchain that can not be replicated.
Play-to-Earn (P2E)
The play-to-earn model gives financial rewards to players, giving them custody of their in-game assets.
Staking
Staking refers to the delegation of a certain number of tokens, locking them out of circulation for a specified length of time. In exchange for the locking up of assets, stakers can earn rewards.
Token
A type of cryptocurrency that represents an asset.
Virtual Reality (VR)
Virtual reality technology is used to simulate an immersive virtual world.
Wallet
A place where cryptocurrency users can store, send and receive digital assets.
Web 2.0
The current state of the web.
Web 3.0
Web 3.0 is the coming iteration of the internet, based on blockchain technology.
Useful Resources
Now that we’ve familiarized ourselves with some common terms and lingo, let’s take a look at some websites and browser extensions to supplement your Web3/GameFi experience.
MetaMask
MetaMask allows users to access their Ethereum wallet through a browser extension or mobile app. MetaMask can then be used to store and swap cryptocurrencies and interact with the Ethereum ecosystem.
Coinbase
Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency.
Coinbase Wallet
Coinbase Wallet is a self-custody mobile cryptocurrency wallet and dapp browser.
SushiSwap
SushiSwap allows users to swap, earn, lend, borrow and leverage their cryptocurrencies all on one decentralized platform.
GameFi.org
GameFi.org is “an all-in-one discovery gaming hub for games, guilds, and metaverses.”
Binance
A popular exchange for buying, trading, and holding over 600 cryptocurrencies.
GameFi Starters
Armed with a new knowledge of useful terms and handy resources, you’re now ready to venture into the Metaverse. Here are five GameFi projects to get you started.
Splinterlands
Splinterlands is a digital trading card game that allows players to own their cards and other in-game assets. An auto-battler card game built on the HIVE blockchain, matches are explosive and fierce, each game taking only a few minutes.
The Sandbox
Welcome to The Sandbox, a community driven platform where creators can monetize their assets and gaming experiences on the blockchain. Whether you’re a creator looking to create assets and get paid or a gamer who wants to play the best of what the community has to offer, The Sandbox has a little something for everyone.
Axie Infinity
Axie Infinity is a blockchain-based game in which players purchase NFTs of monsters called Axies which are then used to battle other Axies. Players can earn the Smooth Love Potion (SLP) token during gameplay and exchange it for money.
Crypto Raiders
Built on the Polygon blockchain, Crypto Raiders is like A Link to the Past meets the Diablo series. Raid dungeons, earn gear and level up your character in this NFT-based dungeon crawler.
Decentraland
Decentraland is a decentralized 3D virtual world where users can buy plots of virtual land via the MANA cryptocurrency. Decentraland is THE virtual destination for virtual assets. Users can create, experience, and monetize their content and applications.
