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How does gamefi crypto affect the gaming industry?

Post Date:2022-02-11 17:57

More and more game development teams are actively exploring based on blockchain technology. Driven by the DeFi protocol and NFT, GameFi crypto, which combine DeFi, NFT and gaming elements, has become the "new favorite" of crypto players. Since the rise of Axie Infinity, the Play to Earn mode has become popular in the blockchain space and is leading a new era of crypto gaming with a new crypto business gaming model that has propelled GameFi from obscurity to fame.

GameFi is a new type of game where in-game assets do not disappear when the game is shut down, thus blurring the line between the game and the real world. For players around the world, GameFi represents a shift, an opportunity to hand over time and game ownership to players.
GameFi is a portmanteau of "Game" and "Finance". What does the financialization of games mean? Crypto games run on the blockchain, combining the fun of gaming with finance. Blockchain's distributed ledger technology is important to both help players provide verifiable ownership of assets while creating a marketplace for transactions within and outside the game. Blockchain's distributed ledger technology both helps players provide verifiable ownership of assets and creates a marketplace for transactions within and outside the game.


In this new gamefi crypto, all game images are represented as tokens (tokens). Thus, in a blockchain-based game, every hero, every card or every land can be owned by you or others. In other words, in a blockchain-based game, each player is both a participant and an owner. Playing well can accumulate more game tokens or NFTs (non-fungible tokens) representing in-game assets such as clothes, lands or props. The key of GameFi is that once these assets are acquired, you can exchange them in the marketplace for other cryptocurrencies or fiat currencies such as dollars for disposable income.


"The concept of Play-to-Earn is not new, but other aspects of GameFi are. In a broad sense, the combination of crypto-primitives (e.g. token incentives, smart contracts, etc.) and games opens up a myriad of possibilities. With blockchain composability, game NFTs can be integrated vertically or horizontally into a game content. Items from one game (e.g. digital clothing or costumes) can be integrated into other games to build a huge world.
As of now, the potential of GameFi has not fully exploded yet. As the concept of metaverse becomes popular, GameFi will gain more attention and participation. GameFi's future development and prospects are undoubtedly worth looking forward to.




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