What is the first thing that comes to your mind when you hear the word GameFi? Gaming, blockchain, crypto or NFT? In fact, it’s a combo of all. If the word game obviously comes from gaming, then what does Fi stand for?
Let’s break down what lies beyond the Game and Fi.
GameFi is a blend of the words gaming and finance. The concept is based on a model called play-to-earn (P2E) which unlike some traditional models like play-to-win or pay-to-play enables gamers to earn rewards while playing.
If GameFi is gaming and finance. Then you might probably start wondering what it has to do with a blockchain and all its ecosystem. Blockchain technology, cryptocurrency and NFTs are the fundamental pillars of the GameFi ecosystem. The in-game rewards that players earn vary from cryptocurrencies to game assets like lands, weapons or character skins. Most of the assets are blockchain-backed NFTs that can be used in the game, sold to other gamers or traded on NFT marketplaces or crypto exchanges. Some games don’t even require players to play the game, they can generate passive income either through staking or by lending their gaming assets to other players.
Each GameFi project has its own ecosystem and mechanics, but there is something that they all have in common — they are all accompanied by in-game currencies, marketplace, and token economy. The P2E model is not the only feature that makes GameFi projects stand out from the traditional gaming industry. Blockchain runned games give players ownership and full control of their in-game assets. Their tokenized assets can be exchanged for cryptocurrencies and even fiat.
Most of the P2E games are free-to-play, some require players to purchase NFTs or crypto assets. That’s how GameFi companies make money. Prior to joining any GameFi project, do not forget to do your own research and tread carefully.
To have a better understanding of the P2E game concept, let’s have a closer look at the most popular P2E game — Axie Infinity.
Axie Infinity is a blockchain-based virtual gaming platform built on Ronin — an Ethereum-linked side chain. In Axie Infinity, players collect, breed, train, and battle creatures called ‘Axies’. Unlike traditional in-game assets, Axies can be traded on the game’s marketplace for fiat (real money). The game has two native cryptocurrencies: Axie Infinity Shards (AXS), which can be bought and sold on exchanges, and Smooth Love Potion (SLP), which is what players earn through playing the game.
Other than buying and selling Axies, players can lend their Axies to other players and earn without playing the game. Axies owners can make a passive income while Axies players can play the game without making any investment. The rewards are then split between Axies players and owners. At its peak in November 2021, the company reportedly had 2.7 million active daily users.
How to get started
With all that said, to get started with GameFi, you don’t have to be an expert gamer or a cryptocurrency expert. All you need to do is to create a digital wallet, connect the wallet with the game. If the game requires, to purchase any starter items, you will need to top up your wallet with a corresponding cryptocurrency.
Learning about the GameFi and Web3 can be challenging for traditional Web2 gamers. It can be very helpful to read reviews of games beforehand. Luckily, you can keep up with the Web3 community and GameFi updates, with the help of iGamie — a one stop platform with more than a million users that connects gamers across Web2 and Web3. You can explore all the latest GameFi and Web3 projects on iGamie and shop unique NFTs in just a few clicks.
iGamie Discover is a newly added feature that allows users to learn about the latest trending games. From P2P to P2E, it offers a vast variety of Web2 and Web3 games. All you need to do is, to browse through and find a right fit for yourself.
iGamie NFT marketplace
With the platform’s NFT marketplace section, users can purchase popular NFT collections and find new listings. You can purchase NFTs in just a few clicks directly on iGamie or can be directed to the project’s platform.
iGamie Web3 Community with a presence on Twitter, Discord and Telegram, iGamie can be your one stop community to immerse yourself in Web3 and GameFi. Whether it is connecting with like minded gamers or staying tuned for industry updates, iGamie can guide you through your new Web3 and GameFi journey.
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