What GameFi is and Why its Popularity Exploding

 

GameFi is a combination of two words: finance and game. This industry is expanding and constantly changing. But what is the purpose of finance in a game? The players have financial rights over several aspects of the game. Before GameFi, only the makers had control over avatars and other gaming aspects. Let’s check what GameFi is and why it is popular.

 

Contents:

- Why Is GameFi Important?

- Basics: Introduction to GameFi

- Popular GameFi Games

- Axie Infinity

- CryptoBlades

- Alien Worlds

- Upland

- Splinterlands

- Aavegotchi

- How to Play GameFi Games?

- Final Thoughts

 

Why Is GameFi Important?

According to 2022 statistics, about 50% of investors say that GameFi is one of the crucial portions of their profit. Also, every 3 of the 4 people prefers investing in the gaming industry. Although it is something new and not fully understood, sheer curiosity has brought in 43% of the total number of women who have invested in GameFi.

 

Basics: Introduction to GameFi

You know that now, with GameFi, players have some rights. Let us go a little further. Imagine you are playing Fortnight, and you bought a costume that gives you special powers. Now, this avatar is yours in the form of cryptocurrency. Mostly, you get an NFT (Non-fungible Tokens).

 

You might decide to keep it, use it, not use it or sell it. That wasn't possible before the application of blockchain technology in gaming. It all began with CryptoKitties as the first NFT protocol game. It caught so much attention that the traffic overloaded the system, and it stopped working. However, GameFi caught the eye of investors, players, and crypto-enthusiasts.

 

Popular GameFi Games

GameFi is not an easy algorithm to build. It is a sequence of complex coding and DeFi protocol. The main purpose is to let the players own a small part of the game. It could be a character, a special uniform, or land. You own them in the form of NFTs. Following are some popular games:

 

Axie Infinity

It is an amazing game where there are cute creatures called Axies. You can battle an Axie against each other, and get new ones as and when you win. You may also buy new Axies or modify them.

 

There are different battlegrounds and new areas are unlocked with further wins. A player can even earn money by selling a character that they own or created. You must have a crypto wallet to start.

 

CryptoBlades

It is a fierce battle game where the purpose is to load the player with advanced and new weapons and armor. With GameFi, you can even sell a character, armor, or a special weapon.

 

In the game, you would have to defeat other users of CryptoBlades using your weaponry. It gets especially interesting when you get guns with thermal cameras and better accuracy.

 

Alien Worlds

It was one of the most popular blockchain games of 2021. Just like the name, this game explores space and provides players with an authentic outer-space experience. Players can go on specific missions, or teleport to and from Ethereum.

 

Players can buy digital items through NFT and put in stakes for the planetary elections. There are many other things you can do with cryptocurrency in this game.

 

Upland

Upland is a virtual replacement of the real world. A player builds a home and has a start-up business. What can you do financially? You can sell or buy what you created in the game. The house, land, plot, and business can be exchanged via NFTs. There is a free, open market where all the players can present what they have or buy something that looks worthwhile.

 

Splinterlands

This is a different level of card game where the players can earn or buy a card as and when they like. The game lets them do so anytime and anywhere. The cards have 4 different levels of rarity. The rarer the card, the more you can earn.

 

Also, the cards have various strengths that may influence the stakes on the card. It is interesting, and players enjoy it all the time. They simultaneously earn a good amount of money.

 

Aavegotchi

It is a digital platform that provides you with a virtual pet. You would regularly pet them and take care of them, just like a real one. It follows a decentralized NFT gaming protocol, and you can exchange further strengths and pets using your NFTs.

 

How to Play GameFi Games?

Each game has a different process. But what is common are the NFT coins. Most games would ask you to buy an NFT to start and trade something in the game. For that, you need to possess a wallet to be able to interact with other players. What kind of wallet you need would depend on the game.

 

However, MetaMask is a wallet that works for all games that function on the EVM network. There are some games that would require you to have a wallet for the BSC blockchain. Remember that now it is not just a game, it is a series of:

- connections

- trades

- communities

 

Therefore, it is essential to have a specific wallet to buy or sell NFTs from the game. For example, your game login can be connected with multiple wallets on the same chain or across chains. You can have three NFTs on Binance and two on ETC and be able to play with all five in the game.

 

Final Thoughts

In conclusion, GameFi is an interesting and popular gaming concept that was developed in the last few years and has a huge place in the trading market today. The explosion was the result of the hold and power given to the players. People love the decentralized system and the ability to have a virtual connection. It gives them a sense of belonging and something to come back to every time they leave the game.

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