Imagine video games not just as entertainment, but as a way to make money.
This is what the GameFi ecosystem enables.
Definition
GameFi comes from Game and finance, is a term that captures the combination of blockchain, decentralized finance (DeFi) and video games.
The result is blockchain-based video games that offer economic incentives to players. Unlike traditional video games where players invest their time and effort in exchange for entertainment, video games in the GameFi ecosystem offer players the chance to earn assets with real value with their time and effort.
Blockchain technology plays a key role in enabling the creation of in-game economies powered by decentralized networks. These economies allow players to own, trade and monetize in-game digital assets securely and transparently using blockchain-based tokens and NFTs.
New opportunities
GameFi introduces Play-to-earn models, which allow players to earn cryptocurrencies or tokens while playing. This disruptive approach empowers players by transforming leisure time into potential income-generating activities. Users can accumulate in-game assets or tokens that have real-world value, fostering an entirely new in-game economy.
Unlike conventional games, where in-game assets are limited to the gaming platform, assets in GameFi are based on blockchain technology, allowing for true ownership of these and their use outside of the game.
These digital assets can be transferred to other games and platforms, fostering compatibility. Players can sell or use their acquired assets across multiple games.
GameFi thrives on community participation and governance. Player communities actively participate in decision-making processes, contributing to the development and evolution of the game ecosystem. Tokenized governance models (DAOs) allow players to act as stakeholders and have a say in the future evolution of the game, creating a more participatory environment.
There are games that include decentralized financial functions such as farming and liquidity provision.
It should be emphasized that the use of blockchain technology ensures transparency, security and immutability of GameFi ecosystems. Smart contracts enable trustless interactions, ensuring fairness and reducing instances of fraud or manipulation.
Examples of GameFi games
Here are some GameFi games that showcase the ecosystem’s features.
Axie Infinity: Perhaps one of the most popular GameFi projects. It incorporates NFT-based digital pets called Axies. Players can breed, battle and trade these creatures, earning tokens in the process. The game’s “play to win” model allows users to generate income by participating in battles and other in-game activities.
The Sandbox: A decentralized gaming platform where users can create, own and monetize their voxel assets and game experiences. It offers a metaverse where players can build and trade virtual assets, participating in various game experiences and earning rewards.
Splinterlands: a digital collectible card game where players battle with collectible and tradable cards and earn rewards in cryptocurrencies. The game operates on a blockchain, allowing players to buy, sell and trade in-game assets.
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