The explosion of blockchain technology has brought a new definition of how the world works. Followed by DeFi, CeFi and the recent popular GameFi, the success of Axie Infinity is the best proof. With the rise of P2E (Play to Earn), more and more people are paying attention to the game market. The emergence of GameFi has brought them new development opportunities and the emergence of unicorns in the field of technology.
What is GameFi
GameFi is the perfect combination of gaming and finance. The current valuation of the gaming industry is about 175 billion U.S. dollars, and it is expected to reach 200 billion U.S. dollars soon by 2023. At the same time, due to the continuous development and expansion of the encryption industry, the huge game market share and the flexibility of the encryption industry have combined to create today’s GameFi.
The term was originally coined by Yearn founder Andre Conje about 9 years ago. Concepts like GameFi also appeared in World of Warcraft and The Sims Social, and the Crypto Kitties game also began to use blockchain technology in 2017. Simply put, it is a platform where users can make money through games. GameFi covers a wide variety of games, rules and structures, so it is not limited to any specific technology or platform.
How GameFi works
Most GameFi structures can run on PC devices and allow players to make money. At first, players must hold the assets of the in-game cryptocurrency. After that, players can start playing the game and profit from it through various activities. GameFi applications are diverse, but most of them are built on several common public chains.
P2E allows players to earn assets through the game, but the proceeds received will be transferred to the encrypted currency NFT. NFT is a digital asset based on blockchain technology, which makes the characters or items in the game unique and cannot be copied or forged To create the value of the item itself. Original tokens In order to distribute rewards and maintain the value of the GameFi project, each game uses its own token blockchain technology.
The original GameFi game was built on the Bitcoin blockchain . With the gradual expansion and complexity of GameFi, it is now gradually turning to DApps-based blockchains, such as Ethereum, Wax, Solana or Binance. With the support of blockchain technology, all transactions and exchanges of items are open, transparent and fair.
Currently popular GameFi projects
Illuvium is an open RPG card game, officially known as a 3A masterpiece, the game is mainly developed based on Immutable X. The project was established in September last year. The founders are Kieran and Aaron Warwick, brothers of Synthetix co-founder Kain Warwick, with a certain background. The team has established and cooperated with YGG and other institutions. The token is ilv, and some exchanges have been launched. Overall, it is still a good game project.
The background of the game takes place in a mysterious alien world. In the alien world, a spaceship crashes, illuvials are creatures in the alien world, and the player is the survivor of the spaceship. What the player has to do is to fight with illuvials and capture them. The beasts the player captures can be used to collect, trade, fight or earn rare game items.
MOBOX is a community-driven platform that uses token rewards to increase user participation and entertainment. MOBOX uses a revolutionary token economic system, combines the advantages of DeFi and NFT, and uses financial mechanisms and game systems to empower users, creating a truly unique and long-lasting free-to-play and easy-to-earn ecosystem. There is no pre-mining K, no seed round, and no pre-sale for MBOX tokens.
Compared with the Axie Infinity mode, MOBOX has a richer gameplay, and the MOMO NFT in the game adds the function of pledge mining K. Therefore, when the demand for MOMO in the market decreases, players can pledge MOMO to lock up, thereby reducing the supply of MBOX tokens, stabilizing the price of MBOX tokens, and at the same time, it can also bring more benefits from mining K.
Radio Caca (RACA) is a meme-like NFT project on the Binance Smart Chain, which has multiple tracks such as Meta Universe and Chain Game. The liquidity fund pool is locked for 4 years, and there is a relatively in-depth cooperation with bakeryswap. And has interacted with Musk’s mother many times , which is a celebrity endorsement project.
Radio Caca combines several of the most popular game areas in DeFi, NFT, and Metaverse. Created the USM Metaverse, in addition to “Play to Earn” on USM, players can also farm RACA in the liquidity pool to get rewards. RACA realizes the link between the USM meta-universe space and the real-world value circulation. Users can freely trade and buy NFT assets in the USM meta-universe virtual world. The assets purchased by users in the virtual space with RACA can be used to obtain real-world income.
The Crypto You (BABY)
The Crypto You is BabySwap’s first blockchain game. It was launched at 8 o’clock on December 5th, 2021 UTC (16 o’clock in the afternoon Beijing time). This is a game with a high imitation of BinaryX (bnx).
BABY is the platform currency of BabySwap and the governance token of The Crypto You, which is one of the barriers to entry into the game. There are many scenes in the game that need to consume BABY tokens, such as: creating characters, upgrading, casting rare equipment, etc. BABY can be obtained through a copy of PVE, and can also be traded on BabySwap. Players have a baby NFT, pledge to mine K in the game, or play PVE battles, adventures, etc., and obtain milk and baby rewards in the game, so as to make money while playing in the game.
The future of GameFi
GameFi provides a new way to profit in the encryption field, while also providing fun for players. By effectively adopting development areas such as DeFi and NFT, GameFi has the advantage of leveraging existing platforms. Especially NFT, if players can collect rare NFT in the game, they will tend to invest more in the game, and will invite other friends to join.
Another factor that may stimulate GameFi’s further growth is the decentralization it pursues. Individuals will truly be able to contribute to the way the game progresses, thus encouraging more players to participate.
The last is the emergence of Metaverse, and future careers can be deployed on GameFi. Due to the spread of the new crown virus, the world is experiencing an online work lifestyle recently, and things such as seeing a doctor or online consultation in virtual reality have become more frequent. With GameFi’s diversification and the adoption of new DeFi and DAO procedures, we will definitely see more innovations and improvements in GameFi.
GameFi has and will become the inevitable trend of blockchain. At present, GameFi has just sprouted, and its market share is still huge. At this stage, most of the GameFi on the market are released on the PC platform, and most of the early stage requires a relatively large amount of money to start earning, so it is more difficult for newbies. In addition, due to the explosive growth in the early stage, there is indeed a certain bubble phenomenon. There are many projects that are fished in troubled waters, are of poor quality and even used for fraud. Everyone should keep their eyes open and participate cautiously.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/can-you-really-earn-money-in-gamefi/
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