From games to money, how does blockchain change the face of video games?

If it sounds futuristic to make money by playing video games, think again. With GameFi, this has become a reality.

BTC, ETH, NFT, DeFi, Crypto, blockchain, and technologies based on them are no longer simple buzzwords, but quickly entered the mainstream. Out of doubts about the current global financial system and possible profit promises, more people are encouraged to explore the possibilities provided by blockchain-based services, which also applies to games.

GameFi is a homonym of “Game” and “Finance”. It has become one of the most popular topics in Crypto last year. It essentially allows players to get rewards in the form of NFT.

An NFT is a Crypto on the blockchain, representing a unique project, which can be a piece of art, a digital video game avatar, or even physical property, which essentially solves the problem of ownership verification in the digital space.

Linkin Park singer Mike Shinoda, who recently sold a newly released song NFT for more than $10,000, said on Twitter, “Think of NFT as having a unique item in a game, or like owning an Instagram s post.”

From games to money, how does blockchain change the face of video games?

The reason why electronic games can use GameFi to make an impact is through the NFT of the game itself. For example, your character or avatar in a video game can also be an NFT. EtherOrcs is an example. This is a role-playing game. All 5,050 unique characters in the game are their own NFTs, and all the code to run the game itself is carried out on the blockchain. Players can buy and sell these things in the market, and they can also be used for work.

These individual characters are valuable because of their uniqueness and scarcity, but like many other NFT-based games, they all take advantage of another aspect of the GameFi space, the play-and-make mode. By completing the tasks and goals in the game, users can get further NFT rewards, or more commonly, game assets can be exchanged in the game.

From a fundamental point of view, GameFi is still mainly fun. Gary Vaynerchuck, CEO of Vayner Media and supporter of NFT, said on Twitter that at this moment of NFT2021, the biggest gain that has not been discussed is “fun”. This is really just because of the fun, which many adults need.” “Fun” table games were an important part of culture three or forty years ago.

Although the popularity of NFT-based games is still at a relatively early stage, the popularity of blockchain-based games is almost the same as that of Crypto. For example, games like Minecraft have years of servers and built-in BTC integration. However, DeFi (decentralized finance) can implement smart contracts through other cryptos, such as ETH, to reduce costs and speed up execution.

Regardless of whether it is adopted in advance, the NFT game field offers huge opportunities. The top players are paying attention to this. Venture capital companies and game developers are cooperating to explore and develop opportunities. For example, Ubisoft and other large game companies have launched a Crypto-based game incubation project, which is responsible for developing some of the most popular games on the market. Popular games, including the incredible Axie Infinity, report more than 1.8 million daily users.

Jamaine Krige, a player who has played multiple NFT mobile games, said that a friend of his recently stopped working and started playing this kind of lucrative game. He thinks they are all playing games anyway, so you might as well make money while spending time. Take some compensation.

Posted by:CoinYuppie,Reprinted with attribution to:
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