The traditional gaming industry is changing forever. The main reason for its growth is the attention of large companies and the potential benefits for ordinary players. Crypto games are an opportunity to monetize your gaming experience. Unlike classic ones, you play to win money. Imagine playing Monopoly for real money.
Do you still invest in Bitcoin or swap NANO to USD to make money? Isn’t it better to try something new and earn money on games? Nowadays, some of them reward players with money. Really, who doesn’t love making money from entertainment? Let’s plunge into the world of GameFi and think about what will come for these projects in the future.
What is GameFi?
It is one of the most popular words in cryptocurrency, formed from “game” and “finance.” A term used to describe the gamification of the financial system.
GameFi’s projects are launched on a decentralized blockchain ledger that allows players to own in-game items:
- Play areas;
- Avatars;
- Trophies;
- Pets;
- Gold;
- Weapon;
- Resources, etc.
André Cronnier first used the term on Twitter. Since then, the term has become widely used to describe video games running on a decentralized blockchain financial system. The popularity of video games, in combination with the unique properties of cryptocurrencies, makes GameFi a very attractive area.
What Does the Future of Gaming Look Like?
Why do people play GameFi games? First of all, the industry’s future is easily predictable. These games became popular during the Covid-19 pandemic when global restrictions were imposed. In this way, these games mitigated the negative effects of social distancing and allowed people to earn money. It has led to the development of the gaming ecosystem and gaming culture.
The emergence of GameFi can be attributed to the emergence of cryptocurrencies. But this direction has become mainstream recently. An example of the popularity of GameFi is the huge success of Axie Infinity. With over 1 million active players daily, Axie Infinity Token sales on the exchange exceeded $1 billion in August 2021.
The ever-evolving technology behind crypto projects has advanced so much. A new project has attracted the funding of many fans and companies. Industry experts believe crypto games are the most effective way to introduce blockchain technology to a broad public. As these projects become increasingly popular in the traditional gaming world, the acceptance of cryptocurrencies will continue to increase. Most likely, GameFi will increase its influence on the $175 billion gaming market.
Video games have long used concepts such as in-game currency, rare digital objects, and tokenization. But a lack of monetary representation characterizes them. There is no doubt that GameFi projects can increase the financial strength of users. As a result, these games will become more and more popular in the future.
Recent Growth of GameFi
It’s an exciting time for GameFi. Companies representing the industry participate as members of the “Blockchain Game Alliance.” It is an organization created to raise awareness of GameFi. Hosted by developers and players, BGA provides a development infrastructure and a forum for communication, collaboration, and knowledge sharing between developers and players.
GameFi is a fast-growing blockchain area. You no longer have to wonder where to exchange VECHAIN to USD or other coins. With the huge success of crypto games like Axie Infinity and CropBytes, the future looks bright for GameFi. Many games will be developed in the future, and more innovations are expected.
In Conclusion
The concept of GameFi goes beyond existing online games. A mechanism will allow you to make money. It will eventually become the gateway to the spread of cryptocurrencies—no wonder this explosive trend is gaining momentum. GameFi and NFT are the starting points for DeFi. Growing public interest and capital flows create endless opportunities for this industry.
The concept of GameFi goes beyond existing online games. A mechanism will allow you to make money. It will eventually become the gateway to the spread of cryptocurrencies—no wonder this explosive trend is gaining momentum. GameFi and NFT are the starting points for DeFi. Growing public interest and capital flows create endless opportunities for this industry.