Game Finance (GameFi)

Game Finance (GameFi)

Game Finance (GameFi)

GameFi = DeFi + NFTs + Game

What is GameFi?

Game finance, as known as Play to Earn. The rise of GameFi is closely related to decentralized finance (DeFi) and Non-Fungible Tokens (NFTs). DeFi makes NFTs have commercial value in the market. On the other hand, NFTs give game stuffs an unprecedented scarcity and a guarantee of ownership of digital assets. GameFi is essentially a combination of gaming and blockchain-driven financialization. For example, game developers change the game currency that used to be in games into cryptocurrencies. Players can earn cryptocurrencies through missions, transactions, or other mechanisms to gain their digital assets.

image

What are the elements of GameFi games?

  1. P2E: Play to Earn is the most basic core of GameFi games and the biggest difference from traditional games.
  2. NFT Assets: All kinds of stuff in the GameFi games can turn into NFT assets. For example, all props, lands, and characters can trade on NFT trading websites. Game developers have also built the game's trading market, allowing players to change treasures directly in the game.
  3. DeFi: Due to the advantages of decentralization finance, NFT assets acquired in GameFi games do not limit trading in the game's marketplace only.
  4. DAO: DAO's mode of operation at GameFi allows players to stop being mere participants in the game. Instead, they have the opportunity to work with the game developer to determine the entire development of the game in the future.
image

How to start playing GameFi games?

Each GameFi game has specific requirements. For example, players need to have a cryptocurrency wallet to join the game since the assets of GameFi games are built on the blockchain. Furthermore, users need to deposit a certain amount of cryptocurrency in their wallets when players first log in. Moreover, players must purchase some in-game starter items to start playing the game.

What are the differences between traditional online games and GameFi games?

Over the past few decades, traditional online games have allowed players to accumulate and trade digital assets in-game, and many game auction sites will enable players to auction off virtual treasures and allow players to invest in their online characters. However, all of these online games we played had to end one day in the past. When the game developer decides to terminate the game, all the digital assets the player has invested in the game are worthless. On the other hand, GameFi games store the digital assets held by players on a decentralized blockchain network. These blockchains operate independently of any single organization, and even if the game developer terminates the game, players can still trade their digital assets on cryptocurrency exchanges or NFT trading websites, thus reducing the risk of digital assets being worthless.

What are the benefits of GameFi?

  1. Play to Earn: Play-to-Earn lets players circulate the collected digital assets to the market and trade them into cryptocurrency exchange or NFTs websites.
  2. NFTs: Players collect and acquire the kinds of stuff in GameFi games that can be made into NFTs for sale, which brings the individual ownership of NFTs for players to express their digital assets.
  3. Earn Interest: Players can pledge their game assets such as cryptocurrencies or unique NFTs to borrow money or earn interest returns by selling their digital assets or game tokens on other Dapp applications.
image

Prospect

Under the meta-universe economy, GameFi naturally has all the characteristics of digital creation, digital assets, digital market, digital currency, and digital consumption. The blockchain game is out of the basic scope of the game, and the way of the game becomes the rules of visual finance, in which people seem to be playing games, but they are participating in some financial system. The game itself adopts the distributed structure of the blockchain to confirm the rights of all game assets, and players can freely trade their assets on the blockchain mechanism.

GameFi Tokens on Mexo

CHZ

  • Chiliz ($CHZ) is a leading digital currency for sports tokenization, powering the world’s first scalable fan engagement & rewards app where fans can buy & trade branded Fan Tokens as well as vote in club-focused surveys & polls. Chiliz.net is the world’s first cryptocurrency exchange for sports, allowing crypto-enthusiasts and traders to speculate and trade Fan Tokens.

ENJ

  • Enjin Coin (ENJ) is an Ethereum-based cryptocurrency that is used to directly back the value of next-generation blockchain assets. It aims to become "the gold standard for digital assets". Enjin created the open-source ERC-1155 token standard: it enables game editors to convert various types of assets, such as currency, real estate, digital art, and gaming items into tokens that are usable in blockchain applications.

SAND

  • The Sandbox (SAND) is a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using the platform’s utility token SAND. SAND token holders can participate in the management of the platform through an autonomous organization (DAO), where they can exercise voting rights on key decisions of The Sandbox ecosystem.

REVV

  • Revvmotorsport (REVV) is the main utility token and in-game currency of the branded motorsports games produced by Animoca Brands, including F1 ® Delta Time, an upcoming title based on MotoGP™ intellectual property, and Formula E which will come soon. REVV is being leveraged as a cross-title utility and the driving force behind the Play-to-Earn model.
💠
https://academy.mexo.io

Tu guía al mundo cripto