How GameFi is changing the gaming industry
GameFi is offering a groundbreaking new way to play and earn from gaming experiences.
With GameFi, players can finally monetize their gaming skills and assets, creating a thriving ecosystem where virtual achievements translate into real-world rewards.
What exactly is GameFi?
GameFi is the seamless integration of blockchain, NFTs, and games.
It allows players to earn tradable tokens in exchange for their in-game assets or as rewards for their achievements. Gamers can now capitalize on the time and effort they invest in games, turning their passion into a profitable venture.
How does it work?
GameFi projects are built on blockchain, requiring players to have a crypto wallet to store their assets. Thanks to the distributed ledger, all in-game assets are securely stored on various servers, ensuring true ownership for players.
This ownership grants the freedom to trade assets with other players and earn cryptocurrency, which can later be converted into real money.
Main features of GameFi
Ownership and control
Unlike traditional games, GameFi allows players to truly own their in-game assets and have a say in the game community’s rules and governance.
Passive income
Gamers can now earn real money as they progress in the game, turning their hobby into a lucrative income source.
Decentralization
GameFi projects are decentralized, eliminating the risk of losing progress or assets due to a centralized server failure.
Cross-game interoperability
Virtual items, characters, and assets earned in one GameFi project can be utilized in others, fostering a seamless gaming experience.
Community-driven development
GameFi token holders actively participate in managing the community and shaping the future of the project, giving players a real stake in the game.
Comparing GameFi and traditional games
The key distinction between traditional games and blockchain-based GameFi lies in the opportunity for players to earn passive income and even turn gaming into a full-time job.
In traditional games, players invest their money and time without receiving anything tangible in return, while GameFi allows them to create and upgrade characters that can be sold on marketplaces for cryptocurrencies, becoming valuable digital assets.
The use of blockchain enables cross-game compatibility, where characters, skins, and weapons can be used across various blockchain games. GameFi utilizes tokens as shares, giving token holders the power to influence community management and project decisions, preventing unilateral changes to game rules without the community’s consent.
GameFi: popular projects 2023
1. Axie Infinity: A Play-to-Earn game on Ethereum where players can earn AXS tokens and NFTs by breeding, battling, and trading digital pets called Axies.
2. Decentraland: A virtual reality platform on Ethereum that allows users to buy, sell, and build on virtual land, creating a unique decentralized metaverse.
Crypton Studio was developing a GameFi project for Decentraland, DASA scene. Find out more about it in our portfolio.
3. The Sandbox: A decentralized gaming platform on Ethereum that enables users to create, share, and monetize their own gaming experiences with voxel-based graphics.
4. Gala Games: A decentralized gaming platform offering various games, including RPGs and strategy games, where users can buy, sell, and play games.
5. Immutable X: A Layer-2 scaling solution on Ethereum that facilitates fast and cost-effective NFT transactions for game developers.
What’s next?
GameFi is reshaping the gaming industry, offering new ways to earn rewards, participate in decentralized economies, and explore virtual worlds like never before.
Today, GameFi development is a promising field with a large audience, and the industry as a whole is estimated to be worth $9.2 billion. And it is only going to grow, with the market expected to reach $38 billion by 2028.
Contact us
GameFi projects are very popular and promising, but to create a high-quality and secure product, you need to take into account many nuances. Trust the professionals from Crypton Studio.
Contact us and our team of experienced specialists will help you realize your idea.
