Playing video games and games generally is something we all do – either with our phones, laptops or gaming devices; we engage in all forms of gaming activities on a daily basis. Gamefi is just like playing these games only that there are some technicalities associated with it.
To understand the Gamefi topic, we can’t afford to leave out explaining DeFi (Decentralized Finance). Defi refers to all forms of finances based on the Blockchain technology. Unlike our normal Centralized finances in the form of national currencies that are controlled by central banks, DeFi is independent of a regulating body.
According to Wikipedia “Decentralized finance is a blockchain based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges or banks to offer traditional financial instruments and instead utilizes smart contracts on blockchains, the most common being Ethereum”.
Now we can go into our main focus which is GameFi. It’s going to be an amazing read for you
GameFi happens to be one of the top topics as it has to do with the cryptocurrency industry. When you carefully look at the word GAMEFI, you will see that it is a combination of two words. The definition of the term GameFi is simply the coming together of gaming and finance. This time around the finance is specifically Decentralized(DeFi). The earlier explanation of decentralized finance was to help you understand what gaming was being joined with.
GameFi is the integration of online gaming which has blockchain as it’s base with decentralized finance being instrumental. We can say that GameFi is the technology of financing online video games. It is seen as the amalgamation of finance and game.
The origination of GameFi was traced to the speeches of the founders of MixMarvel during the Wuzhen World Blockchain Conference in China which dealt with how the underlying cryptocurrency technology could actually revolutionize the gaming industry. This conference was in November 2019. But on a rather famous stand, the term GameFi has it’s credit given to Andre Conje who is popularly known as ‘father of DeFi’. Andre Conje made mention of the term GameFi in a tweet dated September 2020. The tweet read “Gamification applied to monetary policies excites me so much. Your funds are becoming gear to use in this defi game”. In another tweet Andre Conje said “Till now we have been cloning Tradfi, going forward we go into GameFi”.
Even though the term GameFi has been only used recently, the history of GameFi is said to date as far back as the history of Bitcoin. We see projects before now that allow gamers to turn their online gaming into a money stream. After a while more projects like Huntercoin began to use blockchain technology not only for payments but also for mining cryptocurrencies.
The GameFi protocol is set to allow its users(Gamers) earn cryptocurrency while having fun. This is what we meant earlier when we said GameFi is a way to monetize the gaming industry. The GameFi protocol was engineered to support Play to Earn.
Here’s a list of some of the top GameFi protocols
VIBE (VIBE) – $0.04201+39.77%
Binemon (BIN) – $0.02416+33.80%
Refereum (RFR) – $0.01628+24.58%
Polker (PKR) – $0.3992-21.85%
Most of the online games that make use of cryptocurrency (digital assets) are Ethereum based. What this means is that you will need to have some Ethereum to be able to play these games. The ethereum(ether) needed will be purchased with your normal currency notes through a peer to peer system since there are no centralized banks that sell cryptocurrencies.
Click here to understand the details of P2P.
Purchasing Ether without a store or wallet to keep it safe will be a problem. Hence, you’ll pick a store or wallet to use from the array of digital wallets available to you. It is important to choose a wallet that can be navigated through easily where you can store your acquired ether.
Your next step will be to choose the online game you want to play. At this point we won’t fail to let you know that the online gaming industry especially the blockchain based games are still in their early stages.
The early stages are referred to as beta and alpha stages. We say this to prepare your minds for the bugs and hitches you might encounter especially on a mobile device. Nevertheless, this is in no way going to stop the fun and entertainment plus the financial stance you will get.
Apart from the fun and all you’ll gain playing these games, you will be a part of the users, community of people helping the developers of these games and technologies make good choices as regards upgrades and fixes to be made.
Now there is a wide array of online games you can play, let’s highlight some of these games – You have Cryptokities (this is one of the earliest games that brought Blockchain based games to light), Axie Infinity (one of the top online video games that is rapidly taking the high ranks on a daily).
Related: Axie Infinity: All You Need To Know
How To Make Money With Gamefi
With the emergence of GameFi, which is the combination of finance and online gaming, making more money just got easier. If you’re a lover of online games, what this means is that you can get paid for spending all that time in front of a laptop or desktop screen. It means your time on these gaming platforms, especially those that are blockchain based will no longer go to waste.
GameFi provides a better gaming model than other gaming models. On other gaming models you will need to purchase upgrades to gain a certain advantage over other gamers – this model is called the Play To Win model. GameFi, unlike the Play To Win model runs a Play To Earn model which is popularly referred to as the P2E model.
You can make money off GameFi by buying assets, trading assets or staking assets in blockchain based online video games. These assets are referred to as NFTs which mean Non-Fungible Tokens. Market trend has shown that most of these NFTs are doing better than normal cryptocurrencies. What an investment to make. Amazingly so, you can keep track of everything you own.
Without much ado lets see a few games that will allow you earn on GameFi
l Crypto Blades
l Axie Infinity
l Alien Worlds
l Splinter Lands
l Upland and a lot more.
Now that you know what GameFi entails, it’s time to take a leap at investing and making some money. Let’s take a look at some GameFi tokens you should watch out for. These tokens have shown an all time increase much better than most digital, already existing cryptocurrencies.
By now you should be familiar with Axie infinity as it has constantly made its way up the financial ranks. It has become one of the fastest growing GameFi projects. Trend and research shows that this project has the most expensive collection of NFTs and this has been due to the fast growth rate of it’s gaming community
Crypto Blades is another GameFi project that has been on the rise right from inception. It has made part of the top projects because of its utility in the P2E sector of the online gaming industry. This game has made so much development, so much that it is available on the Binance Smart Chain.
Another project to invest in is the MOBOX platform. This GameFi project hasn’t just earned the heart of the cryptocurrency market, it has also earned the ratings of it’s players and gamers. The process of this P2E platform allows it’s gamers to use it’s NFT for trading purposes or for advancing their online game characters, avatars.
One GameFi project that stands out from other projects is the CryptoZoom. The aim of this project has been to create an inclusive and growing community of gamers. This goal was made possible by the features created for use in the platform. There are several ways users can earn on this platform, they earn by either fighting monsters, battling with other players and staking. In all of these processes they have the opportunity to collect and gather NFTs.
This next project is one of the fastest growing platforms with over $5 million value. Dungeon Swap is the very first RPG game to be listed on the Binance Smart Chain. This platform allows their users, gamers to passively earn income while joining, participating in different dungeon adventures.
With all we have said, it is convincing that the world is really becoming digital and with this revolution, we see a pattern. A pattern that allows us to get entertainment and education on the same platform. We see that the GameFi protocol isn’t just aimed at wasting peoples time in front of laptop and desktop screens. We see a model that introduces the blockchain technology to the world (now that is education) while having fun playing online video games. This in the long run will not only be a model for fun but good investment. With the rate at which people lose their jobs and go bankrupt, investing in GameFi won’t be a bad idea.