We live in an age where almost anything is possible. Free cryptocurrency seems too good to be true, but it is possible. How? Thanks to the latest developments in blockchain technology, you can play games and earn free cryptocurrencies on the betting site or in موقع الرهان الإلكتروني. Instead of playing traditional games, you can simply earn money doing what you love: gaming! Are you curious about what GameFi is and how you can make money on games thanks to the blockchain? Find out in this post!
What is GameFi?
Blockchain technology has many more applications than most people know. While we often think of Bitcoin (BTC) and Ethereum (ETH) when we talk about crypto, events follow at lightning speed.
The gaming industry is one of the largest in the world, with millions of people playing their favorite games every day. For example, blockchain games are becoming more and more popular and we are also seeing an explosion when we talk about GameFi.
GameFi is a combination of the words “game” and “finance”. This refers to the countless opportunities that you have as a player to earn cryptocurrencies and other assets on the blockchain.
One of the characteristics of blockchain is its decentralized nature. This means that there is no central party to exert influence. In traditional games, you have a certain number of levels that you can complete and in order to complete them, you need to complete a series of actions and you are done. Due to the decentralized nature of blockchain technology, every player has influence over the game and everyone has the freedom to develop the game on their own, albeit in concert with other players on the network.
Play to earn
A good example of this is Decentraland (MANA), a virtual world where you, as a player, can invest in a virtual piece of land. Then you decide what you want to do with it. For example, you can decide to build a holiday home on this site, or you can place a casino here so that players can try their luck in your casino.
You can also host your own virtual event and charge an entrance fee. These earnings go entirely to you as a player without having to pay a specific price. Decentraland (MANA) is one of the first blockchain games created in 2017, but it is a great example of how simple the “play to earn” model can be.
In this virtual economy, you can monetize everything yourself. There are no restrictions from the large party that prevent you from making your own choice.
Chances are you’ve already played Crash Bandicoot or Grand Theft Auto (GTA). With any luck, you will have codes to have more tools at your disposal, such as unlimited money or access to more weapons. But we often do not take into account the fact that the possibilities are limited.
The creators of the traditional game developed this in source code with accompanying scenarios that could happen. In addition, the developers of the game can still completely change this game. For example, with a new game update, they can remove your favorite car or remove your favorite weapon. But what if those assets are now NFTs?
This means that no one but yourself owns this in-game asset. Your weapon in the game belongs to you and no one else can take it from you. With the further development of GameFi, you can also be sure that you will be able to use this unique NFT in various games, which of course puts you in a strong position as a player.
In traditional games, you know in advance how many levels there are, what status you can achieve, and what options there are. And no matter how long it takes, the time you spend on it will be pure entertainment. The only people who benefit financially from this are the creators of the game.
Thanks to blockchain technology, we got acquainted with NFTs and their possibilities. And indispensable in GameFi is the use and trading of these unique tokens. These are in-game assets that are actively used for the game, thanks to which users can also earn money with these NFTs. Many gaming platforms have their own NFT trading platform where you can buy new unique tokens as well as sell your own. And the less often, the more profitable, of course!
In order to achieve this decentralized free economy where players can earn income through games, having a DAO framework is essential. This is a Decentralized Autonomous Organization, which means that each member of the network is a co-owner. Players are given governance through native tokens that allow them to vote on the future of the protocol.
As a result, democracy reigns, and each player is given the freedom to manage their own virtual economy, as well as trade their own NFTs. Let’s not forget that this is critical to GameFi’s play-to-earn success. For example, through the DAO, players can vote on the number of rewards that will be available when and the like. Through this consensus, the game remains democratically in the hands of the users and also has a future.
How did GameFi come about?
In fact, blockchain technology is so revolutionary that it can be applied to almost every aspect of life. Aside from the financial aspect in which cryptocurrency will open up a whole new dimension, video games will never be the same again. We no longer want to depend on third and/or central parties. It also became apparent in the gaming industry where players didn’t agree with the limits of the game, or that you could finish the game at all. And what’s even better is that as a player, you can now also earn cryptocurrencies, not to mention the ability to trade and use these NFTs. The possibilities are truly endless!
GameFi has exploded in 2021 with more and more projects focusing on earning apps. It is the combination of DeFi and NFT that makes GameFi a unique blockchain application that will continue to evolve in the near future.