The emergence of Web 3.0 and Metaverse has affected every domain of our lives. The origin of a decentralized internet is leading major transformations. For instance, the establishment of the DeFi economy is a revolutionary innovation. It has had a major impact on two important sectors. These are social networking and the gaming industry. This has led to the development of niche based financial ecosystems- SocialFi and GameFi.
GameFi is shaking the economic world for the past few years. Especially during the COVID 19 Pandemic, it provided livelihood to millions of people across the world. This popular crypto investing modality promises the dawn of a new future for the gaming industry. It is leading the crypto universe towards becoming a multi-billion future.
The Relation Between GameFi and DeFi
Decentralized Finance or DeFi is an umbrella term used for various blockchain based financial projects. The DeFi applications employ smart contracts. These smart contracts are automated enforceable. This implies that DeFi applications constitute of peer-to-peer interactions.
GameFi is a sub-category of DeFi. It is an amalgamation of gaming and finance. It refers to the block-based play-to-earn games. These games provide economic benefits to players. The GameFi ecosystem leverages various technologies such as blockchain, NFT, crypto, etc. to create a virtual atmosphere.
You get an immersive experience while engaging in a GameFi ecosystem. You get to be a part of the inter-connected virtual worlds. You can enter the GameFi universe with your 3D avatar. You can earn GameFi tokens and GameFi NFT. You can later exchange these in-game assets for real currency. However, you must adhere to the GameFi protocol.
What are GameFi Tokens?
There are many GameFi tokens available in play to earn games. These GameFi tokens are basically cryptocurrencies. They are built on blockchain and are fuelled by NFTs. They help you to enjoy the game to the fullest while also earning money.
You can either earn or buy these GameFi tokens. In order to buy the tokens, you must be listed on some crypto platform such as Binance. Once listed, you can use Fiat deposits to start trading. You can use your credit/ debit directly to make the purchases.
Understanding the GameFi Protocol
The GameFi protocol offers a strong consolidation of various concepts that advocate which free to play to earn games. It encourages top GameFi teams to come up with new GameFi projects. It helps teams to launch their respective projects at high playability. It also provides assistance in establishing reasonable tokenomics on Game list. It further helps in deciding whether or not to put the tokens online through voting. This process is known as Decentralized self-regulatory organization.
Using GameFi protocol, you can buy/sell GameFi NFTs. You can trade character NFTs, element NFTs, etc. It enables users to enjoy their virtual freedom and wealth. This phenomenon is known as game value capitalization.
The GameFi Protocol allows you to form your own decentralized self-regulatory organization. You can form a governance community and can make spontaneous decisions. The GameFi protocol makes room for a democratic system. You get 1 vote for 1 GameFi token.
What is GameFi Crypto?
The portmanteau of “game” and “finance,” GameFi offers valuable economic incentives to the players. You can earn many in-game rewards while playing these games. Typically, you get rewards in the form of virtual land, crypto tokens, 3D avatars and other NFTs. To earn these rewards, you must complete all your assigned tasks. You can also get rewarded for battling other players or for progressing to the next level of the game.
You also have the option to but in-game elements. You can also transfer your in-game assets to other games or virtual platforms. This indicates that you get the true ownership of your play-to-earn assets. The idea behind this is to make sure that these assets are not soiled to any one platform or game environment. By moving in-game assets to different virtual environments, you can enhance the real-world liquidity and value of your assets. These can then be traded with other players to earn real money.
What is GameFi NFT?
There are many ways in which you can earn in GameFi. Many play-to-earn games also reward you with GameFi NFTs. These NFTs can be in any form. They can be assets like avatars, land, costumes, weapons, etc. These assets play the important role of establishing ownership of digital holdings. Just like cryptocurrency, GameFi NFTs can also be transferred to other environments and can be traded on a marketplace.
Similar to GameFi crypto, GameFi NFTs also offer monetary benefits. These assets can either be won in a fight or collected while playing. You can also charge fellow players by renting your virtual land. For instance, play-to-earn games like Decentraland and Sandbox offer virtual land ownership rights to players. Thus, players can purchase virtual real estate and develop them. They can then rent it out and charge other players to stay there.
10 GameFi Projects
There are many GameFi play-to-earn games available in the market today. Based upon your interest, you can choose to play any of these games. Most of these games come with a great reward system. You can earn GameFi tokens, GameFi Crypto and GameFi NFTs while playing. Here, we have created a list of top 10 GameFi play to earn games.
The Sandbox Metaverse is one of the most popular play to earn game. It provides you an immersive virtual world. You can build, own and sell NFTs of your gaming experiences. It is built upon Ethereum blockchain. You can play it on Android, iOS and Windows devices. This game amalgamates the SocialFi and GameFi elements. You get rewards for participating in gaming activities.
While playing big-time game, you can go on space adventures and time travel. It is perfect for action-adventure game lovers. You can travel through different eras and locations using a time machine. In actual, your time machine is a wallet. You can store all your acquired artifacts and tokens here. You can then exchange these GameFi NFTs and crypto for money.
Mirandus is a multi-player role playing game. This ambitious open world play to earn game has a completely user driven economy. From shops to buildings, players enjoy the ownership right for everything. You can earn by renting out space to other players. You can gather large amount of money while engaging in this game.
Considered to be the most anticipated DeFi game, Illuvium provides a beautiful open environment to the players. It is a extremely pleasing and lucrative GameFi universe. Players can engage in open-world auto battles and collect NFTs.
Legends Reborn is a highly competitive card game. Here, you have to build sets of cards that resemble various living creatures. All these creatures are in reality NFTs. The fast-paced nature of the game is very thrilling. It also offers great financial incentives.
StepN is the hottest move to earn game in the world. You will need to make an initial investment in NFT shoes to start playing. It is a good motivation to stay healthy. The game pays you to exercise. It has been taking the GameFi universe by a storm.
DeFi kingdoms do not have any traditional gaming elements. Here, you have to collect assets from the game’s liquidity pool. You earn a share of money by staking the in-game token, JEWEL. Your earnings can even amount up to 1000%. This jazzy GameFi is a fun way to earn money.
Splinterlands is another amazing play to earn game. It is a blockchain-based card-trading game. It can be played on both mobile and computer. To play, you must first invest in a legion card pack. You can trade, sell or exchange your in-game assets to earn money. Right now, there are more than 283 cards. The Chaos Legion card is also going to be launched soon.
Free-City is a NFT play to earn game where players can monetize their social influence. This Web 3.0 based virtual world in an intricate blend of GameFi and SocialFi elements. You have to use your NFT microphones to interact in social audio rooms and participate in other gaming activities. The game rewards you for participation in the form of blockchain tokens and even NFTs. You can also collect NFTs while playing the game. These NFTs come with real-world value and you can trade them with other players for monetary benefits.
Axie infinity is an incredible SocialFi and GameFi play-to-earn game. It is an NFT based game that is built upon Ethereum Blockchain. It has a powerful in-game economy. The game rewards players with NFTs in the form of digital pets. These pets are called Axies. Players can either collect or mint these axolotl-inspired NFTs. This game can be played on both Android and iOS devices.
The GameFi integrates the financial and gaming world. It provides a way to earn money by playing games. It is turning the gaming industry into a full-time earning job. You can earn in-game elements such as cryptocurrency. NFTs, GameFi tokens, etc. You can then trade these in-game assets with other players in exchange of real-world currency. It is a fun and lucrative way to generate an income.