Something about GameFi

What is a GameFi

Blockchain technology has become a very sweet cake. It is no exaggeration to say that no matter how remote corners are, as long as those who have mastered the blockchain technology can always set sail in the wind of this era. Today we are going to talk about GameFi, the "popular superstar" in the blockchain.

The term GameFi may seem familiar and unfamiliar to many people, so what exactly is GameFi?

In fact, GameFi is a fusion of games and finance. The essence of GameFi is to use the combination of blockchain technology and decentralized finance to reform the traditional game infrastructure, so that players can extract their in-game gains from the game and become their own digital assets.

For example: in traditional games, various forms of rewards such as rankings, points, grades, and in-game currency are always used to motivate players and create a sense of belonging for players. However, all wealth and prestige in the game are only valid in the game, and players cannot take the in-game rewards out of the game, nor can they use these rewards in any form of exchange with real value. What makes GamFi different from traditional games is that it is based on a series of measures such as blockchain technology and the GamFi protocol to provide players with rewards that can be actually exchanged for currency in the real world, and these rewards are usually in cryptocurrency or NFT form distribution, players can easily exchange for fiat currency after getting rewards.

What is GameFi in crypto

After a preliminary understanding of what GameFi is, many people will have such confusion: why should GameFi's rewards be distributed in the form of cryptocurrencies or NFTs? What is the relationship between GamFi and cryptocurrencies?

In GameFi, there are various reward mechanisms and reward forms, including cryptocurrencies, but not limited to cryptocurrencies. Players can get virtual land, avatars, weapons, and even clothing items in GameFi, which seem to be related to The rewards are the same as traditional in-game assets, but most of these rewards are presented in the form of NFTs in each GameFi project. Although a small number of rewards are not in the form of NFTs, they can also be converted into corresponding NFTs and traded in the NFT market. In other words, GameFi ensures that each player can convert their in-game assets into digital assets that belong to the player by issuing rewards in the form of cryptocurrencies and NFTs.

What is GameFi protocol

Since the concept of GameFi was first proposed by MixMarvel Chief Strategy Officer (CSO) Mary Ma at the Wuzhen Summit in 2019, GameFi has been on the road of rapid development. However, the gap between various GameFi projects is still very large, and the interaction between assets and data limits the possibility of various projects, resulting in the limited speed of ecological development under the entire GameFi concept. Players are concentrated on a small number of GameFi projects, and a large number of emerging GameFi projects can only fall into the "high income and high return" marketing method to attract players and achieve the purpose of attracting new players in the short term, but such projects are launched without sustained user growth in the later stage It will greatly affect the future development of the project.

Therefore, the emergence of the GameFi protocol provides a new possibility and direction for the ecological development under the concept of GameFi, that is, the platform model.

For players and developers, the emergence of the GameFi protocol makes the operation more convenient. Players can use the platform to enter the games launched on the platform, and developers can also launch their own games through the platform (similar to the steam model). Not only that, but at the operational level, the GameFi protocol has also achieved better services than previous GameFi operations, allowing developers and players to enjoy a series of blockchain technology, NFT casting, pass economic model, community promotion, online games, etc Online service, which realizes barrier-free game switching for players and all-round online game services for developers.

How do you make money from GameFi

So after learning a little about GameFi, are you a little excited but don't know how to start taking the first step in the GameFi journey?

Please don't worry, just three simple steps can make you realize the GameFi dream of making money while playing.

1. Create a brand new crypto wallet. A brand new crypto wallet is very important to your GameFi account. Whether or not you have a crypto wallet before, please create a brand new one, because GameFi is not just a game experience for you, but a brand new investment. Caution can help you go further. By the way, different GameFi game projects may require different wallets to connect to the blockchain, so your crypto wallet must match the game you choose.

2. Connect your crypto wallet to the game. After entering the official website of the GameFi game of your choice, click "Connect your wallet" or other related content options. This will be the key to converting the rewards you earn in the GameFi project into your digital assets, which will go into your crypto wallet, and you will have the right to trade them or continue to hold them.

3. Meet the conditions for participating in the GameFi project. In different GameFi projects, the conditions for players to participate in the game are different, but there are also similarities. For example, you need to purchase the tokens of the project itself (generally NFT or cryptocurrency) at the beginning of the GameFi game. These tokens will be your starting capital in this GameFi game, which is why the first step is to create a brand new encrypted wallet. A brand new encrypted wallet can effectively prevent you from being caused by various reasonsunnecessary loss.

The conclusion

2022 is an unusual year for GameFi, with more and more players, developers, and even giants joining in to allow more creative projects to grow. As GameFi develops better and better, players will also have more opportunities to gain practical benefits while enjoying the fun of the game itself. However, behind every investment, the word risk is shouting loudly. Everyone still needs to do what they can, and don’t be impulsive.

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