Axie Infinity, other GameFi projects, and “play-to-earn” games are shaking up the gaming industry as we know it. P2e game development is a good way to describe these blockchain-based ways to make money from gaming, and GameFi is a blockchain-based game that gives players money for playing.
Most of the time, players can earn cryptocurrency and NFTs by doing chores, fighting other players, and moving up through the game levels. Unlike traditional video games, most blockchain games let players move game items outside of the virtual world. Players can sell their items on NFT marketplaces and trade their winnings in crypto on crypto exchanges.
This article talks about Gamefi Tokens, what they are, how they work, and what you need to know about them. Let’s dive!
Let’s discuss what is GameFi?
GameFi is a place where game studios, players, traders, and investors can go to get everything they need to know about game finance in one place. GameFi will bring to the gaming community the new blockchain game projects built on the BSC and Polygon networks, which host most of the best play-to-earn games.
At the same time, GameFi is the first marketplace that lets you trade in-game items and non-game currency between games. GameFi projects are built on the distributed ledger of the blockchain. This lets players prove that they own virtual items in the game. GameFi programmes are different from traditional games, where people play to win. Instead, they encourage people to play to earn money.
GameFi is backed by Ice Tea Labs, which helps new games like Faraland and Kaby Arena get started, and DAO Maker, which has helped get a number of high-profile gaming projects off the ground.
Who came up with the idea for GameFi?
Derek and Sean Kelly, two men who got into gaming because they loved old games, started GameFi. In the late 1990s, Sean went to college at the Rochester Institute of Technology in upstate New York. It was there that his roommate gave him his first Game Boy. He used the device to play Tetris while he and his siblings were in the car for hours on end. Soon after that, he bought a Super Mario Land 2: 6 Golden Coins game cartridge that had been used.
He says that he played the game so much that it stopped working. On Halloween 2003, Sean and his wife ran out of candy for trick-or-treaters. This could be seen as the spark that led to the creation of GameFi.
In 2016, they began making video games for companies like Disney Interactive Studios and EA Sports as freelancers under the name Wild Rumpus Games. Even though they liked what they did, they didn’t feel like they were doing enough. There had to be more to life than writing code from 9 to 5. They wanted a business they could run from home so they could spend time with their kids and make money doing something fun.
Now understand what GameFi Tokens are?
GameFi Tokens, also called “GF tokens,” are the currency used on the GameFi platform to buy and sell games, in-game items, and other forms of entertainment. Two Initial Coin Offerings (ICOs), one in 2017 and one in 2018, were used to give out GameFi Tokens. Each ICO gave out a total of 1 billion tokens, of which 400 million were given to investors during the presale period and the other 600 million were still for sale after the sale period was over.
You can use Bitcoin or Ethereum to buy tokens, or you can use fiat currencies like USD or EUR through fiat gateways. Gamefi tokens can be used to buy games, in-game content, and other products from developers who have partnered with Games. Game players can get tokens by taking part in challenges or buying Gamefi’s service.
Here are some top GameFi Tokens
Let’s look at these GameFi tokens in more depth.
Axie Infinity is a character that Axie made up (AXS). The $AXS Axie Infinity metaverse governance token is a coin that works with ERC-20. Holders can earn $AXS by playing a game, taking part in staking, voting on important decisions, and buying or selling NFT in-game content. You can make and improve characters and fight with other people in an arena.
Enjin created Enjin Coin, which is a digital currency (ENJ). Enjin is a platform that makes adding NFT and GameFi to apps easier. The platform comes with a full set of development tools that don’t require a lot of technical knowledge to use. A developer only needs to submit information about the upcoming app, connect the wallet, and generate the collection assets in minutes.
Gala (GALA) is a platform for building easy-to-use blockchain games. With NFT technology, players have full ownership of everything they make or buy. The team often talks to people about changes on Discord, which is a huge plus. Over 16,000 nodes already power the platform all over the world.
How will games benefit from these Gamefi Tokens?
- With this token, gamers can buy in-game items, sign up for subscriptions, or get prizes.
- For each transaction, a small amount of this currency will be used to pay for more servers and stop spam.
- In order to make up for this, publishers will get 85% of all sales. This might seem like a lot, but remember that gamers and game makers both benefit from a streamlined system that saves time and money for everyone (and prevents scams).
- When gamers buy a new sword for their character, they don’t have to worry about getting unauthorized charges on their credit cards. This is because each purchase is checked by both the publishers and third-party payment providers like PayPal or Amazon.
- Gamers also don’t have to deal with complicated chargebacks if that same sword breaks three hours into a game.
Where can Gamefi Tokens be bought?
On KuCoin, Binance, Hit BTC, and other public exchanges, you can buy GameFi tokens. It’s a place where people can buy and sell cryptocurrencies using a variety of methods, including regular money. GameFi only uses ERC20 tokens, which are based on Ethereum. You can only buy them with ETH, BTC, or USDT (Tether).
GameFi Tokens: What You Should Know
NFT and GameFi are two technical fields that continue to dominate the blockchain industry, and they are inextricably linked.
- GameFi crypto tokens help digital content creators make money from their work and protect their rights at the same time.
- GameFi is a combination of Decentralized Finance (DeFi) and gaming, but instead of playing to win, you play to earn.
- Players can benefit by making their characters better and stronger. One more benefit is that the participants, not the company, are in charge of their own money.
- Even if a server goes down, users’ tokens and NFTs will still be in their wallets. So GameFi isn’t just a way to have fun; it can also be a way to make money.
What is the Future of Crypto Games and GameFi?
Due to the coming together of DeFi, games, NFTs, and the metaverse game development, a new kind of virtual gaming environment has come about. Players can get money rewards right away, which isn’t possible in traditional games.
Chances for GameFi
In 2021, there were a lot more GameFi projects, and this trend is likely to keep going for the next few years. As of March 2022, DappRadar has a list of more than 1,400 blockchain games. Many blockchains, like Ethereum, BNB Smart Chain (BSC), Polygon, Harmony, Solana, etc., now offer popular games. As blockchain technology gets better, GameFi is likely to keep growing quickly. People in developing countries like GameFi because it lets them own in-game assets and make money from them.
The future of GameFi looks bright. Let’s keep our eyes open to see where the best GameFi games of the future will take us.
The last thing I want to talk about is the Gamefi token. When gaming is made easy and fun, almost everyone who uses it will enjoy it. People like to play games, and I think a platform where they can compete or talk to other players will be one of the most popular crypto projects.
The Gamefi token will be a great investment, but there are some risks involved. Before you decide whether or not to buy a Gamefi coin, you should think about all of your finances. If you decide to invest, don’t put more money into it than you can afford to lose. Also, think about how the market is doing before making any financial decisions.