GameFi- Redefining the gaming world with Blockchain and DeFi!!
GameFi- What is it? Is it the future? How does the present look like with it?
Have Questions like this?? Refer to the one and a half-minute read below…
GameFi is a based on the collaboration of three major concepts — decentralized finance (DeFi), non-fungible tokens, and blockchain-based games.
Blockchain has grown powerful since the last decade and is fiercely shaping the future. Blockchain has considerably addressed the issue of lack of transparency. Along with Decentralized Finance, blockchain brings the concept of GameFi close to perfection. And the day is not far when GameFi will be announced as the most anticipated successful platform and, a solution to major problems in the traditional gaming industry.
How is it different from traditional online games? — GameFi shadows the Play-to-Earn model, where players buy upgrades to gain an advantage over other games or players. These upgrades lead to earnings while playing and well, who would not love to earn a full-time income by contributing their time and effort? This concept has attracted massive gamers and is believed to touch the hype with a blink of eye.
According to Footprint Analytics, GameFi has notably attracted 13% of total blockchain investments. The overall market capitalization of top games has surpassed one billion dollars. Surprisingly, GameFi has only started yet and given the sheer size of the market, these figures are just the beginning.
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