GameFi: All you Need to Know in 2024

GameFi: All you Need to Know in 2024

Play To Earn Games | 09 Mar 2024 10:06 UTC

GameFi’s Soaring Popularity and its working Mechanics

GameFi is the newest craze in the gaming industry nowadays, and many aren’t quite familiar with how it works and what exactly it means. GameFi offers the old thrill of winning prizes by playing games with an infusion of cryptocurrency and NFTs.

GameFi: All you Need to Know
GameFi: All you Need to Know

Game-Fi players have the liberty to rent, lend, or even trade their prizes for real money.

GameFi and its Basics

GameFi uses DeFi, a decentralized financial system used to record token-based transactions, lending, and borrowing. The transactions

are recorded on blockchain-based ledgers similar to how Bitcoin works. To make it more easily understandable, GameFi is a decentralized application having economic incentives.

GameFi Working Mechanics

Let’s take the example of Axie Infinity as it is the most successful GameFi around. The game’s economy depends on two tokens and NFT's; AXS, and SLP.

These are earned by winning battles and finishing quests. Moreover, the game also has the option to breed blob-like monsters and the offspring can be sold. In addition, the AXS token can also be staked to earn interest.

However, the upfront to start playing the game is $700. This is where gaming guilds and game scholarships come into play, which helps those players who can’t afford such an amount buy monsters.

GameFi: All you Need to Know
GameFi: All you Need to Know

Traditional Game Tokens and GameFi: the Difference

The tokens and in-game currencies exist in video games for quite some time like Robux and V-Bucks. However, the difference lies in the limitation of ownership and usage of the tokens.

Traditional gaming tokens can’t be sold easily or legally outside of the token’s game. Whereas, Game-Fi offers a lot more freedom and ownership as the tokens in Game-Fi act as crypto-currencies.

GameFi Studios Economic Incentives

The developers are given tokens for their work on the game, so the more players play and trade tokens in the game, the more the token’s price increases in the market.

Moreover, some games also charge commission on transactions.

GameFi: All you Need to Know
GameFi: All you Need to Know

GameFi promises a lot and shows massive potential in them, but many regard it as just another way of publishers to milk consumers for more money.

Gaming News

Every day the latest video game news about the gaming industry. Video games news on NFTs (non-fungible tokens, NFT, NFT’s) , Play to Earn (P2E/Play-to-Earn), crypto games and crypto currencies, gaming guilds, Metaverse, VR, AR, AI, Virtual Worlds, Avatars, Digital Assets, In-game digital currencies, Web3 development, Blockchain based video games and its transactions and payments in the games.

Entertainment and all the big tech companies and technology behind it. Hyper Casual Games and the game studio’s that lead the way. Mobile games, PC games and Console Games and their vision on cloud gaming, streaming, esports and gamer communities. Online digital entertainment like movies, music, concerts, art and top brands such as fashion and much more that connect with video games in the metaverse.

If you want to stay up-to-date of my daily game news, then follow me on Google News.

Want to stay updated about Play-To-Earn Games?

Join our weekly newsletter now.

See All
Discover Epic Ragmons in Ragnarok: Monster World - NFTs and More!

Discover Epic Ragmons in Ragnarok: Monster World - NFTs and More!

Get ready to meet the Ragmons, the new stars of Ragnarok: Monster World! These unique creatures will revolutionize your strategic tower defense battles. Divided into five rarities—Common, Rare, Epic, Legendary, and Mythic—each Ragmon boasts exclusive skills and movesets. Imagine creating diverse decks tailored to your strategies! At launch, expect 30-40 Ragmons, with new ones added every season to keep the gameplay fresh. Are Ragmons NFTs? You bet! They're available as off-chain characters and on-chain NFTs, making the game accessible for Web2 gamers while offering ownership options for NFT enthusiasts. The Web3 integration ensures balanced gameplay with no unfair advantages. Plus, you can convert off-chain creatures into NFTs! Collect and level up your Ragmons through exciting events, quests, Gacha, and Lottery events. Use the Level Up Merge feature to enhance your Ragmons' levels. Remember, merging isn’t always guaranteed, adding an extra layer of strategy to the game.

Read more
Wild Forest's Insane Pre-Release NFT Sale on Ronin Blockchain!

Wild Forest's Insane Pre-Release NFT Sale on Ronin Blockchain!

You won’t believe what’s coming! Wild Forest is about to drop its insane pre-release NFT sale on May 23rd, offering over 13,000 exclusive NFT packs. This web3-enabled RTS game on the Ronin Blockchain lets you build bases, gather resources, and crush opponents in a style reminiscent of classics like Warcraft and Starcraft. Dive into the action with Play-to-Airdrop events, where you can earn points on the "Honor Leaderboard" by advancing in the battle pass, owning Wild Forest NFTs, and engaging with the community. The market is buzzing with high demand for these NFTs, so don’t miss your chance to secure your spot and grab those Standard, Premium, and Founder packs. Join the Wild Forest revolution and gear up for this epic adventure in web3 gaming!

Read more
Param Labs Snags $7M for Kiraverse and Web3 Gaming

Param Labs Snags $7M for Kiraverse and Web3 Gaming

Param Labs just snagged a whopping $7 million in funding for their awesome web3 game, Kiraverse! This round was led by big names like Animoca Brands and Delphi Ventures, along with many other top-tier investors. The funds will boost Kiraverse and their innovative Pixel to Poly service, which converts 2D images into 3D avatars. Param Labs is on fire with over 2.5 million Twitter followers and 300,000 daily active users. And that’s not all! They’re building an Ethereum-based blockchain to revolutionize their gaming ecosystem. With strategic advisors and epic partnerships, Param Labs is set to redefine web3 gaming. Stay tuned for more exciting updates!

Read more

Play To Earn Games: Best Blockchain Game List For NFTs and Crypto

Play-to-Earn Game List
No obligationsFree to use