What Is GameFi?
GameFi for Beginners
GameFi (Game Finance) is a combination of Gaming and DeFi (Decentralised Finance), both being revolutionary movements on the internet in their own era.
GameFi in general is a revolutionary concept built to honour, empower and award the gamers in the web 3.0 space.
To understand this concept further let’s have a look at the basic roadmap of a videogame.
Videogames are made as a basic source for entertainment. Each game is made by a developer(s) and then bought by the players who are interested. Inside the game is a world of its own (Grand Theft Auto for example).
Players can walk, complete missions and earn rewards in that world. Through those rewards they can then buy properties, weapons, personalised skins (in Fortnite) and a whole lot of digital assets.
But no matter how much the players earn, buy and spend, their assets hold no value in the real world. In addition to that spending real money for in game purchases only puts one under more expenditure.
To counter all of this came GameFi.
GameFi is built to empower an economy that is completely player owned. This means that the players or the gamers are in total control of the assets.
Furthermore, with the game being on the blockchain every asset by default acts as an NFT thereby becoming a one of its kind digital token.
In GameFi the purchase of each asset creates value for the community and developers because of the in game economy.
The entire GameFi ecosystem thus accounts for a win-win situation for both the parties and also brings in more interest into the space.
Read about the Advantages of GameFi & How to Earn in GameFi
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