Some of us have grown up simply playing games, like the classics that all first-generation Xbox users have come to cherish, then others have tried their hand at being a game developer when they build that indie app game, and we’ve also come across many people who would buy haptic devices or consoles with simulator features in them. Whatever happened to our love for simple games? Once upon a time, we used to think gaming was fun, and now it has become a virtual addiction – taking over our lives?
But what if there was a possibility to earn money by playing games? Wouldn’t it be fantastic if you could use your passion for games to make big money? In 2022, thanks to GameFi, people will be able to look at gaming in a whole new light. Gamers can now have their needs and want to be met any time of the day or night, roleplaying their way through the world of different video games! With GameFi’s invention of an e-gaming device and technology by 2022, gamers should be able to enter into any game and receive an equal amount of value in return (in this case, crypto).
There’s a new gaming trend that has recently come out. GameFi is an all-in-one discovery platform for gamers, developers, and game creators. You can potentially receive a huge profit from just buying into them within this newly debuted industry. With the project set to launch soon, though, we have yet to determine whether it’ll play live up to expectations in the future or prove profitable for those who have invested!
If you’re a newcomer interested in getting a taste of what developing your game offers, now is the perfect time to dive right in. There are more opportunities right now than ever before, and we want to remind you that even though market conditions may not be as ideal as they used to be, there are still more working options available than ever before. There’s no need to wait until things get better, which they eventually will. Now is the best time to seize an opportunity while it presents itself, as an insurgence of new developers means greater diversity of games for all players!
If this gets your heart pumping, stick around because we’re about to unlock the secrets behind GameFi. But first, some history…
A new gaming initiative on the Ethereum blockchain crypto uses Web3 to link gamers with capital and encourage them to enter financial markets. GameFi platforms enable some players to earn cryptocurrency by playing games, while others earn cryptos by creating digital assets and earning non-fungible tokens (NFTs). The projects are encouraged to host their games in virtual worlds we know as metaverses.
If you’re wondering how GameFi works, here’s its gist. Assets purchased and owned by users who use GameFi earn tokens on the blockchain, making it difficult for hackers to breach and steal from players.
Additionally, players own sole ownership of their purchased assets, ensuring no misappropriation of their property is possible.
Gamers can earn real rewards by playing games. The games differ from others in that instead of requiring users to purchase them; they charge a nominal fee for access to the game with no additional costs for in-game items or progression. In addition, these games rely on non-fungible tokens (NFTs), which can be earned and traded like any other crypto asset. Still, the advancement of gamers through these games is tracked using Ethplorer.io, a blockchain analytics platform, helping them track everything they do within each environment so that things get updated with each level-up (or complex) completed gamers.
Some call the Props, Vehicles, and Weapons marketplaces of GameFi earn crypto games DeFi play-to-earn or P2E. These features are central to all these games, as they attracted many users to all specific DeFi projects (e.g., MakerDAO), as they are all one big happy family of play-to-earn economies. Furthermore, the P2E (game) approach proves to be very effective at building communities through engaging players and encouraging participation within platforms such as your marketplace, which enhances the overall activity of your project, thus providing a valuable service!
How to Get Started With GameFi?
The thousands of Blockchain games on the market make it difficult to choose which one to be a part of. One must make sure one does not fall for scam projects and malicious phishing websites. We recently found out Seth Green lost $53,000 worth of crypto in an NFT scam. We want you to take care of yourself from these instances, so you should keep a separate wallet filled with only enough money that will not affect you even if it is stolen.
1. Setting up a crypto wallet
To get started with GameFi, games may ask you to install a currency wallet such as MetaMask. Some ecosystems for gamers require more wallets or try to use different blockchain networks.
To play various Ethereum-based games like Axie Infinity and Gods Unchained, one can use the MetaMask wallet to safeguard their funds while increasing their chances of rewards at the same time. All you need to do is download the MetaMask app and follow the step-by-step instructions to create an Ethereum-based wallet.
2. Connection wallet to the game
Playing a blockchain game requires you to connect your wallet. So always, always make sure that you are linking to their real website and not some phishing website. That way, you’ll be able to access the game from any device without needing to worry about anything else.
Wallets are used for making online gaming accounts on the internet, so you should have your gaming account set up before you start using defi or the GameFi platform.
3. Make sure you meet the requirements of the game
Most gaming platforms offer you the ability to earn tokens or NFTs for playing. One such game is Rollercoin, in which you’re able to collect free cryptocurrency by playing. You can play it directly on your browser.
Every game has very different requirements, but it’s a smart idea to think about its earning potential and overall losses. For example, it’s not uncommon for a new game with low match turnover to lose money even after buying the required software and hardware to run at capacity because it may take more than a year of round-the-clock operating to pull everything together and make back both initial costs while also breaking even.
How do you Make Money With GameFi?
The concept of play-to-earn has proven to be a game-changer for the industry. You take something out, put it to good use and then put your efforts back in. The advantage of popular play-to-earn games is that players can control and take ownership of their assets. As a result, your assets can be put to good use, exchanged for cash, or enhanced to increase your chances of winning and earning more money.
NFTs from game networks can also be rewarded to users and increase value over time. For example, in 2021, when Axie Infinity’s platform skyrocketed, the AXS coin gained in valuation like Beeple’s NFTs. Other players using GameFi tokens earned their NFTs through special events.
Some digital items you earn in the game can be sold and traded once you have them. Everything from land to gaming weapons to skins and more are completely sellable, giving you the ability to make more money as an investment opportunity.
What is GameFi Protocol?
As the world’s first gaming aggregation infrastructure, the GameFi protocol functions as a bridge that connects gamers to gaming content. The GameFi mining pools are brought together through this structured and standardized process. Not only that, but GameFi tokens also act as a governance token within the platform in the GameFi ecosystem led by GFP-DAO token holders who act as a collective entity governing simultaneously.
What Does GameFi Stand For?
The term “GameFi” combines two words: game & finance. GameFi represents the concept of creating decentralized applications (dApps) with a gaming focus and a way for players to earn money while playing. In addition, it’s possible to use our token as a currency in any game that adopts the technology we’re developing.
How Gamers Benefit From Play-To-Earn
GameFi delivers play-to-earn games through its PLAY token, allowing developers to build scalable ecosystems of players who earn real crypto or fiat currency rewards.
Many DeFi games require that players make investments before they can get started. Such games begin by having players buy or otherwise acquire the items needed to play, like buying a license to be allowed to play Call of Duty, for example.
What Does The Future Hold For GameFi?
Even before Bitcoin was invented, people have been trying to earn big and trying their luck with various internet games in hopes of bringing down big wins. After introducing bitcoin games, game developers can unleash much more complex and engaging experiences using blockchain technology, enabling gamers to compete against one another for real cash. GameFi is a blockchain startup that enables social gamers to take part in online gaming activities without leaving the comfort of their homes while also earning money just by playing fun soccer and other flash sports games!
GameFi introduces both entertainment and financial reward to the gaming world. With this combination of rewards, the company aims to pull in gamers and enable them to obtain additional funds while they play. As blockchain becomes more popular, we can expect more companies to incorporate it into their systems and ultimately provide new opportunities within the metaverse.
Syndell can help you develop such technology and much more. Reach out for more!
A Beginner’s Guide to Break into GameFi is an online course designed to help aspiring game developers understand the basics of game development, from design and code to marketing and monetization.
This course is designed for game developers who are just starting out and want to gain the skills and knowledge needed to break into the game industry.
Topics include game design, coding, marketing, monetization, and more.
The course is estimated to take around 8 weeks to complete.
You will have access to an active community of students and an experienced mentor to help guide you through the course.