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Welcome to our Best Crypto Games Video!
What Is GameFi: Gamifying Your Crypto Earning Experience
Axie Infinity and similar GameFi projects and play-to-earn games are disrupting the traditional gaming industry as we know it. These play-to-earn crypto games are essentially blockchain-based monetizations of the gaming experience. What primarily differentiates them from traditional games is that players play to earn rewards rather than to win: think Monopoly, played for real cash.
Unsurprisingly, the ability to reward players for their time and effort is behind the rapid explosion in popularity of these play-to-earn games, commonly termed GameFi. Who wouldn’t love the idea of earning while having fun?
What Is GameFi?
GameFi, one of the hottest buzzwords in the cryptoverse, is a portmanteau of “Game” and “Finance.” It describes the gamification of financial systems to create profit from playing play-to-earn crypto games.
GameFi video game projects run on a blockchain’s distributed ledger, which enables players to have verifiable ownership of the virtual items in the game. In contrast to traditional gaming, where users play to win, GameFi projects adopt a play-to-earn model.
The first instances of the GameFi concept include early Minecraft servers integrated with Bitcoin; Gambit.com; online games like Bombermine; and peer-to-peer services with which gamers monetize their online efforts.
How Do GameFi Projects Work?
Different GameFi projects typically have a few commonalities. In-game items such as avatars, land, costumes, weapons, gold, tokens and pets are represented as NFTs—non-fungible digital tokens that prove ownership of these digital objects. Game players acquire these items through game play, and can trade them on NFT marketplaces for profit or exchange them for cryptocurrencies — which can in turn be exchanged for fiat money.
Early GameFi titles used the Bitcoin blockchain, but the cost of transactions and the lack of speed prompted the adoption of the smart contract-enabled blockchain network, Ethereum.
Crypto game developers widely used Ethereum, and it’s still popular, but it has performance issues as well, due to limited block space. This vulnerability was highlighted when the viral popularity of CryptoKitties congested the Ethereum network in late 2017, causing Ethereum’s fees to skyrocket.
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
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