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Gate.io Blog GameFi - Earn Money while Gaming
Industry Analysis

GameFi - Earn Money while Gaming

27 November 21:41


Take away:

· GameFi is and will become an inevitable trend of Blockchain and an essential cornerstone for the gaming industry
· GameFi combines crypto, your love of games, and your love of money.
· By playing GameFi games you earn while you play, and all the items and achievements will be you to keep in form of NFT
· GameFi will disrupt the gaming industry and several games are already available with millions of users.
· This trend is already valued at $175 billion and is predicted to hit $200 billion by 2023

1.GameFi — Earn Crypto while playing games

How many of us played endless hours on our favorite game, feeling a bit guilty while closing the game? Now imagine you actually earn money while playing. No need to feel any remorse anymore. How is it possible? By simply combining games with crypto. This is called GameFi and is one of the hottest trends emerging from the crypto industry, combining decentralized finance (DeFi) and non-fungible tokens (NFTs) with blockchain-based online games.

2.What is GameFi?

Nowadays, many traditional online games operate on a “pay-to-win” model and allow players to purchase upgrades to gain an advantage over others. GameFi introduces a “play-to-earn” model. This concept involves giving players financial motivations to play and progress through the game. In some cases, this has allowed gamers to earn a full-time income by simply enjoying their favorite GameFI games. Doesn’t this sound nice? Are you now more interested in GameFi? Let us have a closer look.

GameFi is the combination between blockchain-based gaming and decentralized financial instruments in all their forms and shapes. In GameFi we have yield farming, lending/borrowing, algorithmic stable coins, token mining instruments, NFT’s, etc.

This new gaming industry is being valued at around $175 billion and is predicted to hit $200 billion by 2023. With the cryptocurrency industry on the march in many sectors and its constant evolution and flexibility, more and more GameFi games variety will emerge. So, it will be an investment opportunity as well.

3.How does GameFi work?

The foundations are NFT’s or non-fungible tokens. All virtual objects in GameFi games are expressed as NFTs containing the proven ownership of scarce intangible items in the form of a crypto token. That way, all items in the game are unique and cannot be copied and faked. This way each item maintains its value. The player can collect rare NFTs in the game, tending to invest more in the game as well as invite friends to join. While playing, for example RPG games, you will find new armor. You will have the option to trade this new armor with others in digital marketplaces for different NFTs or sell them in exchange for tokens. The same principle applies to virtual land, avatars, costumes, weapons, and gold bars. All these items and their ownerships are stored in the blockchains.

Now you can level up in your favorite game and increase your earning potential by dedicating time to this game. By improving your characters, creating monetized structures on your virtual land that other gamers pay to use, or by competing against others in tournaments you can even earn a full-time income. How awesome.

Another way to earn money with GameFi is that some games will include DeFi elements such as coin staking. That way players can lock away their tokens and earn annual interest and other rewards.
Mixing games with cryptocurrency technology provides several benefits. The pay-to-win is no longer key to be successful in games. But even if you do not play you can earn some extra cash. The earn-without-playing features provide the user following benefits:

· GameFi is and will become an inevitable trend of Blockchain and an essential cornerstone for the gaming industry
· ameFi combines crypto, your love of games, and your love of money.
· By playing GameFi games you earn while you play, and all the items and achievements will be you to keep in form of NFT
· GameFi will disrupt the gaming industry and several games are already available with millions of users.
· Participate in yield guilds to earn passively

This way, you can save tokens to purchase other in-game items or unlock new content. The possibilities are endless. And the bond between gamer and game grows stronger.

Sounds good but how do we get started with GameFi? To take part in any play-to-earn games, users will need a cryptocurrency wallet to store any virtual currency and NFTs and make in-game transactions. This wallet would depend on which blockchain the game was built upon. Some games might need a “pre-founded crypto wallet” to play. Which means -you need their crypto tokens to purchase items or get started with the game. But most of us are already used to paying to play games. But the difference is now that you actually make money while playing.

4.What could be the future of GameFi?

GameFi has already gained significant momentum, with the collective market capitalization of top games breaking $14 billion. But top leaders in the crypto industry believe there is a lot more potential in GameFi. Justin Sun, the founder of Tron ($TRX - https://www.gate.io/trade/trx_usdt ), recently stated he believes that this new sector will be a key factor in increasing cryptocurrency adoption to the masses.

There are already plenty of NFT based games available on the GameFi platform and more and more are being added constantly. It is getting more interesting by the day. It is worth keeping an eye on this trend since it holds immense potential. But for non-gamers who sniff a new investment opportunity – this new trend could be very interesting as well.

Several crypto startups and gaming companies are already developing new GameFi based games, racing to capture potential users, and capitalizing on this explosive trend.

Do you want to get involved right away? Do you want to start earning cryptocurrency and NFTs while playing games? Here are a few of the leading games currently available.

(1)Alien Worlds

You join an alien universe consisting of several planets where you fight for scarce resources and mine the game’s native cryptocurrency called trillium aka TLM. Players can battle each other, go on quests, and can earn income by renting out their land to others. Alien Worlds currently has over 2.5 million players. Its free-to-play nature and which covers multiple blockchains including WAX, Ethereum, and Binance Smart Chain attracts increasingly new users.

Alien Worlds website: https://alienworlds.io
$TLM/$USDT Trade - https://www.gate.io/trade/TLM_USDT

Fig 1 – alienworlds.io “planet”, aleinworld.io, https://alienworlds.io/art-history-lore/ , Access Date:24. Nov.21

(2)CryptoBlades

CryptoBlades is a web-based role-playing game that likes games like Skyrim or Dark Souls. Players complete missions, battle monsters, or complete in-game raids to earn SKILL tokens. Players can make their weapons and armory boosting them with the main elements – fire, earth, lightning, and water. These items can then also be traded in an open marketplace as NFT’s. Each item and character have their strengths and weaknesses. The players must make good use of them, build strategies to beat their opponents, and move forward in the game.

CryptoBlades website: www.cryptoblades.io
$SKILL/$USDT Trade - https://www.gate.io/trade/SKILL_USDT

Fig 2 – cryptoblades.io, “home-gallery-5”, cryptoblades.io, https://www.cryptoblades.io/#home-gallery-5 , Access Date:24. Nov.21

(3)Axie Infinity

Like in the Pokémon universe, you can buy, breed, and take care of your digital monsters called “Axies.” Axie Infinity runs off its own specifically built sidechain so that it can optimize gameplay and scale effectively. Like Pokémon, you can use your Axis to battle others, earn SLP tokens, or be sent on quests for resource farming.

Axie Infinity website: www.axieinfinity.com
$SLP/$USDT Trade - https://www.gate.io/trade/SLP_USDT


Fig 3 - axieinfinity.com, No title, axieinfinity.com, https://axie.substack.com/p/axie-infinity-community-alpha-guide , Access Date:24. Nov.21

There is also a long list of new games preparing to launch over the next several months. Here are some of them:

· Star Atlas
· Ember Sword
· Guild of Guardians
· The Sandbox
· Participate in yield guilds to earn passively

If you do not want to wait for cooperation to design your games, you can take matters into your own hands. Yes! It's possible to design your own Game. Several gaming platforms are being built, MOBOX only to mention one of several, who are designing ways to allow users to create their interoperable games and NFTs items. It also integrates DeFi elements that were mentioned before like liquidity pools, staking to let users generate an income or generate ways to unlock new NFTs items.

This new trend is getting more momentum and attention. With funds pouring into the GameFi-sector the potential of the sector is endless.

5.Upcoming Upgrades on the GameFi Platform

GameFi recently announced collaborations with Animoca Brands, a primary blockchain and game brand. The top aim is to make digital property rights a common element in the gaming industry. Animoca Brands will contribute fresh products, features, and ideas to GameFi's ecosystem. NFT games can count on scale-up and partnerships with worldwide leading gaming projects. More breakthroughs will therefore be possible and await all of us. It will be interesting. So, follow up gate.io for more brand-new trends and high-quality articles.

Author: article_bot
*This article only represents the views of observers and does not constitute any investment advice.
*The content of this article is original, and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.
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