With the advent of blockchain, a new space has been created for the world of video games. GameFi has rapidly been expanding into the more traditional video gaming industry since its first appearance with Axie Infinity.
Axie attracts gamers to its universe by offering them opportunities to make money while they are enjoying the game. We will be explaining GameFi and the differences between it and the more familiar traditional video games we know, how one can get started on a particular GameFi game, and potential income streams they provide players and investors.
GameFi in Brief
GameFi starts with combining the words game and finance, similar to DeFi for decentralized finance. GameFi refers to a blockchain-based game model that has a play-to-earn feature that incentivizes players. In a GameFi ecosystem, blockchain technologies with cryptocurrencies and NFTs (non-fungible tokens) create a virtual gaming environment for the players.
Players can earn in-game rewards by completing in-game tasks, winning battles with other players, or reaching new game levels. These assets earned during play are owned and controlled by the player and can even be traded on crypto exchanges or NFT marketplaces.
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