Most people want the time they spend gaming to be useful and not wasted for nothing to wash away the guilt of hours of time spent behind the monitor. Perhaps the best way to make them satisfied is to reward them for the time they spend online. This is actually the new generation of the gaming industry and is called GameFi. The word is a combination of the words “Game” and “DeFi” and is perhaps the most discussed subject in recent years of the Web3 emergence.
If you are also an avid gamer and want to make money playing games and be rewarded with real-life valuable assets, this post will help you find all about the GameFi industry and how to make money from it.
The term GameFi is a combination of the words “Game” and “DeFi”. The term was first brought up by Andre Cronje, the CEO of Yearn Finance, in 2020. GameFi is a mixture of blockchain technology, non-fungible tokens and the game industry to create a virtual environment for gaming and earning money at the same time.
When players of these games play a game, they are rewarded with in-game rewards that are valuable in their own niches in the market. For example, if you are awarded with an NFT or token of the game, you can then trade it on NFT marketplace or crypto exchanges.
There is absolutely no involvement of any third party or government and it is in fact the people and community that rules them. The GameFI projects run on the blockchain technology with all transactions being transparent. Unlike the traditional games, these games have valuable rewards which can be used and traded outside of the game, usually in the form of in-game cryptocurrencies or NFTs.
Since GemeFi is a combination of the words “Game” and “DeFi”, you may also see decentralized finance (DeFi) elements involved too. The examples of these include yield farming, liquidity mining, and staking.
As previously mentioned, GameFi is based on DeFi, which is a system for trading and lending tokens. As it is perhaps clear by now, each game has its own tokens which can be traded and exchanged for financial benefits too. Gaming tokens or coins, have real value, meaning that you earn tokens by playing games and then these tokens can be traded and exchanged for other forms of in-game, digital or fiat currency. Plus, their value can increase or fall, just like any other real crypto asset. As such, picking coins to buy, trade or exchange for one another can be considered as sensitive as picking your crypto asset or or fiat money. Since with GameFi you are sometimes awarded with NFTs, this is one of the most popular ways to make money with NFT as well.
GameFi tokens can easily be found, bought and traded for other currencies on famous exchange platforms like Binance. To find the best prices for GameFi tokens with the best prices you can visit CoinMarketCap. The website will provide you with information regarding each token's price and the best platform for buying it. Visit the official CoinMarketCap website and simply search for GameFi. By tapping on the button labeled “Market” near the price chart, you’ll be given a list of places you can purchase GameFi tokens as well as the currencies you can use to obtain it.
Once you have bought your desired GameFi token, you can use other exchange platforms to exchange them to other forms of cryptocurrencies or digital money.
Since GameFi only uses Ethereum-based ERC20 tokens, you can only buy them with ETH, BTC, or USDT (Tether). That being said, it’s better to change your funds to Tether and then buy your desired GameFi tokens with.
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Here are 3 simple steps you need to take before starting to play GameFi:
In order to get started with GameFi, you’ll need to build a crypto wallet first. There are many crypto wallets available, but it’s important to choose the most reliable one among them. Make sure to visit the website and check if the wallet you have chosen is supported.
The next step will be for you to connect your wallet with the Game you want to play. The most important thing in this step is to watch out for crypto scams that might come in your way. In order to avoid scams, it’s recommended that you use a different wallet for each of the games you are intending to play.
Last but not least, you’ll need to top up your wallet with a cryptocurrency that is proper for gaming (like Tether). This is because most games will need a small amount of initial investment for purchasing starter items in the game like characters and weapons to be able to start playing the game.
The increasing number of people interested in the game industry has boomed the era and created numerous opportunities in recent years. Blockchain games have attracted more than 1 million active wallets in 2022, showcasing the importance and increasing popularity of DeFi games and gamings more than ever before. However, it is worth mentioning that past performance does not imply success in future performance, so don't take it for granted as there is always space for a plot turn.