What is GameFi and how does it work?

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To understand what GameFi is and how DeFi works, please read the following article.

What is GameFi?

This is a term that’s been used a lot lately when cryptocurrencies are getting hotter than ever in the forex market. This industry is known to reach $175.8 billion in revenue this year and is set to grow even further with an estimated 2.9 billion participants.

What exactly is GameFi? It is a combination of DeFi – Decentralized Finance and NFT – Irreplaceable Tokens integrated into online games based on Blockchain technology. These games operate on a “gambling for money” model, where players invest time and effort to create value. Players do not need to spend any money to download the game, but depending on the game, they may need to use real money to purchase in-game virtual currency or purchase starting credit as per the regulations.

How does GameFi work?

What is GameFi - How does GameFi work?
What GameFi has in common is that all proven items can be traded and bought. From creation to exchange, players benefit from the profits made. More specifically, how to make money as follows:

  • Play for money: players participate in the battle for the reward, this kind of money does not need to be invested first.
  • Ownership: Assets you create yourself based on game mechanics can be sold, traded on the NFT marketplace, or given to others for benefits, especially with scarce in-game item assets.
  • Using the DeFi Feature: Players of NFT games can earn passive income through staking, yield farming, and liquidity mining thanks to the DeFi feature.
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what is gamefi - typical gamefi today Ax Infinity
In general, the above is a way to make money directly. There is also an indirect way of making money called “plowing”, that is, you just play the game, you don’t need to invest any capital, and you need to make a profit for the account holder, later both parties share the profit %. previously agreed. If you are interested in what GameFi is, don’t forget to visit Innnewyorkcity VN to see related news.

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