We live in an age where almost anything is possible. Free crypto seems too good to be true, but it is possible. How? Thanks to the latest developments in blockchain technology, you can play games and earn free crypto from a betting site or موقع الرهان الإلكتروني. Instead of playing traditional games, you can just make money doing what you love most: gaming! Are you curious about what GameFi is and how you can earn money with gaming thanks to blockchain? Find out in this post!
What Is GameFi?
Blockchain technology has many more applications than many people know. While we often think of Bitcoin (BTC) and Ethereum (ETH) when we talk about crypto, developments follow at lightning speed.
The gaming industry is one of the largest industries worldwide, with millions of people playing their favorite games on a daily basis. For example, gaming is becoming increasingly popular on the blockchain and we are also seeing explosive growth when we talk about GameFi.
GameFi is a combination of the words “game” and “finance.” This refers to the countless opportunities you have as a gamer to earn crypto and other assets on the blockchain.
One of the characteristics of the blockchain is its decentralized nature. This means that there is no central party that has the power to exert influence. In traditional games, you have a certain number of levels that you can complete, and to complete them, you have to do a series of actions, and you’re done. Thanks to the decentralized nature of blockchain technology, every player has an influence on the game, and everyone has the freedom to design the game themselves, albeit in consensus with the other players in the network.
Play To Earn
A good example of this is Decentraland (MANA), the virtual world where you as a player can invest in a virtual piece of land. Then you decide for yourself what you want to do with it. For example, you can decide to build a holiday home on this plot, but you can also place a casino here so that players can try their luck in your casino.
You can also choose to organize your own virtual event and charge an entrance fee. These proceeds go entirely to you as a player without having to pay a specific cost. Decentraland (MANA) is one of the first blockchain games and was created in 2017, but it is an excellent example of how simple a play-to-earn model can be.
In this virtual economy, you can monetize everything yourself. There are no restrictions from a major party that hinder you in making your own choices.
Chances are that you have played Crash Bandicoot or Grand Theft Auto (GTA) in the past. With some luck, you had the codes to have more tools at your disposal, such as unlimited money or access to more weapons. But we often do not consider the fact that the options are limited.
The creators of a traditional game designed this in the source code with the accompanying scenarios that can occur. In addition, the developers of the game still have the influence to completely change this game. For example, with a new update of the game, they can remove your favorite car or remove your favorite weapon. But what if these assets are now NFTs?
This means that no one, except yourself, owns this in-game asset. Your weapon in the game is yours, and no one else can take it from you. Due to the further development of GameFi, you can also be sure that you can use this unique NFT in various games, which of course, gives you a powerful position as a player.
With traditional games, you know in advance how many levels there are, what status you can achieve and what the options are here. And no matter how long this takes, the time you spend on this is pure entertainment. The only people who benefit financially from this are the game’s creators.
Thanks to blockchain technology, we have become acquainted with NFTs and their possibilities. And indispensable at GameFi is the use and trading of these unique tokens. These are in-game assets actively used to play a game, whereby users can also earn money with these NFTs. Many game platforms have their own NFT trading platform where you can buy new unique tokens but also sell yours. And the rarer this is, the more lucrative it is, of course!
To achieve this decentralized free economy where players can generate income through games, it is essential that there is a DAO structure. This is a Decentralized Autonomous Organization, which means that every participant in the network is a co-owner. Players are given a governance function thanks to the native tokens that allow them to vote on the protocol’s future.
As a result, democracy reigns and each player is given the freedom to manage their own virtual economy and also trade in their own NFTs. Let’s not forget that these are crucial to GameFi’s play-to-earn success. For example, via a DAO, players can vote on the number of rewards that will be made available and when and the like. Due to this consensus, the game remains in the hands of the users democratically and also has a future.
How Did GameFi Come About?
In essence, blockchain technology is so revolutionary that it can be applied to virtually all aspects of life. Besides the financial aspect where crypto will provide a whole new dimension, video games will never be the same again. We no longer want to depend on third and/or central parties. This also became apparent in the gaming industry, where players did not agree with the game’s limitations or that you could finish a game at all. And even better is that as a player, you can now also earn crypto, not to mention the tradability and applications of these NFTs. The possibilities are truly endless!
GameFi exploded in 2021, and more and more projects are focusing on play-to-earn applications. It is also the combination of DeFi and NFTs that makes GameFi a unique blockchain application that will continue to evolve shortly.