GameFi: A combination of Gaming and Finance

The next generation of Gaming!

The gaming business is now valued at over $175 billion, with predictions that it could approach $200 billion by 2023. Cryptocurrency, on the other hand, is continually changing and increasing. With such a large market share and the adaptability of cryptocurrencies, it's just a matter of time before these two trends collide to become GameFi.

What exactly is GameFi?

Simply said, GameFi is a mix of games (games) and money (finance). It's a site where people can get money by playing games. GameFi is not confined to any one technology or platform since it encompasses a wide range of games, rules, and structures.

GameFi games are designed to allow players to make money, but they must first have assets in the form of the game's or partner's native cryptocurrency in their wallets. New users may then begin playing and benefit from a variety of activities, such as fulfilling missions or earning money from in-game assets. They may also make passive revenue by using DeFi services.

GameFi's Structure

GameFi apps come in a variety of shapes and sizes, but they all have a few fundamental building blocks:

Play2Earn

Players may earn in-game assets using Play2Earn. Unlike in a traditional game, however, this GameFi money may be transferred to the real world via bitcoin transfers.

Players help creators and other players by engaging in the game's ecosystem and spending their native money. The more the transferable value of these games rises, the more popular they become. Meanwhile, the more stuff a player obtains in the game, the more coins he or she will be able to sell.

The popular GameFi tokens, which are traded on the CoinEx platform, have surged in value by up to 400%, demonstrating that there are several ways to profit.

Non-fungible tokens (NFTs)

NFTs are used as in-game characters or assets in several GameFi titles, creating an opportunity for unique NFT exchanges. These NFTs may then be exchanged on sites like OpenSea, creating a thriving collectors market.

Features of DeFi

Some GameFi initiatives also provide passive revenue in addition to Play2Earn capabilities. Staking, yield farming, and liquidity mining are some of the DeFi features that they use.

Original Token

Each game has its own token that is used to operate games, distribute awards, and preserve the value of GameFi projects. Startverse for example, uses two tokens: One for managing Startverse Coin (SVC) and another for rewarding Startverse Token (SVE)..

Blockchain technology

The Bitcoin blockchain was used to create the first GameFi games. However, when GameFis grew in size and complexity, they began to use DApp-based blockchains like Ethereum. The main issue is that Ethereum's fees are still excessively expensive, and the processing speed is poor. As a result, many GameFi apps, such as Wax and Solana, are located on speedier blockchains.

Is GameFi capable of establishing a long-term economic trend?

There is a lot of room for GameFi platforms to improve, including:

● GameFi's worth and user base are steadily rising, resulting in the creation of new assets. Axie Infinity, a popular NFT GameFi platform, became the first blockchain game to achieve $1 billion in total token sales in August 2021, with over 1 million daily users.

● As the gaming universes get larger, they begin to include genuine money-making properties.

For example, gamers can purchase virtual land and construct a casino where other players can wager using crypto tokens. GameFi apps have also opened up unlimited opportunities for development by utilising DApp-enabled blockchains.

● In addition to the positions listed above, GameFi has generated several more career possibilities for people all around the world, including designers, software engineers, and managers, among others.

The Future of GameFi

GameFi provides gamers with a new method to profit in the crypto realm while still having fun. Add in the state of gaming enthusiasm, as evidenced by research on the production of the "happy hormone" Dopamine when gaming, and users are likely to grow dramatically.

Furthermore, by embracing growth areas such as DeFi and NFTs, GameFi is well positioned to benefit from those opportunities. If a person can gather uncommon NFTs in a game, especially NFTs, they will invest more in the game and ask others to join.

GameFi is an integrated game that includes various popular and profitable crypto sectors, such as DeFi and NFT. This appears to be a wonderful money-making prospect for both users and creators, with so many people interested and eager to spend time and money on it. Large technological businesses may also be interested in investing in this area.

Another element that might boost growth is the company's goal of a decentralised future. Individuals will be able to make a genuine difference in how the game is played, resulting in more engagement.

Finally, an intriguing concept is the implementation of future vocations on GameFi. Due to Covid-19, the world has lately transitioned to an online working lifestyle, making things like visiting a doctor or consulting online in virtual reality more cheap. People with anxiety, fear of memory loss, or others who just prefer to stay at home for a certain activity may find this appealing.

In GameFi, we can expect to see a lot of new developments and upgrades. It has a lot of further development possibilities because of its capacity to diversify with trends and incorporate new DeFi and DAO programs.

Startverse GameFi

Startverse is a Metaverse Game, GameFi for everyone, who wants to build their own startups. Here you can be a boss, a famous artist, a handsome pizza delivery guy, you can even be the owner of a casino or build a guild specialising in land contractors and do whatever you want with your empire!

To succeed in-game, you must succeed in your career and relationships. Players must fulfil their needs to balance between sleeping, eating, working, gyming just like real human beings. They will also need to find a job or build their own company to earn money. The real objective of the game is to organise your time to help your character reach career goals and succeed to the best ability.

The latest Virtual Reality technology is implemented into Startverse to bring an unique 3D experience in the virtual world. Our game will support running on:

● Mobile: Android, IOS.

● WebGL and PC.

Game Genre: Simulation, Management, VR.

Age: 9+

Hope this article has provided you with useful information. If you have any questions or would like to discuss this post with Startverse, please leave a comment below!

●●●

Join the community of startups, bosses, land holders in Startverse from all over the world while receiving the latest project news and enjoying special contents:

Website | Facebook | Twitter | Discord | Telegram | Whitepaper