GameFi
What Is GameFi
GameFi, a combination of "Game" and "Finance," blends gaming with decentralized finance (DeFi). It uses blockchain technology to create games where players can earn money or digital assets. A key feature of GameFi is the play-to-earn (P2E) model. In P2E games, players earn rewards in cryptocurrency or NFTs (non-fungible tokens) by playing the game. Players can own, trade, and make money from in-game items like characters, weapons, and virtual land. NFTs grant players ownership of their in-game assets, so players keep their items even if the game shuts down and can use them in other games or platforms. These rewards can be earned by completing tasks, winning battles, breeding characters, or just spending time in the game. These tokens can be converted to other cryptocurrencies or money, giving players a financial incentive to play.
GameFi also includes decentralized finance features like staking, lending, and yield farming. Players can stake their in-game assets or tokens to earn extra rewards or take part in making decisions about the game.