Understand GameFi and Getting Started in 3 Easy Steps

Over the last few decades, computer games have become one of the most widely acknowledged tools for entertainment and relaxation. The popularity of video games has grown to the point where millions of people around the world use online gaming as a form of sociability. The thriving crypto ecosystem has spawned a slew of fresh concepts for merging crypto and decentralization principles into the game industry. As a result of the gaming industry’s integration with Defi, the idea of GameFi has formed.

GameFi refers to play-to-earn cryptocurrency games that offer monetary incentives to participants. Generally, users can win cryptocurrency and NFT rewards by completing tasks, battling other players, and passing the levels.
 

Read on to learn about GameFi and how to play games with it.

What is GameFi?

The term “GameFi” comprises “game and finance.” It relates to blockchain games in which users can make money by participating. The GameFi ecosystem uses cryptos, non-fungible tokens (NFTs), and blockchain technology to build a virtual gaming experience.

In most circumstances, in-game assets will give players unique benefits, allowing them to earn more prizes. Animated characters and cosmetics in some video games, on the other hand, are simply aesthetic and do not influence gameplay or earnings.

Depending on the game, users can earn bonuses by completing tasks, battling other users, or constructing monetized structures on their piece of land. Some games allow players to make money without playing by staking or renting their gaming assets to other users. 

How Does GameFi Work?

Having a fundamental understanding of how the notion of Gaming Finance works will help you readily learn more about the various initiatives. An overview of GameFi IDO is the easiest method to learn how Gaming Finance works. Yes, an Initial DEX Offering (IDO) called GameFi acts as a gaming funding hub.

It provides blockchain gaming, trading, and investing services. Aside from the various facilities, it also has a launchpad for new rising games. You can find numerous modules in the GameFi IDO project on a unified platform. Here are the components that will demonstrate how a GameFi project works.

• You have a game aggregator that allows players to access video games and their associated assets.
• Play-to-earn games or GameFi initiatives incorporate features such as a Yield Guild to provide players with cash aid. Scholarships and other creative endeavours can help players fund their play-to-earn gameplay.
• The market is the next prominent feature of any Gaming Finance enterprise. It demonstrates the GameFi NFT connection because players may buy and trade blockchain-based game objects as NFTs on the market.
• Launchpad is another exciting element in the emerging realm of GameFi. It can be a critical tool for many new entrepreneurs looking to launch their ideas on the GameFi channels of their choosing.
• Play-to-earn titles also include the option of auctioning in-game things, allowing gamers to bet on rare and precious items or market their assets.

How to Get Started with GameFi?

There are numerous blockchain games worldwide, each with its unique set of rules. Scam businesses and fraudulent websites should be avoided as much as possible. Connecting your wallet or downloading games from unknown websites is dangerous. Ideally, it would be best to create a new crypto wallet exclusively for this reason and only use monies you can afford to lose. If you’re confident that the game you discovered is trustworthy, follow these instructions.

Step 1: Create a Cryptocurrency Wallet

To join the GameFi ecosystem, you must have an appropriate cryptocurrency wallet, like Trust Wallet or MetaMask. Depending on the platform, you may need to use various wallets or link to different blockchain networks.

To play blockchain video games, for instance, on the BNB Smart Chain, you must first connect your MetaMask to the BSC platform. You can use Trust Wallet or any other compatible crypto wallet too. Visit the game’s official site to learn more about its support organizations.

You may also link your bitcoin wallet to the Ethereum network and participate in most of the Ethereum platform’s games. Some titles, like Axie Infinity and Gods Unchained, will continue to use their own wallet to save money and improve performance.

Axie Infinity is built on Ethereum. However, their developers created the Ronin network as a sidechain. As a result, you have to use the official Ronin Wallet to communicate with the Axie Infinity platform. As a sidechain, the Ronin network significantly reduces the cost of trading and breeding Axis, cutting the overall cost of playing.

Step 2: Link Wallet with Games

To join a blockchain game, you must first link your wallet. Check that you’re linking to their official site and not a scam. Go to the game’s site and look for your crypto wallet selection link.

Unlike typical online video games, which want you to generate a username and password, most crypto games use your cryptocurrency wallet as a gaming account thus, you’ll most likely need to confirm a message on your account before joining.

Step 3: Review The Game’s Prerequisites

To begin, most GameFi projects will require you to purchase their crypto token or in-game NFTs. The requirements vary each game, but you should always consider the potential earnings and also the overall risks. Determine how long it will take to return your original investment and start benefiting.

You will need 3 Axis to play Axie Infinity. They can be purchased at the Axie Marketplace. Wrapped ETH (WITH) in your Ronin Wallet is required to buy Axis. Using the Ronin bridge, you can purchase ETH from cryptocurrency exchanges such as Binance and load it to your Ronin Wallet.

List of Popular Crypto Games 

Some of the popular games on GameFi are listed below:

1. Axie Infinity

On August 8, 2021, Axie Infinity became the first Ethereum NFT game to reach $1 billion in revenue. In Axie Infinity, there are more than 1 million active users. Sky Mavis, a Vietnamese business, invented the most successful non-fungible token (NFT) game right now. It is one of the most profitable games in the crypto market.

Axie Infinity is basically a Pokemon-inspired game in which you may assemble a team of Axis to face other gamers in the Arena mode or fight foes in the Adventure mode.

There are two cryptos in the game: the Axie Infinity Token (AXS) and the Smooth Love Potion (SLP) (SLP). AXS is obtained through climbing the game’s PVP leaderboard, whereas SLP is obtained by completing adventure mode stages and winning arena fights. To breed an Axie, you will need both of them.

2. Decentraland

Decentraland is an Ethereum-powered 3D crypto game. Gamers can explore places, customize their avatars and material, and have fantastic adventures.

Furthermore, gamers can use the MANA coin as an in-game token to start buying products and engaging in enjoyable social activities.

Decentraland delivers ultra-high-quality graphics and gameplay on VR experiences to satisfy life beyond reality. Alongside NFT Marketplace, users have the option of trading.

3. The Sandbox

Decentraland is taking over the metaverse blockchain realm. However, The Sandbox is also a shing star in the 3D virtual reality cryptocurrency games arena with a similar gaming framework.

To deal in the marketplace and digital swap lands, users can utilize the utility token ‘SAND.’ Sandbox’s feature is the restricted supply of 166,464 lands, which drives up interest and charges an arm and a leg to acquire.

In terms of aesthetics and interface, The Sandbox’s gamers can choose their methods of selling content while reflecting on a classic Minecraft experience in which scenery and goods are in block form. Trading lands and objects and completing in-game tasks are the best methods to Play to Earn in The Sandbox.

4. Illuvium

Illuvium is an Ethereum-powered 3D RPG game with auto-battle action. The primary aim of players, similar to old-school RPG gameplay, is to win battles, complete missions, and improve ranks, with rewards being ILV Tokens, which are digital assets.

NFT Illuvial is a beast with several skills players can acquire and upgrade to win battles. Like other NFT titles, NFT Illuvials and in-game objects can be sold on the Illuvium market using actual money.

Illuvium’s limelight is brightening due to its combination with Immutable X, the standards of Layer 2 solutions for NFTs with no cost charges. As a result, unlike other Ethereum blockchain-based popular games, Illuviums may provide its users with Peer-to-Peer trading with no GAS cost.

5. Gods Unchained

Gods Unchained is a game developed by the same team that created Immutable X, an Ethereum layer-2 scaling approach.

This  implies that the videogame runs on Ethereum and employs Immutable X, a platform on which decentralized apps (dApps) can exchange peer-to-peer without costs, and up to 9,000 payments per second can be handled.

The Gods Unchained token is known as the GODS token. It is an ERC-20 token. GODS tokens can be used to produce NFTs, buy packs from the Gods Unchained market, and gain even more benefits by holding the tokens in Immutable X.

This token symbolizes voting power, allowing you to vote on governance initiatives that affect the game’s future growth.

6. Age of Rust

Age of Rust is a strongly recommended crypto game with dynamic story-based elements!

Imagine waking up in a catastrophic world in the 44th century when AI and computers have taken control; you will explore the intriguing realm and solve puzzles to gather tokens.

Age of Rust is a post-apocalyptic role-playing game developed on the ENJIN Protocol. The crypto game is based on the Ethereum platform, and its original goal is to pique people’s curiosity in the blockchain world.

Players are sent on a treasure hunt for over 24 BTC concealed by the game’s inventor, and those Bitcoins are now worth more than 1,000,000 USD and 370,000 ENJ coins, utility tokens in the ENJIN Protocol ecosystem.

7. Spider Tank

Spider Tank, a component of GALA, is a free-to-play game with dynamic mechanics designed by GAMEDIA. GAMEDIA is an award-winning company from the Netherlands. Players can earn money by competing in skill-based games, acquiring game supplies, and cycling through levels.

Gamers must explore a range of NFT tank bodies, guns, and unique equipment in the strategic warfare arena to improve their skills and firepower. Furthermore, there are other game types on Spider Tank that players may experience and win by defeating the enemy on the tanks as a team of three.

8. Binemon

Binemon is one of the most popular NFT games in the market. It operates on the Binance Smart Chain. Players can breed and train digital NFT pets, Mons, and use them to fight fights and gain rewards. This NFT game has two modes: Player-versus-environment (PvE) and Player-versus-player (PvP). Mons is not the only element Binemon players may collect. Ambrosia (AMB) is a unique item that can ordered on the limitless open-world landscape. AMB can used to empower and improve Mons.

Conclusion

Since Bitcoin launched, people have been attempting to make BTC earnings by playing simple web games. While Bitcoin games continue to exist, the rise of Ethereum and smart contracts have considerably altered the blockchain gaming environment, enabling more intricate and immersive experiences.

It’s easy to see how GameFi allures players by combining entertainment and monetary prizes. With the increasing popularity of blockchain games, we may anticipate an increase in the number of influential organizations investing in the metaverse.