Because of the necessity to construct and design characters, write a tale and rules, and generally structure a game world, GameFi cannot escape some kind of centralization. Many play to earn games, on the other hand, are progressively seeking to include more player participation. Voting on potential character tales, new NFTs, or rules is one example. As a consequence, players who hold a larger number of tokens will have more voting power than others, which, although not democratic, helps to create a more decentralized gaming experience.
In the entertainment industry, the notion of giving other storylines is also highly common. Several television productions, for example, have successfully included play to earn games narratives with several endings into their shows, most notably Black Mirror’s Bandersnatch. While there may not be many options for GameFi users in the end, the active participation in deciding which story will be presented is sure to draw more people to the platforms.
GameFi applications employ decentralized autonomous groups to increase decentralization (DAOs). The use of DAOs to decentralize GameFi, on the other hand, is still considered an emerging technique.
Can a Self-Sustaining Economy be Supported by GameFi’s Online Universes?
Digital economies have a lot of potential to become self-sustaining and lucrative. This possibility may be explained in a variety of ways:
- GameFi’s worth and user base continue to rise, resulting in more income. Axie Infinity, a popular NFT GameFi platform, became the first blockchain game to sell more over $1 billion in total tokens in August 2021, and it now has over 1 million daily players.
- As gaming worlds mature, real revenue-generating assets become available. For example, a player may use cryptocurrency tokens to buy property in a virtual world and build a casino where other players can place bets. GameFi applications have also opened up an unlimited amount of development potential by using blockchains that enable DApps.
- The addition of additional assets and functionality to these play to earn games necessitates the use of real people as characters inside the game. This may seem weird, but when we examine how many individuals interact with others more in play to earn games than in real life, we can see how it may be useful and expand in the future.
To achieve this goal, occupations such as metahuman doctors, smart contract lawyers, avatar fashion designers, and game travel agents (to name a few) will emerge, all of which will be filled by real people. GameFi has created a wealth of chances for designers (costume, universe, and NFT design, for example), software developers, and managers, in addition to occupations inside the game worlds.
Who is the brains behind GameFi
The team behind GameFi’s official yield guild is led by Hai Duong, a top-tier Vietnamese cyber security specialist. The “official” portal is positioned as a one-stop shop for all GameFi play to earn games and their criteria.
GameFi created an ecosystem where players may interact across play to earn games in order to optimize the advantages to its players and investors:
• Gaming aggregator: Stores users’ in-game assets and NFTs, as well as allowing them to rent, trade, and sell them across all play to earn games.
• A gaming accelerator with built-in tools and templates for building on the blockchain. Factory contracts for Non-Financial Transactions (NFTs) and Play2Earn techniques are also supported.
• Yield guild and scholarship: Allows users to earn passive income through staking, joining yield guilds, and successfully renting out their items to other players. Early access to newly released projects and play to earn games are also available.
• Early Game Offerings and Play to Earn Games Launchpad: Provides a platform for first game offerings (IGOs).
• Multi-chain NFT marketplace and NFT auction house: This GameFi platform, like ECOMI, allows users to buy and sell NFTs.
• GAFI token: The ecosystem’s native token (GAFI) was developed on September 10, 2021, with the purpose of raising the platform’s value and exposure. It will be used for a number of things at GameFi, including fees, governance, staking, and liquidity assistance.
World of Warcraft, SIMS, and FIFA all include the purchase of in-game tokens, while CryptoKitties used blockchain technology in 2017 to create a GameFi-like idea. However, Andre Cronje, the developer of Yearn.finance, popularized the term GameFi in 2020, and the cryptocurrency industry swiftly accepted it. The concept evolved from basic in-game tokens to full DeFi integration. GameFi is indicating that DeFi is capable of more than just labeling existing financial endeavors as crypto, demonstrating that it can be utilized in a number of industries, thanks to its quick development and popularity.
What Does the Future Hold for GameFi?
GameFi offers a way to benefit in the bitcoin market while also offering entertainment, which is a selling point in and of itself. Add in gaming’s addictive nature, as seen by studies on dopamine release while gaming, plus the sheer number of online users, and it’s clear that the industry will continue to grow. It also positions itself to benefit from other fast-growing businesses, such as DeFi and NFTs, by diversifying into them. NFTs are designed to be seen as visual collections in particular. As a result, if a player can incorporate a rare NFT into a game while simultaneously gaining recognition, profit, and acclaim, they are more likely to join.
Another feature that might signal future growth is the game’s eventual decentralization, which will allow anybody to influence how play to earn games are played, encouraging greater participation.
Finally, the prospect of future employment on GameFi is an exciting thought. Things like visiting a doctor through virtual reality have grown more practical as the world has gotten more insular and digital in recent years as a consequence of Covid. Other prospective applications include anything from legal advice to fashion shows. For example, Mark Zuckerberg has shown interest in a metaverse, or digital reality, that integrates similar ideas. This may also appeal to folks who suffer from anxiety, agoraphobia, or just prefer to do something from home.
There will undoubtedly be substantial movement and change inside GameFi. It is well-positioned to develop commercially due to its ability to diversify in reaction to market trends and deploy new DeFi and DAO projects.