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.

GameFi’s Beginnings

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.

NFTs, or Non-Fungible Tokens, are used to prove ownership of digital assets. An NFT gives the virtual object a one-of-a-kind, non-transferable certificate and uses the blockchain to verify ownership. And, as a result of the use of NFTs to sell millions of dollars worth of digital art, many developers have realized the potential for players to make money on their platform, particularly with play to earn gaming.

Now the question is whether or not this is a good thing. Is it now possible for someone to make a living by playing video play to earn gaming on the internet? Is this the start of mega-corporations taking advantage of the system and benefiting unlawfully from people?

We’ll take a look at how to play play to earn gaming to make money in the sections below.

Technology that is novel

Blockchain technology gave birth to the NFT idea. It is now possible to establish ownership of easily replicated files by associating a virtual object with a unique identifier. Consider the sale of CROSSROAD, a short looping film. Click here if you want to buy Axie Infinity.

Because it is an online file, it may be downloaded, copied, and distributed by nearly anybody. Due to the fact that it was sold as an NFT, the buyer may be able to prove that they are the only owner of the file. It’s the equivalent of owning the Mona Lisa and having a certificate of authenticity proving the legitimacy of your copy.

Consider the following scenario: After Leonardo Da Vinci’s death over 500 years ago, the Mona Lisa was declared public domain. As a result, if someone copies the image and prints it on a shirt, the original owner—the French Republic—is helpless to stop it. Furthermore, they are not paid for every sale.

The Louvre’s Mona Lisa, on the other hand, is considered priceless since the French government can guarantee for its legitimacy via its ancestry. The Mona Lisa shirt you bought outside the museum, on the other hand, is probably worth less than $10.

The same may be said about NFTs. Because it provides provenance for any digital item acquired, such as the CROSSROAD video, you can show that the asset is genuine—that is, anybody can trace the file’s origins all the way back to the author and verify who owns it.

How NFTs Grew in Popularity

As the pandemic ravaged jobs and businesses throughout the world, many people started looking for ways to make money online. One such way to make money is via Axie Infinity. Users may acquire, raise, breed, battle, and trade digital creatures in this game, which is similar to Pokémon.

The average monthly profits from this game are about $400. However, depending on the exchange rate between the game’s cryptocurrency and the US dollar, this might fluctuate. However, since it is an online game, no special skills are required, making it a viable source of money for many.

By June 2021, this game has gained popularity in the Philippines. This happened as a result of several players’ viral posts promoting their achievements, such as the purchase of a new house, as a result of playing the game. Several participants have also set up a “scholarship” program in which they loan their animals to those who can’t afford to invest in exchange for a share of the profits. Filipinos will make up the majority of Axie players by September 2021.

How NFTs Benefit Players and Businesses

In most cases, you must purchase a copy of a video game before you may play it. NFT-based play to earn gaming, on the other hand, are usually free to download. You must, however, pay NFTs before you can begin playing. In Axie Infinity’s perspective, they are entities. In other play to earn gaming, it might be a hero, armor, or weapons to win points.

When you complete an achievement in most NFT play to earn gaming, you get not just experience and badges, but also a small amount of bitcoin that is used by the game author. You may then use them to buy more in-game items or sell them for real money.

Many play to earn gaming also allow you to buy and sell NFTs to and from other players. New players may get desired items in this way without having to grind for them—they are just swapping money for time. In addition, the developers are often paid a percentage of each in-game purchase.

Those who joined earlier may sell their NFTs and benefit as additional players get interested in the game and invest in the game’s NFTs. In addition, the game’s inventor receives money for each successful transaction.

Meanwhile, other players choose to grind their way into the game and then convert the bitcoin they earn into local money.

When a player transfers an in-game NFT between them, the business makes money. And they can only generate money and expand their in-game area if they maintain their interest in the game.

The Supply and Demand Problem and Volatility

Cryptocurrencies, on the other hand, are known for their volatility, as history has proved. If you look at the history of Bitcoin’s price, you’ll see that it’s varied a lot—from a dollar in 2011 to $20,000 in 2017 and then down to $5,000 in 2020. It rose to $60,000 in April 2021 before dropping to $30,000 in May. As of September 2021, it is now priced at more than $50,000 a piece.

Random occurrences have a big influence on cryptocurrencies. For example, the value of the Shiba Inu (SHIB) cryptocurrency soared by 91 percent when Elon Musk shared a photo of his dog on Twitter.

This is also a concern with bitcoin, which is utilized to gain play to earn gaming in the majority of cases. Unpredictable events may easily cause their worth to shift dramatically since they are largely based on a single game or have a tiny user base.

As a consequence, if you spend one Bitcoin to buy a large virtual property and the exchange rate drops to $10,000 per Bitcoin overnight as a result of Tesla’s decision to cease taking it as payment for their automobiles, you would have lost $40,000 in one day.

Furthermore, a game’s cryptocurrency would only be valuable if there was a market for it. A game developer can only make money if their game has ongoing transactions. As a result, the developer will benefit as long as there is interest in playing and acquiring NFTs.