GAME-FI
What is GameFi?
GameFi is a market segment within the decentralized finance (DeFi) ecosystem that combines blockchain technology with elements of game theory to increase interest in a particular blockchain project and deepen users’ relationship with a specific cryptocurrency.
How GameFi works?
GameFi platforms are supported by smart contracts that automatically execute specific actions when certain conditions are met. The flexibility and programmability of smart contracts make them a powerful tool for creating unique and innovative GameFi experiences. Each game typically has multiple smart contracts tailored for a specific purpose or function within the game. For example, a game might have one smart contract to manage the creation and distribution of in-game assets, a second contract to manage player rewards and incentives, and a third contract to manage asset trading and the in-game economy.
Popular GameFi activity
Some of the most popular P2E gaming activities online or in a metaverse app include:
- Creating and selling virtual assets: Gamers can design unique in-game items such as digital pets or virtual real estate and sell them to other players in exchange for digital assets. This activity can be particularly lucrative for developers who have the design skills to create desirable in-game items.
- Trading: Gamers can trade in-game virtual assets with other players. This activity can be particularly appealing for gamers who are interested in collecting rare or unique virtual items.
- Staking: Some GameFi platforms allow players to stake their digital assets in exchange for participating in a game’s governance or participating in certain in-game activities. Staking can provide players with a way to earn passive income while also contributing to the development and growth of the game or metaverse
Online Game help build :
- 88% Cognitive skills
- 86% creative skill
- 86% Teamwork and collaboration skill
- 63% Communication skills
- 61% leadership skills
Game Industry Data :
- Employment of video game industry increased 3.5% on average between 2018 to 2023.
- 09 billion active gamers in the year of 2022.
- Current valuation of gaming market $197.11 billion.
- Gamers by gender : 52% male & 48% female .
Pros and Cons of GAME-FI:
| PROS | CONS |
| Convenience | Addiction |
| Variety | Loss of money |
| Social interaction | Security risks |
| Stress relief | violence |
| Cost-effectiveness | Poor health |