Table of Contents 64q43
Have you ever heard about game fi? This is one of the most commented sectors in the Web3 and revolutionizes the cryptocurrency market, offering an alternative for those who want to earn money playing. Calm down, we will explain all these terminologies throughout the text! 1m6q6h
In this post, we are going to explore what it is game fi, how it works and how you can start making money playing. Come with us on this journey through the world of game fi and find out how this new trend is changing how we play and profit from electronic games.
What is GameFi? 14fg
The term game fi is a combination of the words “game” and “finance” in English, created in a tweet from 2020 by Andrew CronjeCEO of Year Finance.
O game fi uses technology NFTs) and game mechanics to create a virtual environment where players can participate and earn tokens.
Let's take it easy! You know what it is blockchain, Tokens e NFTs?
What is Blockchain? 2a1x3f
A Blockchain it's like a big digital ledger of records that securely stores information.
Imagines every information is an pad and these blocks are all connected, one after the other, like a current. That's why it's called "blockchain", that means "block chain" in English. And the interesting thing is that, once information is written on a pad and added to the chain, it can no longer be deleted or changed. It stays there forever, everyone can see and trust it.
This technology is very important because it brings security and transparency to many things we do on the internet, such as making financial transactions or even playing games. the games of blockchain, for example, use the blockchain to ensure that the items we earn or buy in the game are really ours and cannot be stolen.
What are Tokens? 415a3g
Um token it's like a special currency that exists in the digital world. Just as we have the coins we use to buy things in real life, Tokens are used to buy things in the online world. They are created to be used in specific places, such as games, applications or websites. Each has a different purpose depending on where it is used.
For example, in a game, you can win or buy Tokens to unlock items, such as outfits for your character or special powers. In an application, you can use Tokens to access extra features or unlock new levels. On some websites, you can use them to buy digital items like music, videos, or even artists you like.
The cool part of Tokens is that they're digital, so you can't hold them like a real currency. They are stored on computers or cell phones, in the form of a code.
What is NFT? 1m1j65
NFT means "Non-fungible tokens”, which in Portuguese would be something like “Non-Fungible Token”. But what does it mean? Well, “non-fungible” is a rather complicated term that means that something is unique and special, that is, it cannot be exchanged for something else the same.
Let's think of an example to understand better. Imagine that you have a drawing that you made with great care. This design is special and unique, there is no other like it. Now, let's assume you turn this drawing into an NFT. This means that your drawing becomes a token digital that can be bought and sold.
Here's the interesting part: when someone buys your drawing NFT, that person is buying their unique digital property. She can even see a copy of the drawing on the internet, but only those who have the NFT are the true owners of the original drawing.
In addition to drawings, NFTs can represent other unique things, such as music, videos, stickers and even game moments. They are a way to show that you are the sole owner of something special in the digital world.
So, in short, an NFT is like a digital stamp which proves that something is unique and belongs to someone. It's like having a piece of digital art that only you can call your own. It's a very smart way to value and share special things in the digital world!
Now that you already know what it is blockchain, Tokens and NFTs, let's dive deeper into what is the game fi.
In the past, games were stored on servers that were in one place, and this gave game creators and owners control of everything within them. You know those special items we win or buy in games? Players couldn't truly own them, nor did they have much control.
This means that, even if we spent hours and hours playing and accumulated many things, such as clothes for the characters or special powers, all of this was not really ours. It was as if we were just taking care of these items, but without being able to do what we wanted with them.
Now things are changing! with technology blockchain, games are getting fairer for players. A blockchain allows the player to truly own the items they earn or buy.
In games game fi, the player can earn rewards while playing the game. This means that when we complete tasks and go through several levels, we earn Tokens with real value, which can be exchanged for money or other things the player wants.
For example, imagine that the player gains a very rare game item, such as a powerful sword. That item might be so special that he wants to trade it with other people who also play. The player can go to places such as NFT marketplaces and cryptocurrency exchanges to exchange these items for real money.
How does GameFi work? 3r1817
In most games that use blockchain, there is a virtual currency within the game itself, a market to buy and sell items and an economy based on Tokens. Unlike traditional games, there is no central authority that controls everything.
The projects game fi are usually managed and governed by the community itself, which means that players can participate in even the most important decisions. This is called decentralization and it's one of the most interesting things about video games. blockchain, because it gives players more freedom and control.
No game fi, rewards can be cryptocurrency or in-game items such as virtual land, characters, and equipment. Players earn rewards by completing tasks or fighting other players, and some games even allow you to earn money without having to sell anything, through “staking” (place your digital items to render) or in-game loans.
Play to Earn Model (P2E) 3w5h2a
No game fi, there is a revolutionary way to play called “play to win” (play-to-earn, or P2E in English), which differs from the traditional “pay to play” (pay to play, or P2P in English).
In traditional games, players usually don't make money, and game companies control and maintain everything in the game. In P2E games, players have full control over their in-game assets and have a chance to earn money.
But it's important to that the level of control players have over their assets depends on the design and model of the game. although the technology blockchain can allow players to have full control over their Tokens, not all games offer this. Before jumping into a P2E game, it's good to understand how the game works and who is responsible for it.
Some P2E games are free and still give cash rewards to players, but in some projects game fi you need to buy NFTs or cryptocurrencies before playing. It's important to do your own research and assess the risks before jumping into a P2E game. If the game requires a large initial investment and the rewards don't look interesting, there is a high risk of losing all the money invested.
One of the most famous P2E games is Axie Infinity, a game based on NFTs that uses the currency Ethereum and has been successful since 2018. In it, players use their NFT pets called axies to earn tokens called SLP (Smooth Love Potions) by completing daily quests and fighting other players.
When they reach a specific rank in the PvP Ranking (player versus player), players in the Axie Infinity can also receive rewards in AXS, which is the game's official cryptocurrency. In addition, the Tokens AXS and SLP can be used to create new axies through the reproduction process (breeding), and these new pets can be used in-game or sold on the official NFT marketplace.
In addition to buying and selling axies, the players of Axie Infinity they can also lend them to other players, creating an opportunity for owners to earn money without playing. This type of loan is called “little school" or "scholarship”, where school can use axies borrowed to play and receive rewards.
In short, owners of axies can earn extra money by lending their pets, while of the school can play without having to spend money. The rewards won are divided between the of the school and the owners of the axies.
Move to Earn (M2E) Model 1y1x53
O Move-to-Earn (M2E) (move to win) is a revolutionary concept in the world of game fi. It offers a unique way to earn money through physical and sports activities. This means you can be rewarded for moving, playing sports and having fun.
But how does it work? Well, first you need to do some physical activity like running, jumping or dancing. The more you move, the more chances you have to win Tokens. It's like the game rewards you for being active and healthy.
M2E games are similar to P2E games, and operate with various business models. Some of these apps are free, while others require participants to purchase NFTs to get started, as in STEPWOMEN, where s need to buy or rent sneakers before ing the game.
As players engage in physical activities they can earn cryptocurrencies which can be used to buy or upgrade NFTs, furthermore there is often a secondary market where players can convert their in-game items into cash by selling their NFTs or cryptocurrency rewards.
Virtual asset ownership 3y4c3h
The technology blockchain allows players to own digital assets, providing opportunities to earn money from their in-game items in a variety of ways on the game fi.
In traditional games and video games, players can have avatars, pets, houses, weapons, tools, and more. At the game fi, these same items can be issued or created as NFTs in blockchain, through the process of NFT minted. This gives players full control over their assets, with verifiable authenticity and ownership.
Some popular metaverse games such as Decentraland and The Sandbox, focus on the concept of land ownership. In these projects, players can profit from their virtual land in a variety of ways, such as buying digital real estate and investing in its development to generate profits.
Landlords can collect fees from other players who visit their land, earn rewards in Tokens by hosting content and events or renting your custom land to other players.
The new age of finance: DeFi applications 5s4h3u
O Challenge (decentralized finance) (Decentralized Finance, in free translation), is a set of financial services accessible to anyone with an internet connection, which operate without the need for intermediaries, such as banks. The aim is to create an open and reliable financial market built through technology. blockchain.
some projects game fi offer products and resources DeFi, allowing players to make financial investments from their Tokens to earn rewards, unlock exclusive items, or access new game levels.
The introduction of elements DeFi it can also bring more decentralization to crypto games. in some projects game fi, the community can participate in the decision-making process, unlike traditional game studios that centralize and control their game updates.
As Decentralized Autonomous Organizations (DAOs) are groups of people who come together online to make decisions together. Instead of having one person in charge, all people have equal power to decide what to do. It's like a community where everyone has an important voice. This is possible thanks to technology blockchain, which ensures that everything is fair and transparent.
For example, players from Decentraland can vote on organizational and game policies, blocking their Tokens of governance in DAO. How much more Tokens block, the greater their voting power. With this, players can communicate directly with developers and influence decisions about the game.
With DeFi, s can also perform a variety of other financial transactions, such as borrowing, purchasing insurance, trading, and much more. It offers an alternative to the traditional financial system, with faster, safer transactions and no need for paperwork or third parties.
The platforms DeFi most popular are built on blockchain Ethereum, including Uniswap, Aave, Compound, MakerDAO e CurveFinance. DeFi is a significant innovation in the cryptocurrency industry that transforms how people interact with the financial system.
Guide to Getting Started in GameFi Games 6x5y6j
There is a wide variety of games based on blockchain currently available on the market, each in its own way. However, it is crucial to be on the lookout for possible scams, fraudulent projects and fake websites. It is extremely risky to connect your wallet or games from unknown sources.
To ensure your safety, we highly recommend creating a new crypto wallet exclusively for this purpose and only investing funds you are willing to lose if necessary.
One of the best portals to follow the market game fi and discovering new games is the GameFi.org. After investigating and choosing the game, follow the steps below.
Create a cryptocurrency wallet 1b216c
To enter the world game fi, it is necessary to have a cryptocurrency wallet compatible with the game, such as Trust wallet or Dappradar. Depending on the game, you may need to use different wallets or connect to other networks. blockchain.
For example, if you want to play games blockchain na BNB Smart Chain (formerly known as Binance SmartChain BSC), you need to connect your wallet Dappradar the net BSC. In addition, you can also use the Trust wallet or other compatible cryptocurrency wallets. Check the game's official website to find out which wallets are ed.
Another option is to connect your cryptocurrency wallet to blockchain Ethereum to access most games running on that network. However, some games like Axie Infinity e Gods Unchained have their own unique portfolios to reduce costs and improve performance.
O Axie Infinity was built in blockchain Ethereum, but his team developed the network Ronin Network as a sidechain. Therefore, to interact with the ecosystem of the Axie Infinity, it is necessary to use the official card of the Ronin. As a sidechain, Ronin Network makes negotiations and the creation of axies much more accessible reducing costs.
That way, when choosing a game game fi, check the required wallet specifications and be prepared to connect to different networks blockchain, as required by the game.
Connect your wallet to the game 4e6s4a
To enjoy a game based on blockchain, you need to connect your wallet. It is critical to ensure that you are accessing the official website and not a fake version. Go to the game's website and look for the option to connect your cryptocurrency wallet.
Unlike traditional online games where you need to set up a name and , most games blockchain uses your cryptocurrency wallet as a game . Therefore, it is likely that you will need to sign a message in your wallet before connecting to the game.
Always to take security precautions by carefully checking the website for authenticity and making sure you are linking to the official version. When using your cryptocurrency wallet as a game , be aware of message g procedures to ensure the security of your transactions and personal information.
Check the requirements needed to play 2v5t2e
To start your project journey game fi, it is usually necessary to purchase Tokens game-specific cryptocurrencies or NFTs. Requirements vary between different games, it is important to assess the potential for earnings and the risks involved. Estimate the time it will take to recoup your initial investment and start making profits.
In the case of the game Axie Infinity, it is necessary to have 3 axies in your game wallet. They can be purchased at Axie Marketplace. To buy Axies, you must have the currency wrapped ETH (WETH) in your wallet Ron's Wallet. Is it possible to buy ETH at cryptocurrency exchanges like Binance or Coinbase and then use the “bridge” Ronin Bridge to transfer the Tokens for your Ron's Wallet.
If you don't have financial resources or prefer to avoid risks, consider participating in a program of school (scholarship). In this mode, you can play using borrowed NFTs, if you are willing to share part of your winnings with the owner of the NFTs.
Always to find out about the specific requirements of each game game fi, as well as the necessary steps to acquire the Tokens or corresponding NFTs. Carefully evaluate your options and make informed decisions regarding investments and playing strategies.
The future of GameFi o26i
the gaming world game fi is growing fast! The number of projects game fi increased and the trend is that it will continue to grow in the coming years. Look, according to the latest research June 2022, there are already more than 1.500 games of blockchain assets listed on DappRadar. It's too much!
These games are very popular in many block chainsas the Ethereum, BNB Smart Chain (BSC), Polygon, Harmony, Solana and many others. It's like every blockchain had its own collection of amazing games.
This world game fi it is very attractive, especially in developing countries. It is an incredible opportunity for players to explore new horizons and even undertake in the gaming universe.
So, if you love games and are ready to embark on this new adventure, keep an eye out for projects and enjoy everything this new era of gaming has to offer!
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Source: Crypto, Binance, NFTandGameFi
Text proofread by: Pedro Bomfim (26/06/23)
