Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_nlist() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 420

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: ftp_pwd() expects parameter 1 to be resource, null given in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 230

Warning: unlink(/tmp/jnewslibrary-8DIgRh.tmp): No such file or directory in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142
What is GameFi? The Rocket Fuel of Gaming, Explained | Hodl Ninjas
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
bitcoin
Bitcoin (BTC) $ 22,998.16
ethereum
Ethereum (ETH) $ 1,635.29
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 328.04
usd-coin
USD Coin (USDC) $ 0.999931
xrp
XRP (XRP) $ 0.399956
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.391459
dogecoin
Dogecoin (DOGE) $ 0.092474
matic-network
Polygon (MATIC) $ 1.21
okb
OKB (OKB) $ 44.01
solana
Solana (SOL) $ 23.60
shiba-inu
Shiba Inu (SHIB) $ 0.000014
staked-ether
Lido Staked Ether (STETH) $ 1,631.32
polkadot
Polkadot (DOT) $ 6.64
litecoin
Litecoin (LTC) $ 96.24
avalanche-2
Avalanche (AVAX) $ 20.20
tron
TRON (TRX) $ 0.064181
uniswap
Uniswap (UNI) $ 6.90
dai
Dai (DAI) $ 0.999504
cosmos
Cosmos Hub (ATOM) $ 14.66
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 22,959.15
chainlink
Chainlink (LINK) $ 6.98
the-open-network
Toncoin (TON) $ 2.30
leo-token
LEO Token (LEO) $ 3.58
ethereum-classic
Ethereum Classic (ETC) $ 22.86
monero
Monero (XMR) $ 167.68
bitcoin-cash
Bitcoin Cash (BCH) $ 134.39
aptos
Aptos (APT) $ 15.45
stellar
Stellar (XLM) $ 0.091166
apecoin
ApeCoin (APE) $ 5.75
crypto-com-chain
Cronos (CRO) $ 0.081649
near
NEAR Protocol (NEAR) $ 2.39
quant-network
Quant (QNT) $ 139.53
filecoin
Filecoin (FIL) $ 5.29
algorand
Algorand (ALGO) $ 0.256345
hedera-hashgraph
Hedera (HBAR) $ 0.07021
vechain
VeChain (VET) $ 0.024385
lido-dao
Lido DAO (LDO) $ 2.04
internet-computer
Internet Computer (ICP) $ 5.68
fantom
Fantom (FTM) $ 0.570696
decentraland
Decentraland (MANA) $ 0.73819
the-sandbox
The Sandbox (SAND) $ 0.736377
axie-infinity
Axie Infinity (AXS) $ 10.91
aave
Aave (AAVE) $ 85.95
eos
EOS (EOS) $ 1.08
the-graph
The Graph (GRT) $ 0.129385
elrond-erd-2
MultiversX (EGLD) $ 45.42
flow
Flow (FLOW) $ 1.09
theta-token
Theta Network (THETA) $ 1.09
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
Hodl Ninjas
Home Defi

What is GameFi? The Rocket Fuel of Gaming, Explained

The popularity of play-to-earn blockchain games at the confluence between gaming and finance has grown exponentially over the past year.

L.R. Borbón by L.R. Borbón
March 27, 2022
in Defi, NFTs
0
What is Gamefi
Share on FacebookShare on Twitter

Halo, Grand Theft Auto, Pokemon GO, a few of the litany of major game developers that are attempting to build on the frenzy that is GameFi—or Game financialization. Which in essence is just as the word suggests, the ability for a game or player in a game to monetize their gaming.

This notion would have been seen as impossible just a few years ago, but thanks to a leading group of developers from China, GameFi is now a real possibility for anyone with a penchant for games to earn a living.

The dawning of GameFi occurred on an international stage back in 2019 at the Wuzhen World Blockchain Conference, when MixMarvel founders proclaimed to the world that blockchain technology would change gaming forever. Then soon after the inception of Ethereum and its blockchain, CryptoKitties was born. It was during this period, that the world would first come to know of NFTs or non-fungible tokens and their ability to monetize the gaming industry in a way that had not been seen before.

Unlike former attempts to monetize digital assets, CryptoKitties brought together blockchain technology and gaming assets in such a way that digital ownership would no longer be tied to a single game. Instead, gamers could now swap their gaming assets for real fiat money on decentralized exchanges.

And this is how gaming changed forever.

How Does Gamefi Work

How Exactly Does GameFi Work?

At its core, GameFi is the ability for someone to earn money from playing a game that rewards its users with tokens, coins, NFTs, or all three. But what makes one gaming project more likely to gift you a token rather than a coin or an NFT? And what is the real difference between a token, a coin, and an NFT? The difference lies in how these three individual software tools are utilized.

Vikram Subburaj, Co-Founder and CEO of Giottus Cryptocurrency Exchange, said that for an investor, both crypto coins and tokens behave the same way. “They represent a utility whose growth and adoption will drive the price of the coin or token in future.”

Play-to-Earn

The great majority of GameFi will offer some sort of “play-to-earn” scheme where a player is able to earn native tokens or coins by simply playing the game. Axie Infinity is a great example of an Ethereum based game that allows users to not only enjoy free gameplay but earn the game’s native AXS token.

This token or reward for playing is earned by the following:

  • Winning against opponents and other game players in tournaments
  • Creating your own virtual plot of land and tending to it
  • Trading with other users on the Axie Infinity Marketplace
  • Creating new Axies and breeding them

Owning Assets in GameFi

Digital ownership is at the core of GameFi and many of blockchain technologies’ most essential features. Bitcoin introduced digital scarcity to the world and then NFTs were able to build upon this initial technology. With NFTs playing a significant role in how we think of ownership, this led to an evolution of gaming.

Where now, these NFTs or non-fungible tokens can generate real income for players in GameFi. In CryptoKitties, utilizing NFT technology, players can breed their digital creatures to create new NFTs. With these newly born NFTs, they can then exchange them for stablecoin on a decentralized exchange or continue to hold on to these digital assets until the time comes for them to be sold or traded.

This is revolutionary not because of the digital ownership (games have had digital assets and items for quite some time) but because these digital assets can make a real-world difference in our day-to-day lives. In fact, a large majority of the highest-paid NFTs on the marketplace right now have come from little-known artists or individuals who are new to the technology scene.

The sale and auctioning of these digital assets have changed lives and are continuing to do so in a positive way. You can open any NFT news site to watch ordinary human beings transformed by the sale of their creative works.

Once believed to be the career of a starving worker, the NFT and GameFi world are instilling wealth into a population that had very little hope of ever achieving the success that their parents had when they were young.

And so it is in this spirit of entrepreneurism, that I leave you my dear reader with a bit of hope for what is to come for the gaming industry. As CryptoKitties and CryptoPunks take over, rest well knowing that your support is encouraging the next wave of artists and visionaries who will change the face of gaming and digital ownership forever.

ShareTweetPin
Previous Post

Four DeFi Projects That Look Set To Capture Headlines In 2022

Next Post

Best Exchanges for Altcoins

L.R. Borbón

L.R. Borbón

L.R. has worked for an international investment firm as a wealth manager and investment advisor, and launched his own NFT consulting business for the entertainment industry in 2021. He covers a wide variety of crypto and NFT topics for HODL Ninjas.

Related Articles

The Midas Touch
Defi

The Midas Touch

January 10, 2023
EverGrow-Deflationary-Structure-and-Stablecoin-Solution
Defi

EverGrow Coin: The Secret to The Reemergence of the Stablecoin

June 30, 2022
Celsius Halts All Withdrawals
Defi

Celsius Halts All Withdrawals: Start of The Next Great Recession

June 21, 2022
What STEPN Can Learn from Axie Infinity
Markets

What STEPN Learns from Axie Infinity’s Mistakes May Determine if Game is Sustainable

June 21, 2022
Next Post
Best Altcoin Exchanges for 2022

Best Exchanges for Altcoins

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Articles

  • Nike Aggressively Moving Into NFT Space

    Nike Is Secretly Buying NFT Domains: Nike Metaverse?

    0 shares
    Share 0 Tweet 0
  • SBF Promises Customers Will All Get Paid Back

    0 shares
    Share 0 Tweet 0
  • Enter GTX: Three Arrows Capital Rises from the Ashes

    0 shares
    Share 0 Tweet 0
  • What the World’s Business Leaders are Saying about Crypto

    0 shares
    Share 0 Tweet 0
  • Sam-Bankman Fried Saga Continues…

    0 shares
    Share 0 Tweet 0
bitcoinBitcoin
$ 22,998.16
$ 22,998.16
1.77%
ethereumEthereum
$ 1,635.29
$ 1,635.29
2.76%
tetherTether
$ 1.00
$ 1.00
0.04%
solanaSolana
$ 23.60
$ 23.60
4.24%
cardanoCardano
$ 0.391459
$ 0.391459
2.83%
polkadotPolkadot
$ 6.64
$ 6.64
4.55%

Become a Hodl Ninja.

Stay on top of market trends, find exciting new projects, hold on for dear life.

johnsmith@example.com
© 2021 Hodl Ninjas – A BettorView Brand.
No Result
View All Result
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe

© 2021 Hodl Ninjas - A BettorView Brand.

Subscribe to Hodl Ninjas

Get the latest news in crypto and be the first to hear about exciting new projects.

Enter your email address

No thanks, I’m not interested.

Search
$ USD
  • $ USD
  • € EUR
  • ₹ INR
0
Previous 25
Next 25
#CoinPriceMarketcapVolume (24h)SupplyChange (24H)Price Graph (7D)
Previous 25
Next 25

Warning: unlink(/tmp/jnewsfirstload-NryqJB.tmp): No such file or directory in /home/customer/www/hodlninjas.com/public_html/wp-admin/includes/class-wp-filesystem-ftpext.php on line 142