GameFi cannot avoid some type of centralization because of the need of developing and designing characters, write a story and rules, and generally structure a game world. However, many play to earn games is increasingly attempting to integrate greater player interaction. This might include voting on possible character stories, new NFTs, or regulations. As a result, players that own a greater number of tokens will have a greater voting power than others, which, although not democratic, does contribute to the creation of a more decentralized game experience.
The concept of providing other narratives is also quite popular in the entertainment business. Numerous television programs, for example, have effectively included plots with various endings into their shows – most notably, the television series Black Mirror’s Bandersnatch. While there may not be various possibilities for GameFi users, in the end, the active engagement in determining which tale will be told is certain to attract more players to the platforms.
To improve decentralization, GameFi apps make use of decentralized autonomous groups (DAOs). However, the use of DAOs to decentralize GameFi is still regarded to be a developing technology.
Can GameFi’s Online Universes Support a Self-Sustaining Economy?
There is considerable potential for digital economies to become self-sustaining and profitable. There are many explanations for this possibility:
- GameFi’s value and user base continue to grow, producing more revenue. In August 2021, Axie Infinity, a popular NFT GameFi platform, became the first blockchain game to sell over $1 billion in total tokens and has over 1 million daily players.
- As game worlds develop, they begin to contain legitimate revenue-generating assets. For instance, a player may use cryptocurrency tokens to purchase land in a virtual environment and construct a casino where other players can wager. Additionally, by using blockchains that allow DApps, GameFi apps have opened up an infinite number of opportunities for development.
- The addition of new assets and functionality to these play to earn games has necessitated the employment of actual humans as characters inside the game. This may sound unusual, but when we consider how many people engage with others more in play to earn games than in the real world, we can understand its use and future expansion.
To this aim, positions such as metahuman physicians, smart contract attorneys, fashion designers for avatars, and travel agents for the gaming world (to mention a few) will begin to develop, all of which will be filled by actual people. Along with professions inside the game world, GameFi has produced a plethora of opportunities for designers (costume, the universe, and NFT design, for example), software developers, and management.
Who Is the Founder of GameFi.org?
Hai Duong, a Vietnamese cyber security expert at the top of his profession, leads the team behind GameFi’s official yield guild. The “official” platform is marketed as a central location for all GameFi play to earn games and their associated requirements.
To maximize the benefits to its players and investors, GameFi established an environment in which players may collaborate across play to earn games:
- Gaming aggregator: Provides a repository for users’ in-game assets and NFTs, as well as the ability to rent, trade, and sell them across all play to earn games.
- Accelerator for gaming: Includes built-in tools and templates for creating on the blockchain. Additionally, it enables factory contracts for Non-Financial Transactions (NFTs) and Play2Earn methods.
- Yield guild and scholarship: Provides passive revenue potential through staking, yield guilds, and profitably renting out stuff to other players. Additionally, early access to freshly published projects and play to earn games is provided.
- Launchpad for play to earn games and Early Game Offerings: Provides a platform for initial game offerings (IGOs).
- Multi-chain NFT marketplace and NFT auction house: Similar to ECOMI, this GameFi platform enables users to purchase and sell NFTs.
- GAFI token: On September 10, 2021, the ecosystem’s native token (GAFI) was created with the goal of increasing the platform’s value and visibility. It will be utilized for a variety of purposes, including fees, governance, staking, and liquidity support for GameFi.
The Origins of GameFi
GameFi-like concepts have existed for years, with World of Warcraft, SIMS, and FIFA all including the purchase of in-game tokens, and CryptoKitties using blockchain technology in 2017. However, the word GameFi was popularized in 2020 by Andre Cronje, creator of Yearn.finance, and the cryptocurrency market quickly adopted it. From simple in-game tokens to complete integration of DeFi, the idea progressed. With its rapid growth and popularity, GameFi is demonstrating that DeFi is capable of more than merely renaming current financial ventures as crypto, demonstrating that it can be implemented in a variety of areas.
What Does the Future of GameFi Look Like?
GameFi provides a means of profiting in the cryptocurrency realm while simultaneously providing entertainment, which is a selling feature in and of itself. Add to that gaming’s addictive nature, as shown by research on dopamine release while gaming and the sheer amount of online players, and it is sure to continue expanding. Additionally, by diversifying into other fast-growing industries, such as DeFi and NFTs, it positions itself to gain from its triumphs. NFTs, in particular, are intended to be seen as visual collections. Thus, if a player can integrate a rare NFT into a game, garnering visibility, profit, and praise in the process, they are also more inclined to participate.
Another factor that may indicate further development is the game’s future decentralization, in which anyone will be able to influence how play to earn games are played, therefore promoting more involvement. Click here to read about How to play to earn games is revolutionizing the economy.
Finally, an intriguing concept is the possibility of future occupations on GameFi. With the globe experiencing a more insular and digital lifestyle in recent years as a result of Covid, things like consulting a doctor through virtual reality have become more feasible. Other possible uses range from legal consultation to fashion exhibitions. Mark Zuckerberg, for example, has indicated support for a metaverse, or digital reality, that incorporates such principles. This may also appeal to those who suffer from anxiety, agoraphobia, or just prefer to remain at home for a particular activity.
Without a doubt, there will be significant movement and change inside GameFi. With its capacity to diversify in response to market trends and implement new DeFi and DAO initiatives, it is well-positioned to grow profitably.