According to 2020 statistics, the global traditional gaming market was worth $57.7 billion and was forecasted to hit $73.6 billion by 2024. These figures can differ from what we see now, more so in the wake of the GameFi Network that is quickly revolutionizing the gaming industry. GameFi combines the conventional thrill of earning or winning prizes from games and takes the play-to-earn model to a new level. It’s the hottest thing in the gaming world right now, and if you wonder why—it’s leveraging the power of cryptocurrency and blockchain technology. Understanding the GameFi Network GameFi is not too old in our ears, but it’s simply a combination of gaming and finance, precisely decentralized finance (DeFi). It merges cryptocurrencies, blockchain technology, NFTs, and the mechanics of video gaming to provide a virtual environment where people can play and earn. Cryptocurrencies and NFTs have more use cases in the network, making them profitable and affordable. The gaming applications under GameFi allow players to benefit from a range of financial options, making gaming on GameFi a potential stable source of income for players. Based on a specific game’s economic setup, players can have a combination of or any of the following options: · Yield farming · In-game currency rewards · Staking · NFT-based assets In-Game Currency Rewards All GameFi platforms require players to have a cryptocurrency wallet for storing the specific gam...
