Even an average Internet user/technologically literate person has heard of terms such as fintech, health tech, or DeFi . But have you ever heard about GameFi – gamefied finance refers to a new approach to gaming and finance, based on play-to-earn models. In this biz/game phenomenon, players don’t only play online games for fun’s sake. Their goal is to make real monetary gains from their gaming efforts.
Since most such games are based on blockchain technology and cryptocurrencies, it’s always wise to follow theTo break things down to even simpler terms, in P2E games participants can become owners of potentially profitable assets. As the playing time increases, players can gather more and more in-game goods.
One practical note: those players who decide to sell their in-game-collected NFTs might want to know how to access their funds, as explained inAt the time of the production of this guide, the real-time value of Bitcoin is $64.24K. Everyone who has followed its fluctuations in the last few years knows that it has almost never been this stable for several months in a row.
Cryptocurrencies themselves are also tokens, but they’re fungible, meaning that they can be replaced with other tokens.The monetary aspect of every play-to-earn game completely depends on the approach the developer behind it support. The positive side of this approach is simply a lack of risk – you can know and feel the value of your gaming efforts from day one. As theThe potential negative side, when compared to native crypto platforms, is the same: a lack of risk, in the sense that what you do in the game doesn’t make a huge difference. The worth of your gaming effort depends on the movements of global crypto markets, which depend on dozens of factors. The process of monetization on such platforms is typically slower.