How GameFi changes crypto payments
Not that long ago, computer games were just entertainment, but today they are a promising source of income. Blockchain-based platforms implement various monetization models and literally bring more value to the time spent playing.
We will be going over how the GameFi industry has taken over crypto payments and revolutionised this field forever.
What is GameFi?
The term GameFi, or game finance, is applied to blockchain platforms that allow monetization of the gaming experience. In general, GameFi describes any game that offers economic incentives to the players.
The core of the idea is in getting a profit for the progress within the gameplay. This is possible due to the application of blockchain technology and cryptocurrencies.
The key difference between GameFi and traditional gaming is the way through which players transfer gaming items out of the virtual world to any crypto wallet that supports the technology. Players can then do as they will, from listing NFT on a marketplace to cashing their crypto out and earning income.
How GameFi and crypto payments are related?
Whenever a player joins a GameFi-project, their main goal is to enjoy the gaming experience. However, they may expect to be rewarded for going through various in-game activities — with cryptocurrency or non-fungible tokens (NFT).
In most cases, players earn digital assets and NFTs by participating in simple gameplay activities, including collecting loot, pushing through quests and battles, advancing through the storyline and overall ranking, etc. Funds earned throughout gameplay sessions can be spent in various ways, from making in-game purchases to withdrawing them to a crypto wallet.
Another option is to use funds outside of the game, typically to stake or buy NFTs directly on secondary marketplaces. Thus, in the GameFi field, there are consistent transactions between the player and the game.
Crypto transactions occur every time an NFT is bought or sold. Therefore, gamers conduct a lot more transactions and investments in the crypto industry than those who just invest in tokens. Some players even make enough money to turn their GameFi hobby into a full-time job. This clearly illustrates how important it is to accept crypto payments if you want to get a higher user base.
How the gaming industry adopts crypto payments?
There are numerous ways to take advantage of crypto payments in the gaming industry. The most popular one is connecting in-game microtransactions. Thus, players gain access to instant payments from anywhere in the world, avoiding obligatory verification and high fees. Moreover, most GameFi-platforms accept an almost unlimited range of cryptocurrencies, which attracts a growing number of users too.
As the gaming community is rising quicker than ever before, and as blockchain technology introduces brand new monetization models, the GameFi industry will continue to grow rapidly. And crypto payments, which will certainly undergo many transformations in the future, will play no small part in this.
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