GameFi
Blockchain Games Can Make You Money
By: Ofek B. | 7-17-2022
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The gaming industry is one of today’s most profitable industries worldwide. According to Statista, the total industry revenue in 2021 was $178 billion, and it’s expected to grow to $268 billion (50% growth) by 2025.
In summary
As the gaming industry grows and becomes one of the world’s biggest earners, GameFi appears to be on the rise. More and more traditional games are switching to play-to-earn, with many predicting a boom in the near future.
Although the GameFi industry is not at all close to realizing its true potential, many games are up and running. One of the bigger projects is Axie Infinity, a game with a market cap valuated at $1.5 B. By completing online missions, Axie Infinity players receive rewards like NFTs and tokens that can be exchanged for Ethereum. Other examples are "Decentraland" and "The Sandbox," which are “virtual world” projects where participants can buy, sell, and interact with other users in the virtual space.
These are just a few examples from thousands of existing and in-development projects. It would seem that the share of GameFi revenue in the crypto market will increase significantly in the coming years.
GemeFi is a combination of finance and games, a play-to-earn model that offers players financial rewards for achievements in a game. The games use blockchain technology to produce the system, which gives rewards to players in the form of NFTs, cryptocurrencies, and tokens.
The main advantage of GameFi is the ability to create a complete financial system within the game structure that can branch out beyond the game world. In other words, players can sell game earning of NFTs, crypto, or tokens, on external marketplaces for real money (Ethereum, Bitcoin, etc).
What is GameFi
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