The idea of making money by playing online games has gained immense attention worldwide. Thanks to blockchain, which has transformed numerous industries worldwide, GameFi might be the next big thing.
This crypto niche is about to go through the roof in the coming bull run. Here’s why.
What Is GameFi?
GameFi is a combination of Gaming and Finance. Specifically, decentralized finance (DeFi). It represents the mix of cryptocurrency, non-fungible tokens (NFTs), and play-to-earn models to form a virtual environment. The gaming and financial industries are much bigger than the music and movie industries combined!
This niche comes as a solution to major problems in the traditional gaming industry. This is because, unlike traditional online games, GameFi brings in the Play-to-Earn model. This allows gamers to make a living by contributing their time and effort.
The idea of play-to-earn has gained immense attention globally. Blockchain games allow gamers to earn a full-time income by engaging in in-game elements like scoring, leaderboard, competitions, avatars, rewards, and badges.
The gaming and decentralized finance combined have the potential to attract young, tech-savvy, and fun-loving users. It won’t be long before it gains traction to become the next hottest thing in crypto.
Is It The Next Big Thing?
It is assumed that by 2025, the GameFi industry will generate more than $260 billion in revenue. The collaboration of gamers and blockchain enthusiasts will be the next hottest thing in crypto.
Developers are looking into improving user experience and ensuring gamers get a variety of new and appealing experiences. These include better games and better monetization methods.
Moreover, there will be new ways of trading in-game assets such as NFTs and avatars. This automatically opens up more income channels, which massively appeals to gamers.
It is difficult to ascertain the future of GameFi due to the regular evolution in blockchain technology. Moreover, building new games is expensive and takes a lot of time. But as of now, the buzz for GameFi is on, and the industry is only getting bigger.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.