Gamefi Tokens: All You Need to Know About Gamefi Tokens

what is gamefi token

The traditional gaming industry as we know it is being disrupted by Axie Infinity and other GameFi ventures and play-to-earn games.

These blockchain-based monetizations of the gaming experience are effectively play-to-earn crypto games, and GameFi is a blockchain-based game that rewards participants with money. 

Players can typically earn cryptocurrency and NFT rewards by completing chores, fighting other players, and progressing through the various game levels.

Unlike traditional video games, most blockchain games allow players to move game items outside the virtual world.

Players can trade their products on NFT marketplaces and their crypto winnings on crypto exchanges. 

This article discusses Gamefi Tokens, its benefits, future, and all you need to know. Let’s dive!

What is GameFi?

GameFi serves game studios, players, traders, and investors as a comprehensive center and one-stop-shop for game finance.

The innovative blockchain game projects established on the BSC and Polygon networks which host most of the top-rated play-to-earn titles will be brought to the gaming community via GameFi.

Simultaneously, GameFi is the first marketplace to allow in-game products and NFTs traded across games.

GameFi video game projects are built on the blockchain’s distributed ledger, allowing players to have verifiable ownership of virtual items in the game.

Unlike traditional gaming, where users play to win, GameFi programs encourage users to play to earn.

Ice tea Labs, an incubator for up-and-coming games like Faraland and Kaby Arena, and DAO Maker, a launchpad for several high-profile gaming projects, support GameFi.

Who are the founders of GameFi?

The founders of GameFi are Derek and Sean Kelly, two men who began their gaming lives with a passion for retro games.

In the late ’90s, Sean studied at the Rochester Institute of Technology in upstate New York, where his roommate introduced him to an original Game Boy.

He used the device to play Tetris on endless car trips with his siblings. Soon after, he bought a second-hand game cartridge: Super Mario Land 2: 6 Golden Coins.

He recalls playing the game so much that it became unplayable. What can be considered the catalyst for GameFi’s birth occurred during Halloween 2003 when Sean and his wife were out of candy for trick-or-treaters.

In 2016, they started working together as freelancers under Wild Rumpus Games, making video games for companies like Disney Interactive Studios and EA Sports.

They enjoyed what they did but didn’t feel fulfilled; there had to be more to life than writing code from nine to five.

They wanted a business where they could work from home, spend time with their kids, and live off their income while doing something fun.

What are Gamefi Tokens

GameFi Tokens (or GF tokens) are the currency used to buy and sell games, in-game items, and other entertainment content via the GameFi platform.

GameFi Tokens were distributed in two Initial Coin Offerings (ICOs), one in 2017 and one in 2018.

A total of 1 billion tokens were issued in each ICO, with 400 million distributed to investors during the presale period and 600 million remaining for sales after the sale period ended. 

Purchases of tokens can be made using Bitcoin or Ethereum or using fiat currencies like USD or EUR through fiat gateways.

Gamefi tokens are used to purchase games, in-game content, and other products from developers who have partnered with Games.

Gamers can earn tokens by participating in challenges or purchasing Gamefi’s service.

Top GameFi tokens

Let’s take a closer look at these GameFi tokens.

  1. Axie Infinity is a fictional character created by Axie (AXS). The Axie Infinity metaverse governance token, $AXS, is an ERC-20 compliant coin. By playing a game, participating in staking, voting on critical decisions, and buying or selling NFT in-game content, holders can earn $AXS. You may build and enhance characters and fight in an arena with other people.
  2. Enjin Coin is a cryptocurrency created by Enjin (ENJ). Enjin is a platform that makes it easier to integrate NFT and GameFi into apps. The platform comes with a comprehensive collection of development tools that don’t require extensive technical knowledge. A developer only needs to submit information about the upcoming app, connect the wallet, and generate their collection assets in minutes.
  3. Gala (GALA) is a platform for designing blockchain games that are simple to use. Players have complete ownership of anything generated or purchased because of NFT technology. The team frequently talks with people on Discord, discussing changes made, which is a huge plus. Over 16,000 nodes throughout the world already power the platform.

How will these Gamefi tokens benefit gamers?

Gamers can use this token to buy in-game items, subscriptions, or redeem prizes.

Each transaction will involve some small amount of this currency to fund additional servers and prevent spam.

To balance that out, publishers will get 85% of all purchases. This might seem excessive, but remember there are two parties involved: gamers and game makers alike benefit from a streamlined system where everyone saves time and money (and prevents scams).

Gamers don’t have to worry about receiving unauthorized charges on their credit cards when buying a new sword for their character because each purchase is verified by both publishers and third-party payment providers like PayPal or Amazon.

Gamers also don’t have to deal with complicated chargebacks after that same sword breaks three hours into playing it in-game.

Where to buy Gamefi tokens?

You can purchase GameFi tokens on KuCoin, Binance, Hit BTC, and other public exchanges. It’s an exchange that allows users to buy and sell cryptocurrencies using many methods, including fiat money. Since GameFi only uses Ethereum-based ERC20 tokens, you can only buy them with ETH, BTC, or USDT (Tether).

What You Should Know About GameFi Tokens

NFT and GameFi are two technical disciplines that continue to dominate the blockchain industry, and they are inextricably linked.

GameFi crypto tokens assist producers in monetizing their digital content while also ensuring copyright protection.

GameFi mixes Decentralized Finance (DeFi) and Gaming, but instead of Play-to-Win, it operates on a Play-to-Earn paradigm.

Players can benefit by upgrading and strengthening their characters. Another benefit is that ordinary participants, not the firm, control their funds.

All tokens and NFTs will stay in users’ wallets even if a server goes down. So GameFi is more than just a source of enjoyment; it can also be a source of income.

Crypto Games and the Future of GameFi

A new sort of virtual gaming environment has arisen due to the convergence of DeFi, games, NFTs, and the metaverse.

Players can immediately gain the monetary rewards that aren’t available in traditional games. GameFi’s Prospects

In 2021, GameFi projects increased dramatically, and this trend is expected to continue in the next few years. DappRadar now lists over 1,400 blockchain games as of March 2022.

The Popular games are now available on many blockchains, including Ethereum, BNB Smart Chain (BSC), Polygon, Harmony, Solana, etc.

The GameFi growth trend is expected to continue rapidly as blockchain technology develops. GameFi is particularly appealing in developing nations because it allows you to own in-game assets and make money.

The future of GameFi appears bright; let us keep our eyes peeled to see where the best GameFi games of tomorrow will take us.

Conclusion

Finally, let’s talk about the Gamefi token. Gaming that is made simple and enjoyable can appeal to practically everyone who utilizes it.

Many people enjoy playing games, and if they can compete or interact with other players on a platform, I believe it will be one of the most popular crypto initiatives.

Although the Gamefi token will be a great investment, it does come with some risks. It is best to think about all elements of your finances before deciding whether or not to invest in a Gamefi coin.

If you decide to invest, remember that you should never put more money into it than you can afford to lose. Also, keep market conditions in mind before making any financial choice.

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