GameFi

A Forecast on Web3 Gaming

Blockchain has been emerging as the pivotal technology in the global market and the domain of crypto gaming, better known as Web3 Gaming or P2E gaming, has inclined the worldwide community to invest and expose its potential. The Play-to-Earn model is focused on incentivizing the time and efforts that a player invests into a game, in the real world. With the old structure, the investments of a player did not have any real-world value, which was the main reason why any gameplay was seemingly exhaustive before. 

With the P2E games, the global gaming community gets appreciated for their inputs and earnings in the game, as it brings out monetary value and reputation in the real world. The gamers can now transform their in-game collectibles like costumes, weapons, avatars, real estate, arts, etc., into NFTs and bring them to the table of the blockchain for trading. Here, they can trade them for cryptocurrency or other digital assets, which would have the benefit of being used in the entire Web3 gaming world. Thus, with the advent of such a widely spread network and digital reputation, a player can produce his regular income by doing what he loves most, i.e., gaming.

It can easily be said that GameFi is the current hype with a sledgehammer market of almost $300 Billion. With the foundation laid on blockchain technology, the scope of innovating and designing better and more engaging games every day on multiple platforms has been empowering the developers to bring out their best. South Asia and other parts of the world are experiencing more and more players entering this domain to make it their livelihood. This is possible because of the perfect recipe of gaming and blockchain-based finance, also known as DeFi, which generates a better way of income opportunities every day for its users, without compromising on their desire to play.

With the distributed ledger of blockchain, crypto games make their players verified owners of virtual and digital assets and generate income through trading, NFT minting, and the NFT marketplace. On top of that, incorporating DeFi tools like stablecoins, farming, staking, etc., generates income while playing and provides financial incentives for the in-game development of characters and assets. The players earn crypto gaming tokens as income, and they can also stake their digital assets to get crypto and other rewards.

Blockchain also brings forth the establishment of DAO (Decentralized Autonomous Organization) so that the Web3 gamers can get the direct voting rights to decide the future of the game. They can create and sustain governance in the digital environment and work together to grow it smoothly. These abilities also reward them in a financial aspect, as they can mutually benefit from changing the rewards for the activities in the game.

The core pillars of Web3 games – Blockchain technology, P2E structure, asset ownership, and NFTs –  are the perfect formula for unimaginable prospects, and with every passing day, this domain is reaching new heights. With a majority of players who were facing economic hardships, are now getting income opportunities in the nascent stage of Web3 gaming, it is not far-fetched to believe that we have just scratched the surface of the iceberg, and many new and exciting applications of GameFi are still waiting to be discovered.

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