The GameFi Protocol team is a group of metaverse explorers. Creating a metaverse income platform by bringing together strategic funders, game guilds, game producers, and metaverse players. The first GameFi aggregation protocol to support the F2P2E protocol (Free to Play to Earn).

While the Bitcoin blockchain was employed in the first GameFi titles, smart contracts are now used in the majority of recent blockchain games. The most well-known of these is Ethereum, which was the first and is still the most popular today.

Ethereum, on the other hand, prioritizes decentralization and security over performance. Because Ethereum’s block space is limited, individuals who need the quickest settlement times must pay a fee to miners to include their transactions. When demand outstrips available block capacity, transaction costs skyrocket, forcing some people out. For blockchain game makers, this is a problem. If you charge high transaction costs, you can’t expect a game to have the same user base as major titles.

What is GameFi?

GameFi is the amalgamation of gaming and blockchain-powered financialization. Whether through quotes, trading, or additional activities, GameFi allows gamers to earn revenue from their in-game assets. The games run on a blockchain’s distributed ledger, enabling players to have verifiable ownership of the virtual items even when the server is turned off. It operates on the Play-to-earn model (P2E), rewarding players with financial incentives to play and grow their levels in the game. These games are integrated with Decentralized Finance (Defi) tools such as farming, algorithmic stablecoins, etc., enabling players to generate revenue.

Benefits Offered by GameFi

One of the most anticipated benefits of GameFi is the ability to earn money and generate revenue through crypto gaming tokens.

Defi concepts like staking, yield farming, and liquidity mining are the additional ways players can earn in-game passive incomes. Players can stake their in-game assets to earn annual interest and other substantial rewards.

Many blockchain games entitle the players with the responsibility of future game updates by giving stakeholders voting powers to the members of the DAO (Decentralized Autonomous Organization). These voting rights may possess a financial impact, like, such a proposal is initiated to increase the reward for a particular in-game activity.

Blockchain-based gaming has opened the gates of employment opportunities to face the existing economic challenges. It is also a great investment opportunity for the KDMs, looking to seize golden opportunities.

HOW TO START USING GameFi

Create a Web 3.0 wallet

Blockchain games, unlike the majority of today’s most popular web apps, do not require a username and password. A Web 3.0 wallet is used to identify the user of the game. A wallet is required to play the game, which is specified by the network on which it is housed. Axie Infinity, for example, requires a Web 3.0 wallet that supports Ethereum, such as Trust Wallet or Metamask.

Owning Assets

Before you can participate in many blockchain games, you must own one or more in-game assets. You must have at least three Axies in your Web 3.0 wallet to play Axie Infinity. You may be required to purchase in-game currency in some games. A currency can usually be purchased through an exchange such as PancakeSwap or directly from the game.

Logging in via 3.0 wallet

The majority of today’s popular GameFi games may be played directly in your browser. As a result, you’ll need to log in with the Web 3.0 wallet you made earlier.

By going to the game’s website, you can connect your wallet. The action in your wallet will be confirmed by signing a message from the site. The signature is created by the wallet, and you confirm it by clicking the Sign button.

Any progress you make will be saved in your Web 3.0 wallet, which will serve as your account. This is also your inventory, and any assets you have can be used to play if they’re interoperable.