The disruption of traditional gaming companies and financial institutions is increasing as they cling to the monopoly of the gaming sector. This page Bitcoin profit is a fully automated cryptocurrency trading platform that offers the best features such as liquidity, trading tools and customer support. However, blockchain technology has many potentials and many blockchain games have emerged. In other words, blockchain games do not require a server or a centralized platform to validate transactions and enable players to interact with each other.
The impact of blockchain gaming on the value chain industry could be big for both traditional companies and new players like GameFi. Many traditional companies are excited about blockchain technologies because it eliminates intermediaries that generally have significant cost advantages over startups.
Blockchain technology is revolutionary, and GameFi’s approach is unique. Blockchain technology can transform the entertainment industry and create a significant impact on the industry. The most widespread application of blockchain technology in gaming will be the implementation of smart contracts and payment methods. GameFi has already started this implementation by launching its platform. Here we discuss three basic concepts you need to know to understand how blockchain gaming is changing the landscape of online gaming.
Play to Earn (P2E) model
P2E means that a player can earn extra rewards without spending resources or paying a penny to the platform. P2E is an attractive game mode for players and significantly reduces the cost of traditional games. Unlike other types of games where players buy convenience, P2E allows them to earn money without spending money. It’s like buying stocks and earning dividends just by playing. In this case, the user does not have to do anything more than play.
How does GameFi work?
Users can earn rewards by playing games, actively exchange tokens between players and enable payment for game components. In GameFi’s play-to-earn model, players can earn content and items through in-game activities and gameplay. In addition, these rewards can be exchanged by people outside the game with other players.
So what sets the game apart from other blockchain projects is that it has a platform that allows users to exchange rewards and exchange real money for in-game credits. The GameFi trading platform allows players to exchange their in-game rewards for cash. This revolutionary model will ensure that players can benefit from their gaming efforts and earn a living. GameFi has already started its implementation by launching its Ethereum-based token on the blockchain.
It is a revolutionary game mode that allows players to earn rewards without spending money on the platform itself. As mentioned earlier, P2E has three main components: To be eligible for mining benefits, users must play at least two hours within the game frame. Then users can earn tokens according to the number of hours they have played.
The GameFi platform has a highly reliable encryption system to protect tokens and ensure their value is not compromised. In addition to providing security, it also supports a decentralized token exchange process. As a result, GameFi coins can be exchanged by people without third-party involvement, meaning transactions are fast and secure.
The game uses the token as the primary source of a transaction on the platform. In addition, GameFi’s tokens are ERC20 compatible and will exchange in-game credits for real money outside of the play-to-earn (P2E) concept.
Digital asset ownership
Game objects and in-game actions have an actual monetary value. In other words, a player who owns an ERC721 token has exclusive ownership. As a result, GameFi’s platform allows the monetization of any object in the game and therefore a wide range of possibilities in terms of what to sell, where and how. The advantage is that all transactions are recorded on the blockchain, and users can easily use GameFi’s open API to manage their assets.
Open the API
GameFi’s Ethereum token precisely defines ownership over objects, meaning that any object created in a game is tokenized. Developers will find this feature extremely easy to use with the Open API. In addition, the Open API will support all major programming languages, allowing developers to code in any language they want. In other words, GameFi has made it easy to create new content.
Why Are Blockchain Games So Hyped?
In the past, game companies have deliberately limited the amount of available in-game content to create high demand for their products. In addition, they sell their range to players at a high price. In some cases, players were even forced to pay subscription fees.
In GameFi’s play-to-earn model, players can purchase in-game objects with fiat currency or tokenized money. Game developers can make money quickly through referral programs and by selling their items on the platform. In addition, developers will be able to monitor users’ progress and gain insight into how they design new games based on accurate data and player behaviour.
