▪️GameFi

GameFi

The term GameFi is a fusion of the words game and finance. It refers to blockchain play-to-earn games, which offer economic incentives to players. The GameFi ecosystem uses cryptocurrencies, non-fungible tokens (NFTs), and blockchain technology to create a virtual gaming environment.

As we mentioned, blockchain technology enables ownership of digital assets, which means that players can monetize their game assets in a variety of ways.

As in traditional games and video games, players can own avatars, pets, houses, weapons, tools, and more. But in GameFi, these assets can be issued or created as NFTs on the blockchain (a process known as NFT minting). This allows players to have full control over their assets, with verifiable authenticity and ownership.