Play2Earn and GameFi, blockchain reaches video games

[slashmedia]

Play2Earn and GameFi are two new concepts that are becoming increasingly relevant in the crypto world, attracting gamers and creating a whole new industry in the crypto world.

Very hot concepts today are Play2Earn (P2E) and GameFi, two concepts that unite the world of video games with blockchain technology and seek to transform this huge sector forever. But what do these buzzwords really mean? Are they really a revolution or just a fad?

What is Play2Earn?

When we talk about Play2Earn, we are talking about a gaming model that allows players to earn rewards for playing which can then be redeemed for real-world money.
Basically, it transforms games into a platform that not only provides entertainment, but also access to a new form of economy in which not only the creators of the game benefit, but also the players who access it, no matter where they are in the world meets.
To achieve this, designers can rely on various systems or models to generate their own economies that connect the game to the real world. Initially, these systems were only centralized, but with the advent of blockchain, these systems have become decentralized, making tokens the perfect tool for creating economically dynamic, borderless worlds.

Play2Earn games and blockchain, a powerful combination

In fact, it was the advent of blockchain technology that gave Play2Earn a huge boost. Cryptocurrencies, being digital currencies, can be easily integrated into a game. But, not only that, the game designer can create their own economic ecosystem, creating everything from fungible tokens (for in-game currency) to NFT (for skins, avatars and in-game items). The limit at this point is your imagination.
In addition, the blockchain makes it easier to set up in-game markets and the exchange of all operations is stored in the history of the blockchain used. This has allowed the Play2Earn model to evolve a lot, allowing the capabilities of virtual worlds to be extended.

What is GameFi?

For its part, the concept of GameFi or Game Finance is a concept aimed at explaining the industry that emerged by federating the DeFi world with Play2Earn. GameFi is the fusion of innovative concepts such as DeFi, NFT, DAO and Play2Earn tokens, to create a financial ecosystem that revolves around video games.
Through GameFi, P2E gamers can take their gaming tokens and use them to participate in the huge DeFi ecosystem, giving them access to financial tools they would never have access to through the traditional system. From the possibility of using your tokens as savings to make exchanges to pay for new content, services or cover your own needs.

Example of GameFi

The greatest example of GameFi that currently exists can be seen reflected in the game GXG. GXG is one of the Play2Earn games for both players and investor of gaming finance industry. In fact, it is considered a phenomenon due to its global need. What is the reason so? This game and its GXG token have aimed to reach a market value of  billion dollars project, within near future, something that breaks all known records in the world of video games. GXG team designed very simple games including GXG Horse Breeding game, with powerful gameplay and a Play2Earn and GameFi component that has spread all over the world.
Thanks to GXG, people all over the world can earn enough income to help or cover all their needs. And all of this starts from what appears to be a simple game when in reality it is a complex economic system in which hundreds of thousands of people actively participate.

The success of GXG Metaverse Gaming Platform might be such that it will be energized this sector, where we can now see enormous interest from companies dedicated to the gamer world.
This powerful combination between P2E and DeFi is also joined by metaverses projects like The Sandbox , Decentralized, Star Atlas or GXG Metaverse Gaming Project, they are also starting to direct their efforts to take advantage of the enormous potential that GameFi offers them. In GXG project for example, you can participate in their metaverse and get token rewards (GXG token as gaming currency of its platform) for it, tokens that you can then use in the DeFi ecosystem of the metaverse to get more rewards.

The future of Play2Earn and GameFi

The reinforcement of games with the Play2Earn scheme, the arrival of new players and studios, the reinforcement of blockchain technology and its scalability and, above all, the enormous interest that P2E implies for players only tells us one thing exactly, Play2Earn and GameFi will continue to grow in the future.

The world of video games has undergone several transformations, from the Pay2Play model (physical and online), Free2Play, Pay2Win, Pay2Fast, and now with Play2Earn. Each of these models, with their advantages and disadvantages, have been adapted to the needs of the creators and the audience the game is aimed at. The same will happen with the Play2Earn and GameFi models, two options that are nothing more than the evolution and improvement of a phenomenon that has existed for a long time in the world of gamers.

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[FortuneFollower]

The Play2Earn model is a game-changer, literally. It’s not just about playing anymore; it’s about earning while you’re at it. The rise of blockchain tech has really set the stage for this, making games more than just entertainment but a potential income source too.

And you’re right, with new studios and technologies jumping on the P2E bandwagon, it’s clear this trend isn’t just a passing phase, its shaping up to be the future of gaming. The appeal is massive, especially when players can see real value in their gaming efforts beyond just the fun

[CryptSafe]

OP, you have done well with this write up of yours. At least information you have put up here is very rich in educating one more on gamefi and play2earn. However, in as much as you are trying to pass across a message through educational content, it would have been nice you had put up the link which you have copied from for reference purpose because on a normal  you can not put up all these write up together on your own. I actually wanted to read further but could not see any link for reference purpose and this mae me looked into your profile and I discovered that you are a newbie which made me had a thought of telling you this.
You should always make available a reference of where you have copied any information if they are not you own personal write up because anything you copy from the internet without referencing it might likely be seen as plagiarism and it is against the forum policy. So I would advise you update this post with your reference immediately to avoiding unforseen issues here.