WHY GAMEFI IS HOT? | WATCH THIS BEFORE IT’S TOO LATE

Boxmining

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Description

GameFi as in DeFi with Gamification but it seems like there are some misconception that ‘GameFi’ is only about ‘play-to-earn’. There is definitely more to it and I would like to address it in this vid...

GameFi as in DeFi with Gamification but it seems like there are some misconception that ‘GameFi’ is only about ‘play-to-earn’. There is definitely more to it and I would like to address it in this video. Currently, there are only a few crypto games like Axie Infinity that have really made it big. 0:00 Introduction 0:37 What is GameFi? 1:50 How to combine games with DeFi? 4:30 GameFi + NFT 6:54 Conclusion Gemmy's Youtube Channel: https://www.youtube.com/c/CryptoGems1 ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📖 Guides, tutorials and insights: https://boxmining.com/ Recommendation List: https://www.cryptoatlas.io/Boxmining 🌼Buy & Sell Bitcoin: https://join.swissborg.com/r/michaeOQZM 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Bybit Exchange (Most powerful): https://partner.bybit.com/b/boxyt 📲Binance Exchange : http://boxmining.co/binance ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬Disclaimer▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

AI Analysis

GameFi, a fusion of gaming, NFTs, and decentralized finance (DeFi), is set to revolutionize the digital world and crypto adoption. It's much more than just the "play-to-earn" model; its core aim is to demystify complex DeFi concepts through engaging game mechanics, creating a more intuitive and rewarding experience for players. This powerful combination is expected to drive significant blockchain adoption, especially among the vast global gaming community, fundamentally changing how we interact with digital assets and virtual economies.

Here's a breakdown of why GameFi is such a hot topic:

* GameFi is more than just play-to-earn: While play-to-earn games like Axie Infinity have been hugely successful, especially in places like the Philippines, by incentivizing players to engage with crypto wallets and tokens (like SLP), GameFi's true potential lies in making DeFi accessible. It acts as a bridge, lowering the entry barrier for crypto newbies who might find traditional DeFi interfaces too complex or "bulky."
* Rewarding player effort and skill: Unlike traditional games where your time and effort rarely translate into real-world value, blockchain-based games directly reward players for their skills and dedication. This creates a highly incentivized and healthy ecosystem, encouraging continuous engagement and fostering a truly rewarding experience for gamers.
* Integrating games with DeFi for tangible gains: GameFi offers innovative ways to generate value, including yield farming with NFTs, where players can earn returns from their in-game assets. The yield rates in DeFi are significantly more attractive than traditional banks; for instance, you can often get a 10% annual percentage yield (APL) even with stablecoin pairings, compared to less than 1% from typical bank accounts.
* Tokenizing in-game resources: Certain game genres, particularly real-time strategy games with resource accumulation similar to Clash of Clans or Hay Day, are perfectly suited for GameFi. In these crypto games, each type of resource can be tokenized, farmed, and traded, creating genuine demand and a dynamic, player-driven economy within the game.
* NFTs transform in-game item ownership: Non-fungible tokens (NFTs) introduce true ownership of in-game items like weapons, armor, or mounts, each possessing different rarities. This elevates the concept of thriving in-game economies seen in games like World of Warcraft or Runescape, making item trading more secure and valuable because players genuinely own their digital assets.
* Overcoming traditional gaming limitations: Current games often require credit cards or PayPal for item purchases, which can exclude many individuals in developing countries who lack access to such services. Additionally, genuinely earning money from playing is typically a convoluted process involving third-party sales. NFTs fundamentally change this system: imagine playing a game like GTA built with NFTs where you can earn tokens from missions, buy and sell items with those tokens, and then easily convert them back to fiat currency or "hodl" them, waiting for their value to increase.
* Massive market potential: The global gaming market is projected to reach an astounding $268 billion annually by 2025, a significant jump from $178 billion in 2021. The play-to-earn model is expected to be a major contributing factor to this growth. It’s believed that NFT gaming and GameFi could become the single biggest development to emerge from the entire crypto space, with in-game economies forming a substantial portion of this market.
* Major investments from blockchain giants: Leading blockchain projects are already recognizing and investing heavily in GameFi’s potential. For example, the Tron Foundation has launched a $300 million fund dedicated to GameFi projects, and Polygon has created Polygon Studios, a separate unit focused specifically on blockchain gaming.
* Gaming as a catalyst for crypto adoption: With over 2 billion online gamers globally already accustomed to digital assets and living within virtual worlds, it’s highly probable that widespread crypto adoption will occur through online gaming and NFTs. Gamers are already familiar with digital economies, making the transition to understanding and using crypto and blockchain technologies much smoother for them.
* Paving the way for self-sustaining digital economies: GameFi enables the creation of entirely new economic models within virtual worlds. Players can buy virtual land, establish businesses like casinos where other players gamble using cryptocurrencies, and genuinely profit from their digital investments, expanding gaming universes into viable, money-making ventures.
* Tangible real-world benefits for players: The assets earned within GameFi are highly transferable to the tangible world through cryptocurrency trades. This means players can "melt" assets from one game, effectively getting a return on their investment, and then use that crypto to buy assets in another game, or even use it to pay for real-world goods like pizza.
* A win-win for users and developers: GameFi presents a significant money-making opportunity for both players, who can earn income while enjoying their leisure, and developers, who gain new revenue streams and increased player engagement. This sector is poised to attract substantial investment from major technological corporations.
* The future of entertainment and finance: The merger of NFTs, DeFi, and decentralized gaming is set to give rise to a wealth of interesting financial and entertainment designs. While the technology is still nascent and will require some time to become truly mainstream, it’s expected to do "wonders" for the gaming community, profoundly reshaping both the gaming and broader crypto landscapes.

Transcript

Crypto games are the future. If you want to make money you need to be in this space ASAP and with gaming and NFTs and DeFi combined together it's gonna explode. I'm telling you GameFi is gonna explode. Hello guys welcome back to Box Mining it's Jemmy here bringing you all the blockchain knowledge you need but before we start our journey make sure you destroy the like button subscribe if you haven't already and hit the notification bell so you won't miss any of our new content. With that being s...

Crypto games are the future. If you want to make money you need to be in this space ASAP and with gaming and NFTs and DeFi combined together it's gonna explode. I'm telling you GameFi is gonna explode. Hello guys welcome back to Box Mining it's Jemmy here bringing you all the blockchain knowledge you need but before we start our journey make sure you destroy the like button subscribe if you haven't already and hit the notification bell so you won't miss any of our new content. With that being said let's talk about gaming more specifically GameFi. GameFi as in DeFi with gamification but it seems like there's some misconception that GameFi is only about play to earn there is definitely more to it and I would like to address it in this video. Currently there are only a few crypto games like Axie Infinity that have really made it big. A lot of people especially in the Philippines got into Axie Infinity because of this play to earn feature. This is a huge contribution to Mark's adoption because for people who play Axie they had to create a crypto wallet or Binance account to receive the SLP tokens. Some of them started watching a lot of YouTube videos about crypto and keep on playing Axie and then buy more altcoins. Blockchain based games prove that players can finally be rewarded for their skills and the hours they put into a game. Unlike other games these games are successful in keeping the players incentivized to play more and promote a healthy and rewarding ecosystem for the gaming industry. Axie Infinity is just the beginning there's still so much room for this sector to grow and there is an emergence of this term. GameFi. Game with DeFi. Gamification acts as one more way to make DeFi speak human language. GameFi lowers the entry barrier because bulky interfaces stop many crypto newbies from starting experimenting with DeFi and with GameFi is so much more beginner friendly. With its progression and major gains in popularity, GameFi is proving that DeFi offers more than simply rebranding existing financial projects as crypto, showing that it has the versatility to be applied in different sectors. The advancement of DeFi has shown that people are interested to add yield from their idle assets. Some games are already offering yield farming with NFTs. While it is indeed the yield rate in DeFi is rather attractive, in comparison to banks, you might be lucky to get 1% APL but with DeFi you'll get a 10% APL even with the stablecoin pairing. Certain types of games are especially suited for DeFi gamification. For example, real-time strategy games with resource accumulation like Clash of Clans or Heyday. In crypto games, each type of resource can be tokenized, farmed and trade. There will be real demand for these tokens for sure. According to Statista, global gaming market will amount to $268 billion US dollars annually in 2025, up from $178 billion US dollars in 2021. And one of the possible contributing factors to this growth is definitely the play-to-end model. I don't know if you guys realize it but NFT gaming or GameFi is probably going to be the biggest thing to come out of crypto. The in-game practices will contribute a huge portion to the large market. Blockchain technology can be useful to foster innovation in this sector due to its openness. Many big blockchain projects have already noticed the potential in this sector. Examples would be Tron Foundation has launched a $300 million fund to invest in GameFi projects and Polygon has launched a separate unit called Polygon Studios to focus on blockchain gaming. The virtual economy was already growing steadily but the pandemic has created a more lucrative online world. GameFi can be the next highly-creating blockchain trend that has arrived to a new generation of gamers to shake the world. So make sure you watch the gaming industry very very closely. Games could not only bring more people to DeFi and crypto but also bring NFTs to the next level. If crypto ever becomes widely adopted it will be through online gaming and NFTs. At the moment there are over 2 billion online gamers and online gamers and they are acquainted with all these digital as they live in a digital world. So it's easier for them to learn crypto and blockchain and all these new technologies. After melting assets from one game, they receive a large part of their investment back and can buy other assets in another game or, you know, just pay for pizza with the received crypto. I can't help it. I just love taking the piss. Games have NFTs with different rarities that could be used in the game. It could be weapons, armor or even mounts. Recall how World of Warcraft or even Run Escape has a thriving ecosystem based on trading items. Well, that could become massive with game NFTs. In current games you buy items using fiat currency, typically a credit card or a PayPal account. Most people in poor and developing countries do not have access to these services. Also in games, you're not really earning any money playing unless you get really creative and sell your items on a third party website. But all in all, it's a big hassle. Now with NFTs in games changes the whole system. Imagine playing GTA that's built with NFTs. You can earn tokens throughout the game missions and challenges. You can buy and sell items using those tokens. And you can convert those tokens back to fiat. Or if you are a hodler like me, you can hodl for life and wait for your token price to go up in value. There is so much potential for digital economies to become viable and self-sustaining. As gaming universes expand, they're beginning to incorporate genuine money-making assets. For example, a player can buy land in a virtual world and build a casino that other players will come and gamble in using cryptocurrencies. No, this is the first I've heard of it. Play to earn allows for players to earn assets within the game. These game-fired finances are transferable to the tangible world through cryptocurrency trades. So what does it mean to you and me? With so many people interested in gaming and willing to spend so much time and money on it, it seems like a great money-making concept, both for users and developers. It's also a sector that could see increased investment from major technological corporations, in addition to innovations such as the introduction of professional users and metaverse-like applications. GameFi offers a way to profit within the crypto space while also offering enjoyment, which is a selling point in itself. Merging the benefits of NFT, DeFi and decentralized gaming will give an origin to plenty of interesting financial and entertainment designs. NFTs will change the future of gaming and gaming will also change the future of NFTs as well as DeFi. The tech is fairly new so it takes some time to become mainstream, but when it does, it will do wonders in the gaming community. So that's it for today's video. Make sure you hit the like button and subscribe to the box mining channel for more. If you want more regular updates from me, follow me on the Crypto Jam YouTube channel and also follow me on Instagram as well. Any other topics you want me to cover, make sure you leave a comment down below to let us know and I'll see you guys very soon. Cheers! Thank you.