P2E Blockchain Game World
A beginner`s brief to gamefi with history, common features and best protocols GameFi is one of the newest topics on the agenda of the cryptocurrency industry right now.
Titles like Axie Infinity and more than $1 billion in total sales of in-game assets have captured the attention of the traditional gaming industry.
Before we look at the origins of blockchain games, we start with a simple definition of the term.
Next, we consider some popular dynamics for game monetization in current GameFi titles, including play-to-earn features and asset ownership.
Before we take a look at the future of blockchain gaming, we consider the concept of decentralized autonomous organizations, or DAOs, and how they shaped popular GameFI titles today.
” GameFi is a pretty broad term, and as we’ll explain in this article, titles that are considered GameFi can have completely different financial implications.”
For example, some blockchain games reward players for completing in-game tasks, while others can generate revenue from various assets owned by a player.
The history of GameFi The origin of the term GameFi can be traced back to November 2019, when the founders of MixMarvel, a blockchain game streaming platform, spoke at the Wuzhen World Blockchain Conference in China on how the technology underlying cryptocurrencies could revolutionize the video game industry.
Although the term has come into popular usage more recently, Gamefi’s history goes back almost to Bitcoin itself.
Bombermine, and peer-to-peer services that allow players to monetize major titles with BTC represent some of the earliest efforts in the field, which we now consider GameFi.
Later, projects like Huntercoin used blockchain technology for more than just payments and allowed players to monetize their games by mining cryptocurrencies.
Bombermine was an early game that included financial elements using BTC.
These included blockchain games like CryptoKitties, which use the newly defined ERC-721 standard to represent in-game assets in the form of immutable tokens.
Since then, interest in NFTs has grown and performance-optimized blockchains have been released, inspiring tremendous innovation in the GameFI industry.
Many of the most popular blockchain games today use a combination of the following features to monetize the action.
Online Asset ownership Central to many blockchain games today is the concept of ownership of scarce digital assets.
NFTs can represent all manner of assets — both digital and physical — including in-game items.
At the heart of many blockchain games today is the concept of owning scarce digital assets.
Bitcoin introduced digital scarcity through blockchain and NFT technology expanded on that.
Bitcoin introduced digital scarcity through blockchain and NFT technology expanded on that.
NFTs can represent any asset, both digital and physical, including in-game items.
Digital ownership of unique assets creates economic opportunities that were not possible before.
For example, in CryptoKitties or Axie Infinity, players can raise two creatures represented by NFTs to create a third creature.
While not exactly games in the strictest sense, online virtual worlds, colloquially known as metaverts, also allow their residents to monetize their time through asset ownership.
