GameFi Innovations: At The Crossroads of Reality And Metaverse
The space for the development of blockchain technologies is expanding at a cosmic pace, allowing more revolutionary ideas to find practical implementation. The opportunity to earn money via gaming does not surprise anyone. But what about earning from simple walking, running, or doing household chores? These and similar innovations are already being implemented thanks to blockchain-based move-to-earn technologies.
GameFi and P2E in a nutshell
As you know, DeFi stands for “decentralized finance,” i.e., a financial system based on transparent, open, and independent economic relations. Projects that, in one way or another, interact with cryptocurrency, smart contracts, and other elements of blockchain inventions are all part of DeFi.
GameFi, in turn, is a combination of blockchain-based games and finances. Within GameFi, a new term, P2E (play-to-earn), has emerged. As you can guess, P2E refers to an opportunity to earn cryptocurrency while gaming. The P2E ecosystem combines many opportunities for gaming and earning.
Vivid P2E examples
A striking example of a successful P2E project is the famous Axie Infinity. In short, players use various mechanisms for breeding, buying, selling, and managing Axie creatures, which allows them to make a profit in cryptocurrency. All this takes place within the rich metaverse, where players can also own and manage their territories. The success of Axie Infinity can be explained by the high popularity of the project in countries such as the Philippines, where the profit of most players is equal to or even exceeds the main source of their income.
Another popular model of P2E is games based on the exchange of unique game attributes, NFT cards. Gods Unchained illustrates this model pretty well, giving gaming cards a digital presence and value with the help of NFT technologies. These cards can be traded with GODS tokens, which, in turn, can already be exchanged for national currencies.
A popular clicker game allows participating in battles and winning SKILL tokens for it. With the help of these tokens, you can upgrade your gaming equipment, hire characters, and improve gaming performance. You can also use the open market to buy and sell in-game NFTs.
What is M2E?
Move-to-earn projects present a separate revolutionary sector of the GameFi industry. It is not surprising because even a few years ago, the monetization of simple physical activity seemed fantastic.
Move-to-earn projects allow earning passive income in cryptocurrency for performing physical activities in the real world. In essence, this innovation embodied the key idea of ••a metaverse that aims to organically combine the real and the virtual worlds. In addition to the opportunity of earning from physical activity, players can own and use unique virtual attributes that can be exchanged for cryptocurrency or national currency.
The pioneer of move-to-earn is STEPN, a project based on the Solana blockchain, which allows receiving rewards for the steps taken. To start earning, the user needs to buy virtual NFT sneakers. One pair of such shoes costs 10 SOL, which is approximately $1100. After making a purchase, the user can “put on” virtual sneakers and use real steps to start profiting. STEPN is called the Web3 format lifestyle application that promotes a healthy lifestyle and the endless possibilities of blockchain technologies.
Another example of M2E on the Solana blockchain is Genopets, an NFT game where you can make money by leading an active lifestyle. Genopets collects data on user physical activity and converts it into economic indicators on a play-to-earn basis.
Two cool projects that help improve the fitness of users through daily rewards. Special applications calculate the amount of physical activity of players and turn this data into real compensation.
Gaming tokens on WhiteBIT
The tokens of gaming projects continue to conquer the hearts of crypto enthusiasts. You can also find such assets on our exchange!
For example, SAND is an ERC-20 token by The Sandbox with a fixed supply of 3,000,000,000 units. SAND facilitates transactions on its platform and serves as a governance token. The token is paired against BTC and USDT.
Another gaming token that should not be overlooked is Chiliz. CHZ is a digital currency for sports and entertainment platforms. Chiliz offers blockchain-based entities to bring blockchain technology to the masses. The asset is paired against BTC and USDT.
Pick a favorite pair and make use of the trendy assets!
In addition to being a source of income in the metaverse, P2E and M2E developments provide additional motivation for users to work on their health here and now. Move-to-earn applications, in turn, seek not only to become another way of gaining crypto income but also to draw attention to the effectiveness and benefits of blockchain development for society in general.
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