Jan 6
GameFi: Helping to Fuel the Growing Crypto and NFT Space
The gaming industry is worth a whopping $100 billion, and as it continues to grow, new and better opportunities will emerge for creators in this space. One example of this nascent space is the “GameFi” project which has already seen some success by enabling the transfer of NFs.
NFTs are a perfect example of how blockchain has transformed and advanced the gaming industry, and one of its main effects is the ability to allow not only purchases but also in-game collectibles. The success of NFTs in the near future could lead to more widespread implementation across other gameplay elements.
What is GameFi?
GameFi is a digital wallet for in-game items. It uses a process called Non-Fungible Token to buy, sell and trade them. GameFi is becoming an important player in the crypto gaming community.
GameFi has a built-in wallet that saves up coins for when you want to cash them in. You can also use other cryptocurrencies to store your savings.
We offer several options for users who want to trade in-game items & currency with other players. Users can also use their coins to buy crypto, which other players then use how they want.
How Does Gamefi Works?
By collecting FIMK tokens, you collect digital keys that provide you with in-game items for your account.
Did you know that GameFi can be used to share games with your friends who also have the app? All you need to do is send them some FIMK tokens and they’ll unlock the game for both of you.
In other words, it’s like paying a fee to use an account someone else created (except in this case we are talking about a video game instead of logging into a social media account for example).
GameFi is a virtual currency in games that can be earned as rewards for playing video games, not unlike many other projects.
But, earning GameFi does not require spending any money. Gamers can play free games and earn GameFi tokens to sell or trade for other cryptocurrencies like Bitcoin, Ethereum, etc. GameFi’s cryptocurrency works online and in the real world, so gamers can use it to buy or sell products and services.
Gamers can also use GameFi to unlock special features in their gaming apps and equipment, or exchange it for gift cards and cash rewards. GameFi is available on all major gaming platforms, including Steam, iOS, Android and Xbox Live.
What contributes to the popularity of GameFi?
It’s a cryptocurrency that is backed by the profits of the gaming industry. Basically, this means that the company is tapping into a $109.9 billion market — which isn’t your average industry! This market is also growing at an exponential rate, which is why it’s becoming so popular.
It’s not just the game industry that’s experiencing this growth. It’s only natural to expect it to keep going as more people get involved with games and the Internet becomes even more popular. What does this mean for gamers?
Investors need to be smart investors. The gaming industry is expected to grow by 7% within the next three years; if you take a look at what it’s been like for just 2016–2017, you can see that there was already a big increase
The number of esports players might not seem like a lot overall, but when you consider the magnitude of prize money available and how many new players are entering the community every year, it’s interesting. A lot of games have been developed recently to allow players to earn money.
GameFi offers a unique approach to cryptocurrency. Users can easily manage their assets and avoid complex exchange rates by using the GameFi currency.
How GameFi Boost Growth In Crypto and NFT
GameFi provide two ways for people to earn Crypto:
Play games and earn coins — Players can earn GameFi coins by playing games on the GameFi website or from any game developer that integrates our API into their game.
Earn Crypto — Players can earn Bitcoin Cash, GameFi coins, Ethereum, Litecoin and other cryptocurrencies by trading them for USD on our exchange service.
Gamefi is a new blockchain based gaming platform, helping game developers in the creation of blockchain games and decentralized applications. These dapps can then be played on Gamefi’s gaming platform.
With the arrival of Gamefi’s own in-house currency (called “token fi”), you can now purchase games as well as other commodities on the platform.
The Gamefi platform allows for easy transactions on all different blockchain networks, with support for popular blockchains like Bitcoin and Ethereum. This means the user doesn’t have to worry about network compatibility when playing online games.
