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The advent of blockchain technology in the gaming industry can dramatically increase efficiencies, enabling a more rapid and secure movement of products like in-game assets, consoles, and many more through its transparency. If you are interested in bitcoin trading, you may start using a trading website that is secure and offers time-saving techniques like https://bitcointraderapp.org/.
A robust understanding of blockchain works can help organizations determine whether this new technology is right for them. Blockchain may be a game changer, but it’s not without its dangers. One of the prominent examples of blockchain integration in the gaming industry is Game-Fi. Unlike loyalty programs, Game-Fi incentives do not need to be spent to “earn” their value. Let’s discuss some crucial details about the game-fi.
What is Game-Fi?
Game-Fi has been built with the blockchain game industry in mind. It includes providing game players with a unique way of earning cryptocurrency through play and encouraging active participation in improving games.
These companies focus on social games, which are becoming increasingly popular due to the simple user interface and low barrier to entry. It is a utility token with a limited purpose, functioning primarily as a means of exchange between users.
Mission
Game-Fi believes in delivering a high-quality gaming experience and creating an enjoyable experience for the players and developers of blockchain games. It is accomplished by being highly transparent about the company’s actions, engaging with the community, delivering value, and being credible and trustworthy.
On a personal level, we believe in personal development (self-improvement) and working together with others. In addition, to offer the best experience to our users and partners, Game-Fi strongly focuses on partnerships.
Game developers can get direct access to different game studios, which allows us to impact the development of blockchain games. Also, they do not need to create everything from scratch, as we can use existing tools and re-skin them for different games.
Additionally, by working closely with game developers, we can learn what matters most in what they truly value in an online gaming platform – this forms a solid foundation for the project in the future. Game-Fi is committed to creating a fully functional community-driven blockchain game ecosystem.
Play-to-earn model (P2E)
As opposed to traditional loyalty programs, what makes P2E unique is that it doesn’t require game developers to set up a shop to offer monetary rewards. Instead, players can play and earn what they want while controlling their gaming experience completely.
The game-fi token (FIAT)
GameFi has an Ethereum ERC 2036 token. It is used for payments in the P2E models, as part of the rewards given during gameplay, and some other cool features like paying fees for interactions with players. Additionally, GameFi has a utility token, meaning it is unnecessary to hold this token to take advantage of the benefits.
The game-Fi P2E model allows players to receive FIAT rewards by offering accurate content and a game environment (game data) without requiring the developers to set up a shop platform. In addition, it allows game studios to focus on their core business while providing an excellent user game experience. The model feels like a win-win situation for all parties involved, with users and developers benefiting in countless ways.
Digital asset ownership
As we’ve discussed, blockchain technology allows for digital asset ownership. One of the principles is that the community of Game-fi believes that game characters should belong to the user rather than being confined to a particular gaming platform.
Game-Fi has a blockchain-agnostic intelligent contract layer that provides services like payments from Game-Fi, rewards, IPR tracking, etc. The contact layer is a product of collaboration with the Game-Fi community and game developers to ensure compatibility and security. The transaction layer is also under continuous review and development. With every new improvement, we aim to have the best possible Smart Contract for all P2E models.
How Game-Fi Works
Game-Fi allows all users to earn FIAT tokens through playing games. In addition, all users can store their characters within the platform, where players can continue playing their existing games or purchase other games from different developers, allowing them to access their characters.
In addition, Game-Fi provides incentives for active participation in buying in-game items and IPR (Intellectual Property Rights). For example, a developer can offer an item that allows users to play on a new game map. The item would be bought using the FIAT token, and the system would reward the buyer with Game-Fi tokens. It will encourage players to engage in games and purchase goods/services to earn FIAT.
Game-Fi currently has a fully functional platform where players can create characters and documents themselves. Game developers can access this service and use it according to their needs. In addition, game-Fi offers various gaming assets, which can be bought directly with FIAT or earned through the platform’s gamification system (rewards).