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Sunday, December 4, 2022

GameFi Now Heavily Contributes To The Development Of NFTs And Crypto

One of the biggest reasons behind the growth of the crypto industry over the last couple of years has been the GameFi industry.

The word comes from a portmanteau between finance and gaming- which further enables the gamers to earn multiple rewards while they are playing. This market has been growing exponentially and currently has a market cap of around $9.2 billion. Also, the networks of this gaming industry have thrived despite the prevalence of the crypto winter. In fact, the industry could very well reach a valuation of around $74.2 billion by 2031. 

GameFi has Been a Big Contributor To The Blockchain Universe

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For those who are unaware, the ecosystems of GameFi are heavily based on the technology that is utilized in the blockchain. After that, it further uses different in-game economic setups that are used to reward the players. These rewards usually take the form of nonfungible tokens which are readily tradable on most of the major marketplaces.

The items can be in the form of costumes, virtual lands, and weapons, and have been quite instrumental in diversifying the experience a user gets from playing a game. One can even state that the difference in the economic setups and the gaming strategies is usually what makes every single game quite unique for the user. 

One of the most popular economic setups instituted by GameFi is the play-to-earn model. This model is specifically designed to keep the users engaged while enabling them so that they can keep earning rewards.

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It also allows the players to start indulging in the games without readily spending any of the money. However, this progress also gets curtailed due to a lack of assets that one needs to compete in such a game successfully. This often results in games getting compelled to purchase the in-game items in order to advance to the upper levels where they would be able to use bigger rewards. 

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