Introduction

I've used to play a lot of video games when I was a kid, and I've always loved the idea of being able to earn real-world rewards for playing games. I grew up playing games like GTA Vice City, Star Wars KOTOR, StreetFighter 2, Double Dragon, Championship Manager, and even Manic Miner on a ZX Spectrum 48k computer in the 1980s. I loved the sense of adventure and exploration that these games offered. But what I really loved was the sense of accomplishment I felt when I completed a difficult task or earned a rare item.

With GameFi, You can experience that same sense of accomplishment, but with the added bonus of earning real-world rewards. It will be interesting to see what the future holds for GameFi.

That's why I'm interested in GameFi, a new trend that combines gaming with cryptocurrencies.

In this beginner's guide, I'll take you on a journey into the world of GameFi and gaming tokens. We'll explore what GameFi is, how it works, and why it's so important for the future of gaming and crypto.

My first Playstation. It all started here.
Photo by Nik / Unsplash

What is GameFi?

GameFi is a combination of "game" and "finance." It refers to the use of blockchain technology to create games that allow players to earn real-world rewards. These rewards can be in the form of cryptocurrencies, non-fungible tokens (NFTs), or other digital assets.

History of Gaming Tokens in the Crypto Space

The roots of gaming tokens in the crypto space can be traced back to the rise of blockchain gaming. Early pioneers like Cryptokitties, a blockchain-based game where players collect and breed digital cats, brought attention to the potential of gaming on the blockchain.

As blockchain technology evolved, so did the concept of gaming tokens. Projects like Enjin (ENJ) and Decentraland (MANA) emerged, offering players the ability to own and trade unique in-game assets as non-fungible tokens (NFTs). These tokens held real value outside the gaming universe, creating a bridge between the virtual and real worlds.

Why GameFi and Gaming Tokens are Important in the Crypto Space?

GameFi and gaming tokens are game-changers in the crypto space, and here's why they matter:

  1. Play-to-earn model: GameFi introduces a new way to play games, where players can earn real-world rewards for their time and skills. This is a major shift from the traditional gaming model, where players typically spend money without tangible returns.
  2. Ownership of in-game assets: With gaming tokens, players truly own their in-game assets as NFTs. This means that they can trade, sell, or even borrow these assets across different gaming platforms. This gives players a sense of true ownership and control over their gaming experiences.
  3. NFTs and rare items: NFT-based gaming tokens unlock a world of rare and unique items within games. Players can collect these one-of-a-kind assets, knowing that they hold genuine value in both the gaming and crypto worlds.
  4. Decentralised gaming ecosystems: GameFi platforms operate on decentralised networks, ensuring transparency and fairness. This means that players can be confident that their efforts will be rewarded fairly, without the risk of fraud or abuse.
  5. Financial opportunities: Gaming tokens open up financial opportunities for players beyond the gaming universe. By earning cryptocurrencies, players can invest, stake, or participate in various DeFi activities, expanding their crypto journey.
  6. Community and social interaction: GameFi fosters strong gaming communities where players can collaborate, compete, and support each other. The social aspect of gaming becomes even more dynamic and engaging with the integration of blockchain technology.

Top 10 GameFi (Gaming) Coins by Market Cap

The top 10 GameFi (Gaming) coins by market cap as of July 2023 are:

  1. Internet Computer (ICP)
  2. The Sandbox (SAND)
  3. ImmutableX (IMX)
  4. ApeCoin (APE)
  5. Axie Infinity (AXS)
  6. Gala Games (GALA)
  7. Enjin Coin (ENJ)
  8. STEPN (GMT)
  9. FLOKI (FLOKI)
  10. Illuvium (ILV)
Nostalgic
Photo by zhan zhang / Unsplash

Conclusion

GameFi is a rapidly growing industry with a lot of potential. If you're a gamer or a crypto enthusiast, I encourage you to learn more about GameFi and how you can get involved. With GameFi, you can earn money, own unique assets, and explore decentralised gaming ecosystems. So what are you waiting for? Level up your knowledge and start your GameFi adventure today!

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Disclaimer

Please note that the information presented in this review is for informational purposes only and should not be considered as investment advice. It is important to understand that cryptocurrency assets are known for their high market volatility, and engaging in buying, selling, or trading them involves substantial financial risks. It is recommended to exercise caution and conduct thorough research before making any investment decisions. The responsibility for any financial consequences resulting from your actions lies solely with you.

Do you own research.

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