Gamefi & Metaverse
Last updated
Last updated
GameFi is a combination of decentralized finance (DeFi), Non-Fungible Token (NFT), and blockchain-based online games.
Distinguished from traditional online games which operate in the model where players spend their resources on upgrades to gain advantages over others. GameFi introduces the “Play to Earn” model that has allowed gamers to generate profits for their time and efforts.
In blockchain games, players receive rewards for completing in-game objectives. The funds awarded in these Play-to-Earn titles are typically derived from a reserve of native tokens held in smart contracts. In-game items such as avatars, land, costumes, weapons, tokens and pets are represented as NFTs, proving the ownership of these digital objects.
Gamers obtain these items through gaming and can trade them on the NFT marketplaces for profits, or exchange them for crypto or fiat.
In general, the mechanism by which players can generate revenue through playing will be different. Legend Of Galaxy's GameFi combines the following features:
Play-to-Earn Asset ownership
DeFi features: exchange, farm, staking...
Blockchain technology: buying and selling FT and NFT.
No upfront costs
Development of virtual reality space: Metaverse
More information here
