What Is Play to Earn Gaming Using NFTs (GameFi) in Decentralized Finance?

Recent innovations have seen GameFi go mainstream, leading us to take a closer look at the territory between blockchain-based gaming and DeFi.

By
Dardania Havolli
on
August 5, 2021
Category:
Cryptonomics

What is GameFi

An amalgam of gaming and decentralized finance (DeF), ‘GameFi’ refers to the intersection between blockchain-based gaming and decentralized financial instruments in all their guises: yield farming, lending/borrowing, algorithmic stablecoins, token minting instruments, etc.

The term was initially picked up on and perhaps even coined by ‘Father of DeFi,’ Andre Conje, as far back as September of last year: 

“Gamification applied to monetary policies excites me so much. Your funds are becoming gear to use in this defi game,” Conje said in a social media post. “Till now we have been cloning tradfi, going forward we go into Gamefi.”
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Although Conje’s tweet came relatively early, there was a recognition that he was onto something. Gaming and DeFi seem like an almost perfect combination to reap the rewards.

The CEO of the world’s first tokenized sports exchange Chiliz, Alexandre Dreyfus, was undoubtedly on the same wavelength as he replied almost immediately. Chillz is one of the largest partners in sports in DeFi and is a leader behind Fan Tokens in real-life sports. 


How Is GameFi Performing?

The Father of DeFi’s excitement seems to have been well-founded as we see the success of recent gaming projects. The world of GameFi has flipped conventional gaming on its head. 

By providing users opportunities to earn profitable rewards, gaming is no longer a money drain for players–– it is a money gain! The NFT Summer of 2021 has turned into the GameFi Summer, with several games taking crypto by storm.


Axie Infinity

Recently dubbed the unequivocal crown holder in the play-to-earn space, Axie Infinity runs on its own specifically built sidechain that has allowed it to optimize gameplay. 

Created by SkyMavis, Axie Infinity allows its players to earn income through NFTs and crypto through looking after, breeding, challenging, and trading digital pets called ‘Axies.’

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The game has performed incredibly, with the gaming token AXS surging 600% in just one month. As documented by CoinGecko, at the beginning of July, the token was trading at just $5.66 and enjoyed an incredible rise to above $50 by the 27th of the same month. 

Axies generally prove to be shrewd investments, and early investors like Delphi Ventures were not shy to publicly announce purchases of five Axies last year for the tidy sum of $159K. A wonderful return when we consider the growth the game has enjoyed just one year on. 

Where to Find Axie Infinity:

Website | Twitter | Discord | Reddit |

CryptoBlades

CryptoBlades is a revolutionary web-based NFT roleplaying game launched on Binance Smart Chain and brought to existence by the talented group at Riveted Games.  The game’s core revolves around rewarding players with SKILL tokens after defeating enemies and participating in raids. 

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Avid players from all over the world have taken to social media to explain how CryptoBlades has allowed them to earn sums that amount to monthly wages in just a matter of weeks. 

The game continues to perform strongly with even DappRadar citing CryptoBlades when earmarking a 963% growth in unique wallets in the space of a week.

The ability to earn, coupled with the strong market performance of the game, signals that CryptoBlades has caught the eye and is likely to continue attracting players.

Where to find CryptoBlades:

Website | Discord | Telegram | Twitter |


My DeFi Pet 

My DeFi Pet is a game for pet enthusiasts that brings together DeFi, NFT collectibles, and the personality of the game player. 

The base concept revolves around a loop of gaming activities like collecting, breeding, evolving, battling, trading, and socializing pets. The game is broken down into chronological components allowing for shorter-term rewards. 

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The $DPET token enjoyed decent rallies in July, even hitting an all-time high of $9.92, according to CoinGecko. With its Market Cap jumping from just over $6m at the start of July to an all-time high of over $116m by July 26th, the potential and ability of this game are clear for all to see. 

The collectible aspect is almost nostalgic and harks back to childhood favorites like Pokemon. Still, the open market opportunities DeFi allows has meant that My DeFi Pet has enjoyed incredible growth in a short space of time. 

For More Information about My DeFi Pet, follow their socials:

Website | Telegram | Twitter | Medium |  


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Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

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