Why you should pay attention to GameFi?

Today, gaming is a $175 billion industry and is on course to surpass $200 billion by 2023. On the other hand, the cryptocurrency industry is ever-evolving, growing, and expanding. It’s only natural that the two begin to merge into what we call GameFi.

Why GameFi?

If you have time, read our previous article “What is GameFi and why is it so popular?” to understand more about the concept of GameFi.

Put simply, GameFi is the incorporation of “games” into “finance.” It is platform-agnostic, as there are many different games, rules, and structures, so it is not limited to any specific technology or platform.

This union has brought finance and the economy further into the digital realm to create a real-world market within gaming. Where before a player would pay to play a game, or perhaps gamble in the hopes of winning, they can now actively engage in real commerce with digital assets. With GameFi and its incorporation of cryptocurrency and blockchain technology, these digital assets have real value.

GameFi games are structured to allow players to earn money, though players must first have assets in their wallet in the form of a game’s native cryptocurrency, or that of a partner. Players can then begin to play the games and receive profits from various actions, such as completing tasks or generating revenue from their assets within the game (property or virtual casinos, for example). Additionally, they can earn a passive income through DeFi offerings.

GameFi applications are very varied, but there are several common building blocks they typically rely on:

• Play-to-Earn (P2E): Play-to-Earn allows for players to earn assets within the game. Unlike a normal game, these GameFi finances are transferable to the tangible world through cryptocurrency trades. By participating in the game’s ecosystem and using their native coins, players will benefit the developers and the other players. The more popular these games become, the higher their tradeable value. Meanwhile, the more players earn in the game, the more coins they can sell.
• Non-fungible tokens (NFTs): Many GameFi games use NFTs as characters or assets (potions, weapons, animals, houses, etc.), which in turn leads to an additional outlet for rare NFT design or trading.
• Native tokens: In order to run the games, distribute rewards, and maintain the value of GameFi projects, each game uses its own native token with the tokenomic be calculated carefully.
• DeFi features: As well as offering Play2Earn income features, some GameFi projects offer passive incomes. These come in the form of DeFi features, including staking, yield farming, and liquidity mining.

There is much potential for digital economies to become viable and self-sustaining.

GameFi’s value and user-base are continuously increasing and generating more money. In August 2021, a popular NFT GameFi platform known as Axie Infinity became the first blockchain game to surpass $1 billion in total token sales and has over 1 million daily users.

As gaming universes expand, they are beginning to incorporate genuine money-making assets. For example, a player can buy land in a virtual world and build a casino that other players will come and gamble in, using cryptocurrency tokens. By using blockchains that support DApps, GameFi applications have also opened up endless possibilities to build.

New assets and functions in these games have created a need for real people to work in the game itself as characters. This may seem strange, but when considering how many individuals interact more with people within games than in the real world, we can begin to see its need and its potential for growth.

In addition to jobs within the gaming universes themselves, GameFi has created lots of employment for designers (costume, the universe, and NFT design for example), software engineers, and management, among others.

Blox Defense Vision

In our vision, Blockchains and cryptocurrency are surely the future. But let’s take a look at the current market. The best-adopted applicant of Blockchain right now is DeFi. But to be able to understand and use DeFi, people have to learn a lot, and most of the new knowledge is really challenging. Therefore, GameFi was born as an easier way to approach DeFi. Cold text and numbers were replaced by alluring characters. protocols were replaced by gameplays. More and more people are joining the blockchains by a brand new, fascinating gateway: Games. Being the first generation to approach new technology, we are bound to the responsibility to help others join this wonderful world, where our assets are truly owned by us.

We are not the first GameFi, and by far the last. We were fascinated by the idea, but not nearly satisfied with what was available in the market. There are a lot of GameFi on the market, but there are few good games. Most of the games out there have terrible gameplays. The design and user experience feels like games from 10 years ago. Most of them are not well invested in, mostly created for a quick cash grab. We cannot let this wonderful idea die out because of low quality games like that. We, being proud as gamers, need to step in ourselves and make the games truly enjoyable. Blox Defense is our first step to change things.

Blox Defense was built as a tower defense game. Through the history of gaming, the Tower defense genre was loved by almost everyone, every age. Take an example of Plants Vs Zombies, a game loved by everyone, growing into many versions, first released in 2009 and still played by millions daily. That’s why, we choose to bring this genre into the GameFi, making everyone once more enjoy the game with the best reward ever: real assets and money.

With the idea of Metaverse, by owning lands in games, owners make passive income from things that happen in their lands. Fascinating, right? You can find the details in our Gameplay section.

Learned from the former GameFi, we design our tokenomics perfectly. Every token has its own usages and has its own values. With clear and transparent earning, distributing, and burning mechanisms, our token is not only deflation-free but also gives holders more and more benefits over time.

Follow our social for more information

Telegram Community: t.me/bloxdefense

Telegram Announcement: t.me/bloxdefenseann

Official Twitter: https://twitter.com/Blox_Defense_