GameFi combines game and finance and denotes play-to-earn games built on blockchain technology. Such decentralized games operate by offering incentives to players, rewarding them in crypto tokens, and allowing them to monetize their experience.
GameFi players can earn cryptocurrencies as economic incentives for completing certain quests or tasks within the game or as they level up. They can then use these incentives to improve their performance and increase their chances of earning and success.
GameFi is one of the most popular sectors of the crypto industry and the Web 3.0 sphere. Decentralized gaming on the blockchain has brought more users to the blockchain world than trading, DeFi, and other areas of the blockchain and crypto industry.
The GameFi movement is just as closely connected with NFTs as players get to mint and trade non-fungible tokens (NFTs) along with earning in crypto. They can use these in-game NFTs to level up or sell them in external marketplaces to earn additional income from playing games on the blockchain.
