Blockchain Games- A Incentives Model For Fun — Hometown Station | KHTS FM 98.1 & AM 1220 — Santa Clarita Radiobit2main
GameFi can help bridge the gap between gamers and developers through a blockchain-based reward system that incentivizes players for their time and effort while also allowing developers to make money on those same players. It’s an opportunity to provide gamers with what they want and need
GameFi is not just a game with a blockchain. Instead, GameFi is an ecosystem of games built on the blockchain, where player tokens can be used across games in the ecosystem. It allows users to own their digital assets in one game and across many titles. In addition, it is also interesting to know about Dogecoin or stablecoin.
It is a crucial feature of blockchain technology because players will no longer need to rely on a third-party server to store or trade their assets. Instead, they can control their digital assets and sell them to other users. In addition, it creates a unique opportunity for developers, as they can now work with users directly through the blockchain without having third-party intermediaries.
The way blockchains work is that transactions are stored in a ledger (an extensive database). So, when someone buys something from another user, that transaction can be recorded in the ledger. One of the essential features of blockchains is that it allows for “smart contracts”, which enable applications like token transfers and escrow services.
What are GameFi or blockchain games?
GameFi could be called a “play-to-earn” platform, where the fun comes from playing blockchain games, and the money earned comes from selling in-game assets to other users. In a sense, blockchain games are like mining cryptocurrency. The only difference is that gamers play conventional games to earn cryptocurrency.
GameFi is also an ecosystem of blockchain games; it is a collection of Dapps that operate on the GameFi platform. GameFi aims for players to enjoy a variety of popular blockchain games and make progress within those games without worrying about incompatibility with other titles (which can happen in centralized servers).
How does GameFi work?
In the case of GameFi, the reward can be used to purchase virtual land in a blockchain game and can be sold for easily transferable fiat money. So, for example, if a developer publishes an online game and wants to collect users’ cryptocurrency to fund the development of new games, then players can receive some of their cryptocurrency as an incentive for playing the current game.
The direct exchange between crypto and fiat is possible because the GameFi platform allows users to trade virtual assets through a trustworthy third-party service. Furthermore, developers can access fiat money without banks or third-party payment services.
Play-to-earn model (P2E):
The idea is to stimulate the players’ time and effort without relying solely on game developers/publishers. P2E means that the players are rewarded in cryptocurrency for playing on the platform, not just by the game developer. The concept is to use blockchain technology to build an ecosystem that rewards players while also offering developers the opportunity to make revenue.
Developers can use GameFi to design a game that challenges players. For example, the game can offer incentives to players who meet specific requirements within the game. The game will incentivize players to reach those levels of progress because they could earn cryptocurrency rewards based on their efforts.
GameFi will have intelligent contracts embedded, which developers can use to create and launch their games on the platform. These contracts help developers receive revenues from sales of in-game goods and a percentage of players’ playtime. In addition, GameFi has a dedicated reputation system for players, another factor in deciding how much revenue developers get from each player.
Digital asset ownership:
GameFi will support using digital assets across different games, not only in one game but as items to trade within a game. It will help developers to make money from their customers, who can now sell their virtual assets to each other. The blockchain is implemented through GameFi’s technology stack (verifiable intelligent contracts). In addition, game assets are embedded with special requirements to ensure trust and accuracy.
The utility function of the GameFi token is to facilitate the direct purchase of in-game items and virtual land in different games built on the platform. In addition, the GameFi token will also support higher reputation levels for players, which helps developers earn a more significant percentage of revenue from players.
GameFi aims to eliminate intermediaries and provide players with direct access to game developers/publishers and a valuable utility token used for in-game purchases and trading. The GameFi platform will allow users to sell their virtual assets, which will help developers make money from their customers. In addition, P2E will work as a form of engagement between developers and gamers while also serving as an incentive to attract new gamers.