What Is GameFi
GameFi which stands for game finance, is a platform that enables its users to enjoy moments of fun playing games on its system. Unlike the traditional gaming system that's an in-app experience or gadget enabled; that ensures users enjoy moments of fun playing their various games of choice but restricted within that sphere of usability. @GameFi through the invention of blockchain has opened it's users to a fresh experience whereby there's a combination of blockchain technology and game theory. In that case it's another experience that affords its users to interact with the blockchain technology while having an excellent experience gaming. This is done to create attraction and interest to a particular @cryptocurrency token that's backed up with the @GameFi platform.
Functionality Of GameFi
GameFi's are supported by smart contracts which helps the system in executing various tasks within the platform. It's built to execute any task as far as the conditions for operations are met by its users.
Smart contracts are veritable tools in the achievement of different platforms as it's flexible and programmable, in the sense that it enables developers to effectualize their desired goals and it's error- free. In a single @GameFi platform a smart contract due to its multiplicity of function can be deployed to enable a smooth gaming experience while another is deployed to ensure management of regards by users. Beautiful isn't it?
Photo source @pixabay
GameFi Mechanism
Every platform built under the blockchain ecosystem has its blueprint which enables it to function properly and serve its users. Most developers these days maximize the P2E model to cash in on the idea of incentivize user experience. While also enjoying the benefits of large usability, a dedicated user base that includes traders and investors as well as traditional gamers. Little wonder why some @GameFi platforms afford developers, investors to earn a percentage of the transaction fees when users trade, sell or stake their accumulated profit token. This they do by providing @liquidity at either the initial stage of launch or it might be opened at all or a certain stage of the platforms' operation. And if managed well the boost that will be attained would be worth it.
Operations Within The GameFi System
Staking: Most @Gamefi platforms support rewards, this they do by setting up specific amounts of interest to be earned across a certain duration of time; either a day, weeks, month or even a year. The most popular is the #APY (annual percentage yield) which is similar to #APR (annual percentage rate).
Trading: Within the @Gamefi platform trading of in-game virtual assets is possible. This enables transference of virtual assets across different players therefore recording transaction fees for the developer.
Photo source @pixabay
Popular GameFi Platforms
It would be unfair to you, if I don't point you out to the right place to begin your @GameFi journey.
Axie Infinity: This platform ranks one of the most popular GameFi platforms. It's native token @AXS in 2021 peaked an #ATH ( all-time high) of $165.94 price. Now it is trading at the price of $4.5253. This was so because the platform’s exclusive blockchain @Ronin was hacked back in March and the price of the in-game token AXS has continued to dip in value.
Splinterlands: this is also one of the most popular as it's backed up by the @Hive. It affords users the opportunity to participate in in-game tournaments which they could earn from.
**Aavegotchi: **This platform is built upon the idea of an old play toy called tamagotchi. They are virtual pets that hatched from an egg and needed care and attention to thrive, they were popular in the 1990's. Dedicated players are rewarded with Aavegotchi.
Benji Bananas: This was one of the in-app free-to-play games that was later introduced into the @P2E system. It's quite easy to play, as players are expected to swing from a particular vine to another, past obstacles, and try to remain off the ground as possible.
There are several others available.
Conclusion
All these are great platforms whereby one can enjoy an interesting experience of gaming while earning. However they're quite different as each of them has their unique user attributes so it's expected that you take out time to learn the game, study the system of operations and develop a formidable winning strategy. This is to ensure you don't at the end of the day lose more than gain. Also users are advised to abide by the golden rule of Investment by " investing what you can afford to lose".
It's also pertinent to state that all of these platforms differ in their terms of withdrawal, there's usually a certain amount pegged for minimum withdrawal and the means, or duration of withdrawal.
Enjoy!