What is the GameFi element in the world of Blockchain gaming?

GameFi, another Web3 industry jargon, now seems to be catching the attention of members of the Web3 and gaming communities. The GameFi concept brings together two elements: gaming and finance. Games that fall into this category are blockchain-based and work with a decentralized approach. They offer players rewards in the form of tokens native to gaming ecosystems that help them generate revenue while playing the game. Crypto assets and non-fungible tokens (NFTs) are among the digital assets that can be earned, generated, or traded within the GameFi ecosystem.

Games that are part of this category are also classified as ‘play to earn’. The genre of these games can be multiplayer missions, battles, racing and games with complete storylines. Weapons, powers, outfits, and special characters are offered by these games as marketable digital assets for players.

Since GameFi supports the concept of decentralization, growth maps and changes in its ecosystem are often introduced with insights from community members, rather than working on the decisions of an authority figure.

Explain the details of how GameFi works, a recent report of Chainalysis said: “In crypto games, blockchains are global, decentralized computers that play the role of centralized servers. Smart contracts are applications running on blockchains that create and facilitate the movement of tokens, which are generally NFTs or fungible tokens.

In a report, Business Research Insights estimated that the global GameFi market size, which stood at $9 billion (around Rs 74,980 crore) in 2021, is expected to reach $90.51 billion (around Rs 7,53,970 crore rupees) in 2031, showing a CAGR of 27.13% between 2021 and 2031.

Now that the cryptocurrency sector is seeing gains, several GameFi projects such as Web3 game studio Immutable, Animoca Brands Japan, and Seraph Studio are in development. reportedly updating their lineups and offerings.

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