The new trend of the video game industry in 2021 to now is GameFi. This model became popular in the last two years. So what is GameFi and why did it become a craze and attract a large number of players? Let’s find out through the following article.
- What is GameFi?
Many people are curious to know what GameFi is? That is the term for games developed on the blockchain platform. The term GameFi is a combination of Game (short for Video Game) and Finance. Simply put, game projects combine with the unique features of cryptocurrencies to help users earn income by playing games.
- The Origins of GameFi
GameFi appeared in its infancy in the first Minecraft servers integrated with Bitcoin. After that, the term “GameFi” is considered to have first appeared in September 2020 through a Twitter post by Andre Cronje – Founder of Jearn Finance and also known as a legendary coder. Since then, the term has grown in popularity and is used to refer to games that incorporate financial elements.
Cryptokitties is the first GameFi venture, launched in November 2017. Players can collect, buy and raise virtual cats in the game. In particular, it is possible to sell them as NFTs (Non-fungible tokens) for three times their original price.
- The difference from the traditional game
The biggest common point of games in general when users come to it is the entertainment factor. So besides the fun and excitement of experiencing the game, what is the difference between GameFi and traditional games?
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