GameFi in 2022. How Is Cryptocurrency Transforming the Gaming Industry?

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Over the past couple of years, crypto enthusiasts, investors, and traders have seen the gaming industry rapidly transforming and skyrocketing. PointPay experts believe it is all about introducing blockchain and other new technologies, including virtual reality, artificial intelligence, augmented reality, and many others. With the help of these exciting technologies, the gaming experience has been significantly enhanced. For that, we all can enjoy playing video games even more.  

As we all know, the gaming industry is now also involved in cryptocurrency. Blockchain and cryptocurrencies play a significant role in the gaming industry, shaping and revolutionizing it. Blockchain has already enabled new ways for players and developers to interact with gaming platforms. One of the new ways of interacting is the opportunity of making money just by playing games. You thought it was impossible? Well, PointPay experts will prove otherwise right away!

PointPay: What is GameFi?

GameFi is one of the most trending topics in the entire crypto industry right now. The term's origins can be traced back to 2019, when the founders of MixMarvel, a popular blockchain game publishing platform, talked about how cryptocurrency technology could revolutionize the video gaming industry.

GameFi refers to the financialization of gaming. Even though GameFi is a rather broad term, PointPay experts believe we all can easily define GameFi as the combination of video games and decentralized finance. It is blockchain technology that allows players to be the sole owners of the virtual elements (in-game items) of this or that game.

For example, some blockchain-based games reward players for completing specific tasks, while others may enable revenue generation from different assets a player owns.

PointPay experts also want to note that GameFi can't be compared to gambling and online casinos. These games require players to have thoughtful strategies to generate income. Yes, luck might be a part of the gaming process, but it is not the predominant factor determining which players are eligible for financial rewards.

The GameFi industry has introduced the new exciting "play-to-earn" model. It means players are the ones who make money thanks to their chosen strategy, skills, and the time spent. Many popular blockchain games today also use a combination of play-to-earn features (when you need to complete in-game tasks, breed your characters, etc.), asset ownership (lending, buying, or selling NFTs), and DeFi features (yield farming, liquidity mining, and staking) to monetize the action.

The benefits of crypto gaming

Online games are adopting cryptocurrency to solve issues related to transactions and fraud that players might encounter while playing online games. Here are some of the benefits from PointPay experts that gamers get when playing blockchain games:

  • The transactions are relatively fast;
  • You can play internationally;
  • It is safe and secure, and you won't fall victim to crypto scams;
  • Thanks to blockchain and decentralization, you can hide your identity;
  • You can make extra money while enjoying the gameplay.

PointPay experts: the future of GameFi

Even though GameFi has just started to attract mainstream appeal, we can already see how combining blockchain and cryptocurrency with games can result in a more enjoyable, secure, and smooth gaming experience. GameFi is seeing massive funding as VC firms shovel millions of dollars into potentially successful crypto gaming startups. According to some statistics, investors have already poured over $3 billion into these firms in 2021 alone.

Blockchain games might seem pretty technical, but the benefits for players, developers, and investors are quite significant. Players can improve their gaming experience, and developers can launch outstanding gaming products. As for investors, they can increase their profits by funding something exceptional. GameFi development is still in the early stage, but the future is bright, and the entire gaming industry will never be the same again.

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