GameFi is one of the hottest new cryptocurrency fads, fusing decentralized finance (DeFi) and non-fungible tokens (NFTs) with blockchain-based online new nft games.
Unlike many conventional online new nft games, which are based on a “pay-to-win” paradigm and require players to buy upgrades in order to get an edge over their opponents, GameFi is based on a “play-to-earn” strategy. This notion entails providing financial incentives for players to engage in and advance through new nft games. This has enabled gamers to make a full-time wage in certain circumstances.
How it operates
In these sorts of new nft games, all things are represented as NFTs — digital tokens used to establish ownership of scarce intangible commodities. Consider land plots, avatars, outfits, weapons, and gold bars. Once players discover and acquire these goods via gaming, they may trade them with other players in digital markets for various NFTs or sell them for cryptocurrencies.
Depending on the game, players may boost their earning potential by leveling up and developing their characters, installing monetized constructions on their property that other gamers pay to use, or participating in tournaments.
To keep track of which NFTs and cryptocurrency transactions each participant has, all NFTs and cryptocurrency transaction data are recorded on a public blockchain. This is a form of distributed, digital record-keeping system that is maintained via a worldwide computer network. Utilizing this technology in gaming has a lot of advantages, including the following:
Why There is no single point of failure, which means that players will no longer be at danger of losing track of what they possess if the underlying gaming corporation encounters technological difficulties.
- Items obtained during gaming cannot be duplicated, deleted, or destroyed.
- Cryptocurrencies that are native to nft games may be transmitted and received without the need of a middleman for settlement, clearing, or custody.
Certain new nft games incorporate DeFi elements such as staking, in which players can store certain tokens and earn annual interest and other rewards that they can use to purchase other in-game items or unlock new content.
What you will require for the game
Users must complete the following steps in order to participate in any of these play-to-earn new nft games:
Create a cryptocurrency wallet: To securely store their virtual currency and NFTs, as well as to conduct in-game transactions. Which wallet you’ll require is determined by the blockchain upon which the game is built. For instance, MetaMask – a cryptocurrency wallet based on Ethereum – will work with any GameFi game that is built on Ethereum.
• Purchase introductory items: All GameFi titles are available for free download. Many, on the other hand, require players to purchase characters, native cryptocurrency tokens, decks of cards, or upgrades before they can begin.
• Pre-funded crypto wallet: In order to purchase starter items and proceed, you must pre-fund your crypto wallet with a specific cryptocurrency. For instance, users of Cryptoblades must download MetaMask, purchase Binance coin (BNB), and exchange it for the game’s native cryptocurrency, SKILL.
Currently, the most popular GameFi NFT games
For those interested in learning more about these blockchain-based new nft games and earning cryptocurrency and NFTs, the following is a breakdown of some of the most popular titles currently available.
Players enter an alien universe comprised of multiple planets where they must compete for scarce resources and mine the nft games native cryptocurrency, trillium (TLM). Additionally, players can engage in combat, undertake quests, and earn additional revenue by renting out their land.
Alien Worlds was the first game to surpass 100,000 players and now has over 2.5 million. This was partly due to the game’s free-to-play nature and the fact that its metaverse world spans multiple blockchains, including WAX, Ethereum, and the Binance Smart Chain.
- Native cryptocurrency: trilium (TLM)
- Native blockchain: WAX, but also Ethereum and Binance Smart Chain (BSC)
- 1,000,000 unique monthly users
- Required initial investment: In order to mine, you must purchase new nft games cards such as land.
CryptoBlades is a browser-based role-playing game inspired by classic titles such as Skyrim or Dark Souls. To earn SKILL tokens, players must fight monsters or complete in-game raids. To aid in combat, players can craft weapons to gain an advantage over their opponents or to increase their strength. Following that, these items can be traded in an open market.
The gameplay is relatively simple. Each character, weapon, attribute, and enemy has been assigned one of four primary components – fire, earth, lightning, or water. Each component will have its own set of strengths and weaknesses, which players must exploit to defeat their adversaries.
- Native cryptocurrency: cryptoblades (SKILL)
- Blockchain: Binance Smart Chain
- Monthly user base: 510,000
- Initial investment required: Users will need to purchase approximately 0.2 BNB in order to play and pay transaction fees in-game.
A universe inspired by Pokemon in which players can purchase, care for, breed, and trade digital monsters called “Axies.” Axie Infinity is powered by its own custom sidechain, which optimizes gameplay and allows for effective scaling.
While the game offers a high earning potential, breeding, caring for, and trading rare or unique Axies requires a significant amount of time and effort. These monsters can be pitted against one another for the chance to earn SLP tokens or sent on resource farming quests.
- Indigenous tokens include the axie infinity (AXS) and the smooth love potion (SLP)
- Ethereum’s blockchain
- 308,000 active monthly users
- Initial investment required: Before you can begin playing, you must purchase three Axies from the in-game marketplace.
Upland is an NFT metaverse designed to replicate our world, allowing players to buy, sell, and trade properties associated with real-world addresses. Users can then engage in gameplay, manage businesses, and connect with other Uplanders worldwide.
Players are assigned an Upland avatar that they can use to scout out available properties in a city. They may also pay a visit to the properties of other players. Users can complete Collections to earn unique UPX rewards and boost their property’s earnings. Similar to Monopoly, the more properties of a single color you own, the more valuable they become.
- EOS blockchain
- Upland native token (UPX)
- 155,000 unique monthly users
- Initial investment required: You must first purchase a virtual property before you can open an account.
This is a digital collectible card game in which players amass a deck of cards with varying abilities and stats and then use them to battle other players. Each card is represented by an NFT and is exchangeable or tradable on the open market. The game is based on one-on-one combat, with players assigned battle parameters based on randomization.
Both players are then given a set amount of time to assemble a deck of cards to use in combat.
- Native tokens: dark energy crystals (DEC) and splintershards (SPS), the governance token.
- Initial investment required: To access the play-to-earn features and receive DEC tokens, you must purchase the summoner’s spellbook for $10.