The GameFi is a combination of decentralized gaming and finance. Most GameFi platforms consist of cryptocurrencies, non-fungible tokens (NFTs), and the play-to-earn (P2E) gaming model. GameFi platforms can exist in two ways; decentralized games integrated with elements of decentralized finance or Decentralized finance platforms becoming gamified by incorporating gaming elements in financial services offered.
GameFi platforms operate on a play two earn (P2E) model, which allows users to play games and earn simultaneously. It uses gaming elements such as scoring, leaderboards, competitions, avatars, and badges to create reward systems that allow users to gain monetary benefits from playing the games or using the DeFI platforms. Most GameFi platforms are often integrated into augmented reality.
With Metaverse and virtual reality gaining traction daily, most GameFi platforms are leveraging it by creating an augmented reality where users can play games, explore, interact, and still access financial services without needing an intermediary.
Augmented reality technology blends real-world experiences with computer-generated sounds and graphics, creating an interactive user experience. In other words, AR fuses the physical world with elements of a virtual world to create an interactive experience for the user or player.
This combination of DeFi and decentralized gaming with Augmented reality gives GameFi platforms an edge over traditional DeFI and gaming platforms as it can give users access to the benefits of both platforms without belonging. There are numerous GameFi platforms with splinterland and alien wars topping the charts.
Splinterlands is a collectible card game that allows players to buy and sell digital cards. Each card has unique NFT identifiers to prevent double-spending. Cards come in 4 unique forms and can also be used in battles.
Alien worlds is a Blockchain-based GameFi metaverse where users can earn rewards when they play games. The platform operates on several blockchains, such as Ethereum and Binance Smart Chain (BSC), which allows users to play games and mine NFT cards. Gamers are paid with the platform’s native currency, Trilium (TLM).
Freewoly is a Fun Augmented Reality Play-2-Earn game ecosystem backed by the FWoly memecoin. FreeWoly utilizes augmented reality (AR) technology to add a fun and exciting dimension to the game. The platform provides an avenue for users to play and earn while also accessing their features Ike token swapping and NFT minting and trading.
Freewoly combines elements from two of the most successful games in the gaming industries; Farmville and Pokemon Go. The impacts here are twofold. For one, it allows Freewoly to break into an already thriving market, and It also gives users twice the experience as they’ll be able to access elements of two different games in one.
Users are paid in the form of the $FWoly token. Animals in the game can be minted as a unique NFT and traded with other players. The value of an NFT is contingent on how unique and rare the animal is. Animals with unusual characteristics are likely to have a higher value compared o others. The FreeWoly ecosystem will include a marketplace where people can trade the NFT animals or sell their farms in exchange for tokens.
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