GameFi, NFT and metaverses: what are they and why is everyone talking about them?
The world of technology is evolving so quickly that it can sometimes be hard to keep up with all the trends. In recent years, the terms GameFi, NFT, and metaverses have been particularly loud. They are discussed by investors, gamers, artists, and even large corporations. But what are they really? And why are these phenomena considered the 'next big project'?
GameFi: games that earn money
GameFi is short for 'Game' and 'Finance'. Essentially, it is a gaming model that allows players to earn real money while playing. Classic games are built on a 'Pay-to-Play' or 'Free-to-Play' model, where users spend money on in-game items. In GameFi, everything is different — here the model is 'Play-to-Earn'.
How does it work?
In most GameFi projects, players can earn rewards in the form of cryptocurrency or NFTs (non-fungible tokens) for completing game tasks, winning battles, or developing their characters. These digital assets can then be sold on special marketplaces for real money. Thus, the player becomes not just a user but an owner of gaming assets.
* Examples: Axie Infinity.#GameFi
