GameFi, a cross between Gaming and Finance is when video games are built to leverage actual money with users playing to earn real monetary profits.
So how does this work?
GameFi video game projects run on a blockchain which enables players to have verifiable ownership of the virtual items in the game. In contrast to traditional gaming where users just play to win, the virtual items in GameFi have real value, thanks of course to crypto technology.
The in-game items which include avatars, land, costumes, weapons, gold, tokens and pets are represented as non-fungible digital tokens (NFTs) that prove ownership of these digital objects. These items can be acquired in – game and are tradeable on NFT and crypto marketplaces.
Some of the popular gamefi titles out there today include:
Axie Infnity is one of the biggest examples of games with players earning huge amounts of money on a daily basis.