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 Infinity
- CryptoKitties
- Wonderland
Axie Infnity is one of the biggest examples of games with players earning huge amounts of money on a daily basis.
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SEE ALSO: Blockchain Game, Axie Infinity, Hits $1 Billion in Sales
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Here is the guide for how to get to play the popular game, Axie Infnity:
1 Ensure You Have Ether
Ether runs the blockchain.
You need to hold Ether to play the game that’s built on Ethereum blockchain. You can purchase Ether from exchanges like Binance or Paxful.
The Ether now needs to go to a blockchain wallet though.
2. Set Up Ronin Wallet Logins
Digital wallets are the gateway into crypto. Axie Infnity runs on an Ethereum sidechain called Ronin which can be accessed via the Ronin Wallet.
This extension allows users to play Axie Infinity and other decentralized applications running on Ronin, an Ethereum sidechain built specifically for blockchain games.
3. Create Axie Account
After you’ve created a Ronin Wallet, you’ll be able to log in to the Axie Infinity marketplace with it and create an account.
From here, you should now be able to log in to Mavis Hub and download Axie Infinity.
Once your Ronin Wallet is all set up, you’ll need to set up an account for Axie Infnity.
You can, however, simply click on “Log in With Ronin Wallet’ but to complete account set up, you will always receive prompts asking you to provide email and physical address.
After login, you’ll have your very own Axie dashboard showing all the in-game items you own.
For axies, these are divided into 4 groups, Axies, Land, Items, Bundles.
Other iterms to note are:
- AXS – utility token given to the best players
- SLP – Smal Love Potion is the token you receive for every battle won
4. The Marketplace
On the menu bar at the top of your screen, you’ll see a button called Marketplace. That takes you to the marketplace where you can purchase axies, the creatures for which the game is named.
You can then buy an axie, the cheapest currently goes for about $30.
5. Buying An Axie
Axies come in different categories and qualities. But we will be making another explainer for that. However, the platform helps you in selecting the Axie you like.
You get to see they description of the Axie as well as Stats and abilities thay they possess. From here, you can purchase your first Axie.
After purchasing, its time to release them into Lunacia – the Axie Infinity World – and get ready to play as you earn.
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