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Rachel Welch

21 November 2022 128 Read Crypto

What Is GameFi?

Basically, GameFi is a combination of game and finance, utilizing blockchain technology to enable players to own digital assets. These assets can be traded on NFT marketplaces and crypto exchanges.

In the past, earning money in games has been a one-way street. Players had to pay real money for in-game items. But, as technology has evolved, a new model has emerged.

With GameFi, players can monetize their online time by selling or trading items in their games. They can also earn digital assets through in-game activities such as playing, completing tasks, or battling other players.

GameFi is a nascent industry, but the potential is huge. There are many games on the market that utilize this model. However, there are a few things to know before you sign up for one.