The integration of blockchain and its decentralized financial system in the gaming industry introduced a new concept: GameFi. It combines the concept of gaming, decentralized finance (DeFi) & non-fungible tokens (NFT) and allows gamers to generate an income by playing video games.
With the help of blockchain technology, game makers can create in-game items and rewards in the form of NFTs, which are unique and can be used as proof of ownership for intangible assets. Developing in-game items as NFTs allows gamers to trade their assets in digital marketplaces for other NFTs or sell them for crypto and fiat currencies.
By combining the income-generating model and NFTs, Web3 games offer various benefits over traditional games:
- True and provable ownership of items
- No single point of failure which keeps gamers' assets safe in case of any technical issues
- Easy access to different marketplaces for trading items even outside the gaming platform
- Staking opportunities that allow gamers to earn extra profits
Blockchain technology has disrupted many industries, and gaming is not an exception. Blockchain’s transparency, security, and immutability allow gamers to truly own and control their in-game assets in the form of NFTs.
With almost 3 billion users, today's video game industry presents a great opportunity for industry players with novel ideas like the income-generating model. Video games are not considered just a hobby anymore and have become a leading source of income in a lot of developing countries.
Providing players with a platform to monetize their gaming experience has already become a billion-dollar industry that presents endless opportunities.
Gamers increasingly seek remuneration for the amount of time they spend on virtual worlds. Due to the arrival of the metaverse, the income-generating model was made possible.
The idea behind blockchain games is to reward players for contributing value through their gaming time with cryptocurrencies as well as for their loyalty by dedicating part of their time to the ecosystem. Blockchain technology powers Race Kingdom, the income-generating game, hence you can earn through crypto tokens and NFTs while playing the game.