GameFi refers to blockchain games that let users earn money by playing. Players may often earn cryptocurrency and NFT prizes by performing activities, battling other players, and advancing through the various game levels.
The name GameFi is a combination of the terms “game” and “financial.” The GameFi ecosystem creates a virtual gaming environment by using cryptocurrencies, non-fungible tokens (NFTs), and blockchain technology. The reward may take many forms, including cryptocurrency or in-game assets such as virtual land, avatars, weapons, and outfits.
They may also trade their assets on crypto exchanges and NFT markets outside of the game. The number of GameFi projects increased significantly in 2021 and is expected to rise more in the next few years. DappRadar now lists over 1,400 blockchain games as of March 2022. Popular games are now available on several blockchains, including Ethereum, BNB Smart Chain (BSC), Polygon, Harmony, Solana, and many more.
