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GameFi: How to Earn Passively Playing Games Online

Gamefi

Online gaming is no longer just a pastime.

GameFi is one of the  the hottest new trends to emerge from the crypto industry, combining decentralized finance (DeFi) and non-fungible tokens (NFTs) with blockchain-based online games.

In contrast to numerous customary internet games, which work on a “pay-to-win” show and permit players to buy overhauls to acquire a benefit over others, GameFi presents a “play-to-earn” model. This idea includes giving players monetary incentive to play and advance through games. At times, this has permitted gamers to acquire a full-time income doing so.

How it works

GameFi comes in many different forms today. As such, the mechanisms by which players can generate revenue through their gameplay vary. However, there are a few important themes worth mentioning. Many of the most popular blockchain games today use a combination of the following features to monetize the action. 

What you need to play

In order to take part in any these play-to-earn games, users will need to do the following:

  • Create a cryptocurrency wallet: To store their virtual currency and NFTs, and make in-game transactions. Which wallet you need will depend on which blockchain the game was built upon. For example, MetaMask – an Ethereum-based crypto wallet service – will work with any GameFi game built on Ethereum.
  • Pre-funded crypto wallet: You will need to pre-fund your crypto wallet with a particular cryptocurrency in order to purchase starter items and proceed. Cryptoblades, for example, requires users to download MetaMask, purchase Binance coin (BNB) and exchange it for the game’s native cryptocurrency, SKILL.
  • Purchase starter items: All GameFi games are free to download. However, many require players to first purchase characters, native crypto tokens, decks of cards or upgrades in order to begin.

Top GameFI games

For players looking to get involved in these blockchain-based games and start earning cryptocurrency and NFTs, here is a breakdown of some of the leading games.

CryptoBlades

CryptoBlades is a web-based role playing game that emulates traditional games like Skyrim or Dark Souls. Players can battle monsters or complete in-game raids to earn SKILL tokens. To help with battles, players can craft weapons to build an advantage over their opponents or boost their power. These items can then be traded in an open marketplace.

The gameplay itself is straightforward. There are four main components – fire, earth, lightning and water – allocated to each character, weapon, attribute and enemy. Each component will have its strengths and weaknesses, which players must then utilize and build strategies to beat their opponents.

  • Native crypto token: cryptoblades (SKILL)
  • Blockchain: Binance Smart Chain
  • Monthly user base: 510,000
  • Initial investment required: Users will need to purchase around 0.2 BNB to play and pay for transaction fees in-game.
     

    Upland

    Upland is an NFT metaverse made to parallel our world where players can buy, sell and trade properties linked to real-world addresses. Users can then play, run businesses and connect with other Uplanders across the world.

    Players have an Upland avatar that can roam throughout a city to look for available properties for purchase. Or they can visit other players’ properties. To earn special UPX rewards and increase a property’s earnings, users can complete a Collection. This is similar to Monopoly; the more properties you have of a single color, the more valuable they are.

    • Native token: upland (UPX)
    • Blockchain: EOS
    • Monthly user base: 155,000
    • Initial investment required: To open an account, you need to first purchase a virtual property.
       

      Axie Infinity

      A Pokemon-inspired universe where you can buy, take care of, breed and trade digital monsters called “Axies.” Axie Infinity runs off its own specifically built sidechain so that it can optimize gameplay and scale effectively.

      The game has a high earning potential but requires high involvement to breed, care for and trade rare or unique Axies. These monsters can battle each other to earn SLP tokens or be sent on quests for resource farming.

      Chicken Coop

       The chicken coop game was launched from the Uswap team, a simple and easy introduction to DEFI for beginners as well as experienced users. The chicken coop brings DEFI to the masses

      • Native token: UME, CORN
      • Blockchain: Tron
      • Monthly user base: 28,000
      • Initial investment required: You need to purchase UME chicken that will regularly lay UME eggs.

GameFi has already gained significant traction, with the collective market capitalization of top games breaking $14 billion. But key opinion leaders in the crypto industry believe there’s a lot more ahead for this new sector, with Tron founder Justin Sun recently stating he believes this new sector will be key to increasing cryptocurrency adoption.

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