With the evolution of blockchain over the years, trading cryptocurrencies like Bitcoin and Ethereum are no longer the only ways to participate and profit from it. One can now earn from trading creatives (think NFTs), DeFi (Decentralized Finance), the Metaverse, and even playing games – better known as GameFi. GameFi has been increasing in popularity especially in 2022, where more people are starting to see the potential in and engaging in making money from blockchain-based games.
The term “GameFi” is made up of the words “Game” and “DeFi”, as GameFi comprises of gaming and things in the DeFi world like cryptocurrencies, blockchain technology, and NFTs. For the avid gamers, this invention is wonderful as many can now earn while gaming – hence the term P2E, or Play-To-Earn.
So how exactly do you earn from GameFi games?
Just like how different games have various mechanisms, there are many ways that players can earn from blockchain games. While some blockchain games give players tokens for completing in-game tasks, some might also help players earn an income from the assets or NFTs players own in-game. There are three main features of GameFi games that allow players to earn: the P2E model where players earn from playing, the DeFi components that allow holders to earn through staking, and asset ownership where players can trade in-game assets as NFTs, moving the NFTs cross-chain.
Participating and Earning from GameFi
To start off, here are some GameFi-related apps to take your GameFi earnings to the next level:
MetaPocket (Digital Wallet)
The first thing you’ll need is a good wallet to keep your earnings, before all else. MetaPocket is a digital wallet for GameFi that supports multi-currency, multi-layer, and cross-chain transactions. It offers Game Discovery for you to find your favorite blockchain game, an In-App Game Browser so you can interact with tons of GameFi games, and Yield Farming where you can stake any supported GameFi tokens to receive yield. MetaPocket is an all-in-one wallet that you can use to send, receive, and earn tokens without the complications; you can easily operate multiple assets across various networks.
It supports all the top GameFi games and tokens including the two listed below, and boasts its own METAPK token, a utility token in the MetaPocket ecosystem that allows users and developers to enjoy certain perks of the MetaPocket wallet.
Axie Infinity (Blockchain Game)
Axie Infinity is a popular P2E game that is built on Ethereum, where you own your own monsters (or pets) and take care of them. You can breed and collect Axies, then use them to engage in battles with other players or bots. Earnings are generated from winning and trading the SLP and AXS tokens.
Yield Guild Games (Gaming Guild)
Yield Guild Games is a P2E gaming guild, bringing players to earn via blockchain-based economies. It harnesses the DeFi components of GameFi, whereby YGG’s protocol is automated by smart contracts instructed by consensus through the DAO. YGG has built a global community of P2E gamers who play competitively to collect in-game rewards (e.g. players in Axie Infinity earning tokens from winning battles), producing revenue through the sale of YGG-owned NFT assets for a markup (e.g. renting Axies to players as part of a profit-sharing model, known as a scholarship).
With GameFi, the possibilities and fun are endless; with the power of blockchain, you now get to earn while having fun. You just need to choose the right wallet to store your earnings, and games to participate in to make the most profit for yourself.