GameFi is one of the hottest new trends to emerge from the crypto industry, combining decentralized finance (DeFi) and non-fungible tokens (NFTs) with blockchain-based online games.
Unlike many traditional online games, which operate on a “pay-to-win” model and allow players to purchase upgrades in order to gain an advantage over others, GameFi introduces a “play-to-earn” model. This concept involves giving players financial incentives to play and progress through games. In some cases, this has allowed gamers to earn a full-time income by doing so.
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. Crypto Kitties 3D, for example, requires users to download MetaMask, purchase Binance coin (BNB) and exchange it for the game’s native cryptocurrency, KITT.
- 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.
- 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.
Crypto Kitties 3D –Top GameFi game right now
For players looking to get involved in these blockchain-based games and start earning cryptocurrency and NFTs, here is a brief introduction of one of the leading games currently available.
Inspired by Axie Infinity and Crypto Kitties, Crypto Kitties 3D is developed by UK company HyperNFT Labs and will be the first ecosystem to combine the greatest aspects of gaming and digital collectibles, transforming it into the digital kitties universe. Here players can buy, take care of, breed and trade kitties. The game has a high earning potential and provides a lot of fun for players. These kitties can battle each other to earn KITT tokens or be sent on Farm for energy farming.
- Native token: KITT
- Blockchain: Binance Smart Chain (BSC)
- Initial investment required: You need to purchase Ancient Mystery Box from the in-house marketplace before you can play.
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. The GameFi universe does not seem to be slowing down any time soon. With new investment and GameFi-specific funds pouring in, the potential of the sector is endless.