GameFi is a term that showed up on the market not a long time ago. Its model is a mixture of game mechanisms, blockchain technology and NFTs. And as far as this industry covers several concepts, let’s briefly discover them one by one. 

GameFi is often associated with play-to-earn (P2E). This concept allows users to play games to generate income. It can be done mostly through rewarding players for in-game activities with project tokens, which then could be converted to another cryptocurrency or through existing cryptocurrency (f.g. Stable coins). Also through game process players can get NFTs, which then can be sold on marketplaces. 

Then there is a great example of one of the most popular games Axie Infinity. It is an NFT-based P2E online game which runs on the Ethereum blockchain. Axie Infinity is a digital universe where players can battle, trade, and collect fantasy creatures called Axies. 

The concept of P2E evolved during the time. As a result it got the more complex direction – play-and-earn (P&E). This time the main focus is set not on the earning part, but the gameplay one. Players can still monetise their experience, but this time they also enjoy the game process itself. Usually projects don’t create their own token, but give players an opportunity to create their in-game content, which can be later sold to newcomers or other players. On this stage even AAA types of games show up in this field.

One of the P&E games that caused a stir in the market is Star Atlas. Players here can find valuables and sell for the two in-game currencies, ATLAS and POLIS. Star Atlas is built on the Solana blockchain, anything you find in this game becomes your property, everything in the game is an NFT, meaning the Star Atlas users own most of the game. And, besides that, Star Atlas is a cool game to play by itself.

So no matter if you start your journey to GameFi with classical P2E or new P&E Biom Software is deeply aware of this and showcases the direction as a whole, so we can help you easily with any matters.

The other important category is the Metaverse, a virtual world in the form of a three-dimensional game, where users own not only digital objects, but land represented in the form of NFTs. We have already covered the aspects of Metaverse in one of our previous topics, so if you want to know more about Metaverses we do recommend you get familiar with it. Our team of professionals has a huge expertise at Metaverses, so contact us and let’s travel through the worlds together!

The GameFi industry covers a lot of other different directions f.g. move-to-earn, collect-to-earn, win-to-earn and even sleep-to-earn. But to cover them we need more than just one article. So stay tuned on this topic and if you are interested more deeply contact the Biom Software team in order to start exploring the GameFi industry together.