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NewsBTC 2022-03-03 05:57:00

GameFi – Play Hard, Earn Hard

DeFi DeFi (Decentralized Finance) burst into 2020 with resounding success, rising from a combined $900M market cap in January 2020 to $253B by the end of 2021. DeFi offered true decentralization of finance by automating transactions through the blockchain. DeFi also provides optional yet lucrative features such as staking. However, the cryptocurrency market moves quickly, with innovation always one step ahead. As 2022 began, Google search trends started to slow down for DeFi, with GameFi growing in popularity. GameFi GameFi expanded upon this by building DeFi and blockchain features onto the foundation of a game. These features capitalized on the growing population of professional gamers, E-Sports, Twitch streamers, and YouTubers. Previously, Esports streamers made income playing and competing in a game – Hobby becoming a career. This profession was not without faults. Professionals would be subject to the rules and popularity of their platform, strict advertising criteria, and trending games. Thus, GameFi was born. Using DeFi, control is taken away from centralized companies and back into the hands of the investor. From the first-time investor to the professional gamer – GameFi welcomes all to take control of their assets and accrue wealth. An example of this is NFTs (Non-Fungible Tokens). NFTs are assets turned into holdable tokens. Due to this, DeFi features such as staking and renting, become usable on NFTs. Therefore, rat...

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