GameFi is a hot new trend in financial ecosystems, as it enables play to earn, yet free to play games to run on top of blockchains like Enjin and TRON. These games also enable players to collect unique NFTs, which can be worn as gadgets in these games and can even be carried across separate gaming platforms so long as they run on the same blockchain! In a world where everyone wants to keep up with their friends, this encourages a competitive environment where people will collect their gadgets and be able to show them off in their digital wallets for the world to see.
In the same way that people collect designer clothing, nice cars, expensive boats, and massive houses, people in games like to show their friends and enemies what they have acquired through their hard work to become good gamers.
How it works is exactly as it sounds. Players can play for free, and within games, they can win cryptocurrency rewards which can be used to purchase NFTs or sell for fiat currency. Many people from third-world countries in Southeast Asia and Venezuela have resorted to GameFi platforms as a means of putting food on their table for their families because the pay is way more than minimum wages in their countries.
This is a massive advancement for humanity, and all of it is made possible through blockchain technology! Entire low-wage economies can now earn decent money by participating in games, and these markets were previously undiscovered.
Compared to traditional gaming solutions, this now gives players ownership of their achievements, and they can spend their in-game achievements or labor for what they want in-game or can convert to fiat and buy whatever they please that way.
The TRON blockchain specifically offers players unique multiverse experiences. Built specifically tailored towards the entertainment industry, TRON has a great growing ecosystem of play-to-earn games. Tron and co-founder Justin Sun have contributed $300M to GameFi projects on the platform, showing just how much they’re invested in making it the best blockchain for gaming. These financial mechanisms will spread like wildfire, and we should see network effect pricing hit gaming platforms if the trend continues.
Certain games like Aftermath Island allow users to participate in a decentralized metaverse where they can own their own island and deal with pirates potentially taking their loot. The potential for a project like this in a decentralized world where users are either wealthy island owners or pirates looking to steal their look is astronomical!
As more funding enters the space, expect blockchains specializing in GameFi to lead the way in terms of crypto market price action. GameFi will better help people new to crypto understand the vision of the space for enterprise solutions to take over. With just DeFi and NFTs exploding right now, it is easy to forget the larger vision and be ignorant of the true potential of blockchain. When these enterprise solutions that come in the form of gaming, banking services, ride-sharing, vacation rentals, among many more, emerge, it is more than likely that mass adoption of blockchain technology occurs. Blockchains change the world as we know it, and new technological advances are now creating a more equitable society for third-world countries, which is great to see.