Crypto education is one of the fields that many organisations are striving to achieve. They research and report on various topics that affect cryptocurrency. One of the organisations developed to do this is CoinTelegraph. This is one of the most reliable cryptocurrencies, Defi, and blockchain sources. The main reason this is the case is that all the researchers who find the information recorded have achieved PhDs and years of experience in the field. One of the latest and most impressive and informative articles they have developed is on GameFi. Many people have heard about earning cryptocurrency through playing video games developed through cryptocurrency. Still, few know what happens or what is entailed in the system for people to make money.
The report published on GameFi explains all this information in detail. The explanation given about GameFi is that it combines games and financial incentives. These financial incentives are what people love about the games and what makes them different from other forms of video games in the market. Although there are financial incentives, GameFi cannot be considered gambling.
Gambling requires luck, and people win by chance. GameFi, on the other hand, requires people o master skills to play the game and be successful. When developing games based on the blockchain, two essentials have to be included in the development. The first is play-to-earn mechanics, which is why the games are different. People earn tokens from their success playing the game. The second is robust technomics; this is put in place to ensure that the coins gain value as the game gains popularity.
What this means is that as more people learn about the game and play. Many people think that play-to-earn games were developed recently after the development of the blockchain technology it is based upon, but this is not true. According to CoinTelegraph researchers, these games have existed for thousands of years. The only thing that changes are practices carried out and the incorporation of technology. People have been playing for money for years and have to be skilled at their craft and spend hundreds, if not thousands, of hours on training. Although this is the case, the first online play-to-earn game was developed in 2003.
The game was referred to as Second Life and helped create many millionaires. An architect from the UK made millions from selling his designs for plays. After that, Hello Kitty, developed in 2017, created the most buzz in GameFi after introducing more people to this method of earning money. This is the game that introduced GameFi technology to the spotlight and led to its popularity.
Another factor that people should know as they play these games is that they can own assets. They can buy and sell said assets and develop a way to make money. These assets they own make them part owners of the game and influential to its future. They can vote as validators in a proof of stake due to a cryptocurrency.
According to statistics published. In November 2021, half of all crypto users were involved in playing GameFi. This shows that play-to-earn games are catching up and might soon become some people’s main source of income.