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What is GameFi and What Does It Do?

The crypto world has the feature of continuing to gain new terms day by day. The term GameFi is one of the last terms to enter the crypto world, and it has quickly managed to become a term that has been used and heard frequently recently.

In this content, we will try to enlighten you about all the questions about GameFi, especially the answers to the questions of what is GameFi and what is GameFi for.

What is GameFi?

GameFi stands for finance based on games.

The term GameFi is inspired by the term DeFi and stands for Game Finance. The term Game Finance was shortened to GameFi.

As the name suggests, financial transactions based on games in the crypto world are called GameFi. In fact, there is also the term Play-to-Earn (P2E), which is used outside of GameFi, and can be thought of as synonymous with GameFi. However, the term Play-to-Earn, that is, P2E, does not have the same meaning as the term GameFi.

While the term Play-to-Earn is just about making money by playing games, GameFi is much more. Because GameFi is a term that covers not only the system of making money by playing games, but also financial transactions and systems on gaming platforms.

To explain GameFi more clearly, there are staking, yield farming, etc. that exist in DeFi processes. We can say that it is the integration of financial transactions and NFTs into the gaming industry. The relevance of NFT to the game is related to the compatibility of the characters, features, vehicles and equipment used in the game with NFT technology.

The concept of GameFi was first introduced on September 10, 2020 by Andre Conje, known as the father of the DeFi system. We can explore the concept of GameFi, which has suddenly started to grow uncontrollably, thanks to the best Axie Infinity game.

There are many users who see the concept of GameFi as only making money by playing games, but GameFi is not just about making money by playing games.

What is GameFi Token?

Each blockchain has a crypto currency and projects based on each blockchain, especially DeFi, and crypto assets connected to these projects, as well as games that fit the definition of GameFi have their own crypto asset units.

Crypto assets that are created by establishing the projects on the most suitable blockchain without their own blockchains are tokens, while if this project is a game and has DeFi features, it can be called GameFi Token.

What Are GameFi Tokens?

As of the date of this writing, there are 184 GameFi Tokens in crypto markets. Some of these are crypto assets that everyone has heard of, while others may be unheard of and very new crypto assets.

The main GameFi Token units that come to mind when it comes to GameFi Tokens and are among the most valuable in terms of market value are:

  • Axie Infinity (AXS)
  • Decentraland (MANA)
  • Enjin Coin (ENJ)
  • The Sandbox (SAND)
  • BakeryToken (BAKE)
  • MyNeighborAlice (ALICE)
  • Yield Guild Games (YGG)
  • Illuvium (ILV)
  • Mobox (MBOX)
  • Dawn Protocol (DAWN)
  • Wemix (WEMIX)
  • Star Atlas (ATLAS)
  • Ultra (UOS)
  • Alien Worlds (TLM)
  • Verasity (VRA)
  • Splinterlands (SPS)
  • Refereum (RFR)
  • Wall Street Games (WSG)
  • GameFi (GAFI)

How to Get GameFi Tokens?

If you want to buy a crypto-asset that fits the GameFi definition, there are two ways to do it:

  1. Earn tokens by playing GameFi games,
  2. Buying GameFi Tokens listed on crypto exchanges.

You can use the token units to be obtained in both ways in buy and sell transactions on any exchange or DEX platform, or you can keep them as an investment in the long term by transferring them to a cold wallet suitable for the blockchain to which it is connected.

Frequently Asked Questions About GameFi

In this area, we will share answers to frequently asked questions about GameFi. This area will be regularly updated in line with your questions and requests.

What is Gaming DeFi?

Gaming DeFi is a different term for GameFi and there is no difference with GameFi. While some people and institutions prefer to use the term GameFi, others use the term Gaming DeFi.

What is GameFi Coin?

GameFi is actually a term, but some crypto assets may choose the name GameFi for themselves. Even if it is not a coin, the crypto asset named GameFi (GAFI), which was launched as GameFi Coin and in the list of the main GameFi Tokens above, attracted attention. For this token, users often use the name GameFi Coin or GameFi Token and often confuse it with the term GameFi.

What is GameFi Protocol?

Like GameFi (GAFI), there is a crypto-asset named GameFi Protocol with the code GFI and unfortunately many users may refer to the term GameFi as consisting of GAFI and GFI crypto-assets, but these crypto-assets are designated as GameFi because they only fit the term GameFi. The concept of GameFi is much more than a crypto asset.

What is Play-to-Earn (P2E)?

Play-to-Earn, which is also called Play2Earn, but the abbreviation P2E is preferred more often, is the definition of the system of earning money by playing games. Although it is often preferred over the concept of GameFi, it does not have the same meaning as GameFi, but it is one of the closest definitions to the concept of GameFi.

What is Free-to-Play-to-Earn (F2P2E)?

The concept of Free-to-Play-to-Earn, which has the abbreviation F2P2E, consists of a combination of two terms, and in order to understand its full meaning, it is necessary to know what Free-to-Play is.

Free-to-Play (F2P) is a concept that represents games that are free to play. He gave the answer to the question of what is Play-to-Earn above. In this case, we can say that Free-to-Play-to-Earn (F2P2E) means making money by playing games that are free to play.

Esat Demirtaş

Esat Demirtas, who has been involved in corporate business life for a long time and has gained experience in corporate and financial management; He is the editor-in-chief of Binansal and also conveys news, information and developments about the crypto world to Binansal readers.

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