By ADMIN / Oct 8, 2022
The word “Fi“ has always been confined to the audio quality space, implying fidelity. None of us can forget the powerful marketing message held in the word “hi-fi“ audio. Recently, however, the word ‘fi’ has found a new accomplice in finance. The credit for this transformation has to be given to the ushering in of decentralized finance, commonly abbreviated DeFi. The addition of the word “Fi“ has been largely used to describe different pockets of finance. The latest to join the bandwagon is gaming finance, commonly abbreviated GameFi.
Let us all admit it! The only way in which gaming would relate to finance was the financial crisis that the parents of a notorious child had to go through when they wanted a gaming console! Gaming has always been more about spending money than earning money.
Today, however, thanks to the introduction of NFTs and P2E gaming, gaming has augmented itself with a layer of being lucrative more than just being an expense. Yes… People can earn money by playing games.
This new dimension of finance fueled by gaming, abbreviated GameFi, is the revolution that the world of gaming needed. It is the paradigm shift that will teleport the gaming domain into a profitable activity than being just a pocket of procrastination.
For a beginner, however, this space could be intimidating. Therefore, we have decided to unravel for the beginner, the first steps that they will need to meticulously take when stepping into the world of GameFi.
With the uncontrolled clutter of P2E games and GameFi options, it becomes increasingly imperative for a new user to become aware of the aspects that distinguish the excellent from the mediocre in this space.
It is not possible to create a perpetual stream of income… In any case. P2E gaming is not an exception to this golden rule. Therefore, the game should have the mechanics it takes to maintain a steady balance between demand and supply. That should be an ongoing demand for NFTs that encourage re-trading. There should also be periodic drops that ensure that the game does not fall into oblivion beyond recovery.
While enough credit has to be given to first-time game creators, especially in the Web3 space, the reputation of the company that has created the game holds a considerable magnitude of importance when it comes to deciding credibility. The company that understands NFTs, Web3, and everything else surrounding it is bound to create a sustainable game, and that too, with a realistic roadmap.
And at the end of the day, earning is secondary only to the experience of gaming. Therefore, it would be strongly recommended that you play a game that you are extremely comfortable with in terms of the nuances and fine elements. It would be easier to play a P2E game of cricket than to play a game that involves concepts that not many people are familiar with.
PS: In all of this, anything related to finance and investments always needs to be viewed with a pinch of salt. Therefore, we strongly recommend that you do your own research before stepping into the GameFi space.
The beautiful thing about finance is that it has not detached itself from any space that it has been associated with. Now that gaming and finance have come together, we can surely believe that there is no looking back on the possibility and prospect of earning from playing games.
With the right pieces of information and with a calculated decision, even beginners can make a fortune out of playing these games… And we take pride and pleasure in welcoming everyone to the world of GameFi and P2E gaming.