NFT stands for “Non-Fungible Tokens”, which means the token has its own uniqueness, with no duplicates. It is an encrypted digital asset verified by blockchain technology. NFT can format virtual items and any data contained on the chain through links, turning NFT into a property “entity” of the data content, thereby realizing the flow value of data content. NFT can become the realization of Metaverse rights, just like a physical key.
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GameFi is the integration of Game, Defi (DecentralizedFinance), and NFT (Non-fungible Token), simply known as “gaming finance within-game asset NFT”.
GameFi games often use each project’s own for transactions between players. Investors can also purchase NFTs (non-fungible tokens) in-game, including customizable artwork or characters, and resell them as their value increases on the Marketplace.
So basically, in a nutshell, it is a Defi platform for building new kinds of blockchain-based games. It is a part of the larger decentralized finance (DeFi) movement that utilizes decentralized financial tools for new forms and functions in finance, governance, and more.
The first instances of the gamefi concept include early Minecraft servers integrated with Bitcoin;Gambit.com; online games like Bombermine; and peer-to-peer services with which gamers monetize their online efforts.
GameFi projects have many levels to progress through. Players can increase earnings by dedicating time to improving their characters, monetizing their land assets by developing structures that other players pay to visit, or battling other players in tournaments.
All data are stored on the decentralized public blockchain, which keeps track of what everyone owns. This means that players, not the game developers, own all of the assets.
As a player, any in-game asset you acquire is yours for keeps, even if a server is turned off or the gaming company suffers technical downtime. This makes crypto gaming a source of actual income for players even as they’re being entertained. Some gamers even make a full-time income.
Unlike traditional game development, which is centralized, GameFi projects may involve users' indecision-making. Some games let players decide future game updates by giving stakeholders voting power to members of the GameFi DAO (DecentralizedAutonomous Organization).
A DAO allows token holders to propose project updates and vote on them, making GameFi truly participatory. These proposals usually have a financial impact, such as members of the DAOvoting to increase the reward for a particular in-game action.
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