This article was originally published on Gokhshtein Media and appears here with permission.
GameFi, as its name implies, combines gaming and finance. The sector is considered a Web3 sector due to the decentralized ownership between builders, investors, and users.
Through gaming tokenomics and gaming NFTs, these two industries found common ground using the blockchain
An NFT in the gaming context is a public ledger of the ownership of game assets on an open blockchain such as Ethereum or Solana.
GameFi’s decentralization allows for the transfer of game assets (or NFTs) between platforms.
The transferability of assets makes them valuable outside of the gaming ecosystem. As their ownership status can be tracked on the blockchain, NFTs can be bought and sold on third-party exchanges as collectibles.
Game mechanics aren’t what’s driving this evolution. Rather, it pertains to bringing game monetization closer to the ultimate vision of Web 3.
The majority of builders of GameFi hope these games will become blockchain marketplaces where in-game assets are valued by a free market within a player-owned ecosystem.
How can gaming NFTs be beneficial?
There are more options than just digital collectibles. Game asset collecting has entered a new era with gaming NFTs.Web3 gaming could facilitate a unified metaverse, and it will provide a number of benefits that traditional gaming does not.
Ownership structure: The ownership of in-game purchases in traditional gaming is non-transferable and locked to the world of the game. The ownership of in-game assets in gaming NFTs is given to players. Due to the fact that ownership is not restricted within the walled garden of …
Full story available on Benzinga.com