What is GameFi?
GameFi is a platform to play games using cryptocurrency. It is considered to be the next big thing after DeFi (Decentralized Finance) which became hugely popular recently. One of the GameFi platforms that have since surfaced is the one built on the BSC or Binance Smart Chain by BUSTA which houses various types of games. Players here are able to earn tokens when they play the game using $BUST.
How does GameFi differ from other token-gaming platforms?
GameFi is designed to be more inclusive. While current gaming platforms are more limited (sometimes single-purpose) that cater only for gamers to play, GameFi seeks to benefit all the parties involved including players, traders, partners and such. This is designed so that all parties involved will benefit collectively in the long run.
What are some of the popular GameFi?
Axie Infinity is a play-to-earn blockchain game. Meanwhile, Moonpot was launched recently which is a lottery-type of prize pool game by Beefy Finance. DinoSwap is another name that has been quite popular and became the third-biggest DeFi platform on Polygon which provided cheaper transactions on Ethereum. Meanwhile, other names that have been mentioned include PancakeSwap on the Binance Smart Chain. The Tron Foundation had also launched the TRON Arcade, a US$300 million incubator project partnering with WINKLink and APENFT.
Why is GameFi considered the next big thing?
GameFi applications are created to complement DeFi, NFTs and the crypto space. It is said to be first mentioned in a tweet from the founder of Yearn.Finance, Andre Cronje. Names like Safe Hamsters, DungeonSwap and Multigame are just the beginning of this movement. BUSTA is one that integrates iGaming and DeFi on its platform designed to be used by all the stakeholders where players can be ‘the house’ if they choose to. Dogemon Go is a game where players could potentially earn DOGO (Dogecoin) credits that can be used on the Binance Smart Chain.
Should you play GameFi now?
GameFi is still at its infancy stage but like most of the other movements that came through the blockchain, it will be expected to grow very quickly. However, you could consider GameFi because:
- Low gas fees – Transaction costs on GameFis are still low on the BSC as compared to Ethereum.
- More GameFi blockchains – There is a growing number of GameFi blockchains in the market now. The play-to-earn concept is on the rise and is becoming a growing trend among users of blockchains as they seek out more ways to grow their tokens.