The Future of Gaming
The world of GameFi is quickly developing and growing more and more popular as time goes on, but what exactly is it and how does it incorporate different DeFi elements?
First and foremost, you’ll want to understand what decentralized finance (or DeFi for short) is, which can be defined as anything dealing with decentralized assets and finance, primarily any purchases, interactions, trades, or dealings with cryptocurrencies. Since evolving over time, this construct has been combined with video games and has led to the creation of the GameFi sector and genre which essentially refers to any blockchain-powered decentralized video game app or ecosystem that offers a play-to-earn (or P2E) model, which lets players can earn cryptocurrency rewards and/or NFTs for achieving gameplay accomplishments.
GameFi and the Evolution of Decentralized Finance
With that primer out of the way, we can discuss a few elements of DeFi and how they’re integrated into GameFi:
The most obvious of which is, well, decentralized finance. Yes, any acquiring and trading of cryptocurrencies used for or within GameFi titles is a form of DeFi itself. The tokens earned from these games can be swapped for other cryptocurrencies which can then be transferred into fiat money through a centralized exchange, and NFTs from these games can also be sold for cryptos and eventually converted into dollars.
Speaking of NFTs, these unique digital assets are another component of GameFi that interrelates with decentralized finance. After being minted on a blockchain, they can be bought individually or in multiples using cryptocurrency and/or rewarded to players in GameFi games for their gameplay and eventually sold if desired.
Staking and Mining for Fun and Profit
Staking and mining are two more elements found in many GameFi game ecosystems that allow players to lock up their game tokens or NFTs for a predetermined amount of time to help contribute to the backend network while receiving additional reward tokens for doing so. The distribution of rewards usually varies depending on the title, how long tokens are locked for, and how high of an APY percentage the developers set, but it can be a great incentive to earn another source of passive income for keeping your tokens out of your wallet and in a staking contract and/or liquidity pool. The type of reward tokens received can also vary, but some games, such as our title, Versailles Heroes reward players with governance tokens for locking up their tokens, which can be used in voting on various proposals from the community and help each user shape the game world by giving them a voice.
The Art of Fractionalization: A Guide to GameFi Games
One last element of DeFi that can be found in GameFi games is a concept called fractionalization. This is when an NFT (usually one of a higher value) is purchased by a collective, DAO (decentralized autonomous organization), or individual, and divided up into smaller fractions (usually made available in the form of cryptocurrency tokens based on the NFT), which can then be bought and sold by groups of people, and, furthermore, allows smaller investors to have shares in a high-priced NFT they normally wouldn’t be able to invest in. For example, some games may purchase and fractionalize NFTs (or mint their own) that would be out of budget for the average investor and give their players the opportunity to own small parts of them at a reduced price. That way, if and when the NFT as a whole is ever sold, its proceeds can be divided amongst those who hold its fractionalized tokens.
A play-to earn game
Explaining the P2E meaning in simple terms
In the simplest terms possible, P2E games are those where players can earn rewards by playing the game itself.
These rewards may take the form of in-game items, currency, or other benefits.
Generally speaking, these games rely on a system of models in order to generate the rewards that players can earn.
This means that players will need to invest time and effort into playing the game in order to see any significant return. While this may not be ideal for all gamers, it does offer a unique experience that can be quite rewarding for those who stick with it.
How does P2E works?
In P2E, two players battle each other one-on-one or alternatively compete against a computer adversary. The game board is a square grid of 9 squares by 9 squares.
Each player has 5 pieces: 1 king, 2 rooks, 2 knights, and 6 pawns. The goal is to capture the opponent’s king.
The game starts with each player’s king in the middle of the board and the rooks on the player’s first rank (the back row).
At the beginning of each turn, a player moves one of their pieces either one square forward, backward, leftward or rightward.
A piece can only move into an empty square; if there is an opponent’s piece in the way, then that piece can’t move.
What are P2E coins?
P2E coins are a new generation of online game tokens. These are different from traditional game tokens because they can be exchanged for real-world money.
This makes them a more valuable investment.
While most P2E coins are found in crypto games, there are other games that offer them as well.
Some casino games have P2E coin rewards.
Athletes and nfts
In the past, fans of professional athletes were limited to enjoying their favorite players’ performances by watching them play in person or on television.
With the advent of non-fungible tokens (NFTs) and other digital assets, fans can now get much closer to their favorite athletes. NFTs are unique tokens that represent a specific asset on a blockchain.
An NFT could represent a jersey worn by a player in a game.
These tokens can be traded or used to unlock exclusive content related to the athlete.
NFTs have the potential to fundamentally alter the fan experience by providing a significant revenue opportunity for athletes.
Fans will be able to purchase NFTs that represent unique experiences or moments related to their favorite athletes.
They could purchase an NFT that gives them access to an exclusive video of the athlete’s best performance or interview.
Why sports NFTs?
The sports industry is not lagging behind when it comes to the use of NFTs. In fact, NFTs are increasingly being used in the sports industry to establish new forms of rights ownership and trade. A recent study found that 20% of Major League Baseball teams are already using blockchain technology to manage their tickets and player data.
This is likely due to the fact that blockchain technology can help reduce ticket fraud and improve transparency. Additionally, NFTs can be used to create unique digital collectibles that represent players or teams.
These collectibles can then be traded on secondary markets, which creates additional revenue opportunities for teams and players. Thus, it is clear that the world of sports is not lagging behind when it comes to the use of NFTs and that there are many potential benefits to using them in this industry.
Esports ecosystem 2022
Esports is growing in popularity, with fans watching competitions online and in person. Just like traditional sports, the esports ecosystem has teams, media rights, advertisers, and events sponsors and organizers.
Spectatorship is a big part of the esports ecosystem. Fans watch competitions online and in person. The most popular esport, League of Legends, had over 100 million unique viewers in 2017.
The International, the world’s largest Dota 2 tournament, had a total prize pool of over $25 million and drew over 11 million viewers.
Traditional sports teams are getting involved in esports. The Golden State Warriors acquired the League of Legends team Team Liquid for $10 million in September 2019.
Sport franchises such as the New England Patriots and Philadelphia 76ers have also invested in esports teams.
Media rights are also a big part of the esports ecosystem.
The eSports ecosystem is similar to traditional sports in some aspects – spectatorship, teams, media rights, advertisers, and events sponsors and organizers.
Is esports the fastest growing sport?
Esports is growing rapidly, and it doesn’t look like it’s going to stop anytime soon.
According to Newzoo, the global esports industry was valued at more than one billion US dollars in 2021.
That’s a 50% increase from 2020, and it’s only going to continue growing. Esports is now bigger than golf and tennis, and it’s quickly becoming one of the most popular sports in the world. So what’s driving this growth?
There are a few factors that are contributing to the growth of esports. First, technology is allowing people to watch esports games online in real time.
This has made the sport more accessible to fans around the world. In addition, there are now more professional gamers than ever before, and they’re earning lucrative salaries. Finally, brands are starting to see the value in sponsoring esports teams and events.
How many nft projects are there?
There are now a total of 80,300 NFT collections on the Ethereum blockchain, up from 15,540 year over year.
This reflects the growing interest in this asset class, with new projects and use cases being developed all the time. As more people learn about NFTs, we can expect even more growth in this market.
What are the most popular NFT projects?
According to trading volume on March 2, 2022, here is a list of the best NFT projects that can be your lucrative investment choices.
- Axie Infinity.
- Bored Ape Yacht Club.
- Art Blocks.
- NBA Top Shot.
- Mutant Ape Yacht Club.
How big is the NFT market?
NFTs are digital assets that are not fungible. This means that each individual NFT is unique and has its own specific characteristics. The market for NFTs is growing rapidly, as more and more people become interested in this new form of digital asset.
According to a report from SkyQuest Technology, the global NFT market was valued at USD 15.70 billion in 2021. This figure is expected to grow significantly in the coming years, as more people become familiar with this new type of asset.
There are several reasons for the growth of the NFT market. Firstly, NFTs are incredibly versatile, and can be used for a variety of different purposes. Secondly, they provide a high level of security and privacy, which is appealing to many people.
What is Opensea?
OpenSea is a decentralized marketplace that allows users to buy and sell non-fungible tokens. These tokens can represent anything from digital art, to video game assets, to collectible items.
OpenSea is built on the Ethereum blockchain, and uses smart contracts to ensure trust and security. The platform has been live since early 2018, and has seen significant growth in user base and transaction volume.
Can an NFT be a trademark?
In the past, trademarking a company name or product was a relatively easy process.
However, in the age of the internet and social media, trademarks have become more complex. With the rise of non-fungible tokens (NFTs), businesses are now trademarking their NFT names to protect their intellectual property.
So far, there have been a number of businesses that have applied for trademarks on their NFT names. These include gaming companies, such as Ubisoft and Atari, as well as major retailers, like Walmart and Amazon. In most cases, these businesses have applied for trademarks on both the name of their token and the logo associated with it.
There are several reasons why businesses are trademarking their NFT names. The first is to protect their intellectual property.
Are NFT names copyrighted?
The short answer is NO – names of NFTs are not copyrightable. This is because they do not meet the basic criteria for copyright protection.
In order to be copyrighted, a work must be original and fixed in a tangible medium. Names of NFTs do not meet either of these criteria – they are not original, and they are not fixed in a tangible medium.
As a result, they are not protected by copyright law.
Versailles Heroes is a free-to-play competitive play-to-earn MOBA NFT game with its own community DAO. The views and opinions expressed on this Site are solely those of the author(s) and do not necessarily reflect the views of Versailles Heroes or its employees. The content provided on this Site is for informational purposes only and should not be construed as investment, financial, or other advice.