Kory Breaden of Nanaimo, B.C., just finished playing a video game for 145 hours, 29 minutes and 41 seconds, which has unofficially broken the world record for longest time playing a video game.
Breaden spent six days playing Call Of Duty: Warzone on his PS5 inside his Nanaimo home.
Unfortunately, while he might earn a Guinness World Record, he didn’t earn any money while doing this. Should we earn money for playing games?
GameFi is one of the hottest new trends to emerge from the crypto industry, combining decentralized finance (DeFi) and non-fungible tokens (NFTs) with blockchain-based online games.
Unlike many traditional online games, which operate on a “pay-to-win” model and allow players to purchase upgrades in order to gain an advantage over others, GameFi introduces a “play-to-earn” model.
This concept involves giving players financial incentives to play and progress through games.
In some cases, this has allowed gamers to earn a full-time income by doing so.
But how will this work?
The combination between blockchain, decentralized finance and NFTs will allow the player to get started and to possibly make a whole lot of money while playing games.
The more levels are unlocked and played, the higher the possibility of unlocking new NFTs. The NFTs can then be exchanged on regular NFT markets for tokens and coins.
This can then be exchanged to fiat currencies or other cryptocurrencies per need.
All game tokens, NFT finds and other treasures from game play will then be stored in unique wallets that enable non-replication and safety.
Also game progress can be recorded and there won’t be a single point of failure. Game items will be stored and players will always have what they have found as NFTs so getting butted out of missions won’t mean a loss of items.
There will be ease of transfer of native tokens within the game ecosystem. There will also be an ease of proof of ownership of items that are found within game play.
These items cannot be counterfeited, removed nor destroyed.
Some games have also incorporated staking. Staking allows you to store an item and earn some interest from it.
What are the items required to play to earn
A cryptocurrency wallet: Considering that all rewards are based on the blockchain technology, you will need to have a wallet to store and transfer your tokens and coins.
You also should use a wallet that can support other collectibles such as NFTs.
Starter Packs: Some games require that a user buys a pack of cards or deck to ease exchanges. It’s important to note that game downloads are free.
Top GameFi available
In this game, players join an alien universe consisting of several planets where they must fight for scarce resources and mine the game’s native cryptocurrency, trillium (TLM).
Players can also battle each other, go on quests and earn additional income by renting out their land to others.
This is a web-based role playing game that emulates traditional games like Skyrim or Dark Souls.
Players can battle monsters or complete in-game raids to earn SKILL tokens. To help with battles, players can craft weapons to build an advantage over their opponents or boost their power.
These items can then be traded in an open marketplace
A Pokemon-inspired universe where you can buy, take care of, breed and trade digital monsters called “Axies.”
Axie Infinity runs off its own specifically built sidechain so that it can optimize gameplay and scale effectively
What’s Next or Coming for Gaming
GameFi has already gained significant traction, with the collective market capitalization of top games breaking $14 billion.
But key opinion leaders in the crypto industry believe there’s a lot more ahead for this new sector, with Tron founder Justin Sun recently stating he believes this new sector will be key to increasing cryptocurrency adoption.
The GameFi universe does not seem to be slowing down any time soon. With new investment and GameFi-specific funds pouring in, the potential of the sector is endless.
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