From Play to Earn (P2E) to Skilled to Earn – Jimmy Zhao
Published
4 months agoon
Gamefi has redefined the concept of ownership of in-game assets while adding extra layers to a token-based economy and the option to yield good returns via several DeFi products. With over 1m active players in 2021, and a staggering 400% growth from 2021, the GameFi universe has established itself as one of the fastest-growing sectors of the blockchain ecosystem.
Gamefi is a combination of Game & DeFi (Decentralized Finance). It is also referred to as play-to-earn (P2E) games. The concept of GameFi relies on a combination of blockchain technology, gaming, and defi. The term, “GameFi,” first made its appearance in a tweet from Andre Conje, the father of DeFi, on September 10th, 2020.
With the introduction of the term, the gaming industry has lowered the barriers in the crypto space and transformed traditional gaming by offering participants/gamers an opportunity to generate income while playing. In conventional games, the in-game assets/collectibles that you purchase have no real value outside the game. Players buy these assets, yet they don’t have complete control over them.
Entrepreneur, Crypto Investor & Founder of ZBX.com, Jimmy Zhao and Karla Obakpolor, Founder of Qlipit.io, Africa’s No.1 Cross-Chain NFT Platform, were both on the Inside Blockchain to share some knowledge on the concept of Gamefi.
Jimmy disclosed that;
“In South Korea, the cryptocurrency sphere is very big despite being a relatively small country. There are over 6 to 7 million traders here and you must have heard of “kimchi premium” – a gap in cryptocurrency prices in South Korean exchanges compared to other exchanges located globally. Bitcoin has a premium price of over 15% over the average BTC price elsewhere. This is partly due to more purchasing power and difficulty in balancing the liquidity because the Korean market is using the Korean Won (KRW) as base currency not USDT”
Karla added that:
“When I first heard about Gaming on the blockchain was in 2019 and I did some research, got to know more about it. To be honest, I was expecting Call of Duty (COD) or Grand Theft Auto (GTA) kind of game but taking a look at some blockchain-based games, the way they are advertised doesn’t match the actual gameplay or UI/UX. I strongly believe that we are gradually moving to building immersive games that could thrive on the blockchain, not just mining games”
ICYMI: Watch the video below
Read more:
Exploring Stablecoins, DeFi, NFT, GameFi, Metaverse and Fantokens
What do you think about this post? Share your comments below….
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Street
Trending
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
[…] post From Play to Earn (P2E) to Skilled to Earn – Jimmy Zhao appeared first on CryptoTvplus: DeFi, NFT, Bitcoin, Ethereum Altcoin, Cryptocurrency & […]
Indeed, looking back at games like monopoly and such other games with a monetary face but after spending a better part of ones time playing and earning so much in wins which can not translate into real cash, I think that gamefi is the next In thing.