July 28, 2023
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0GameFi Apps Will Appear on Google Play
In the app store for Android devices from Google, it will be possible to host games and daps with options for buying, selling, and earning digital assets — GameFi.
The tech giant explained the initiative as a desire to support the needs and ambitions of developers.
Read more in this article.
Does Google secure and safe? Learn more in this article.
What is GameFi?
Similar to the popular crypto term DeFi (“decentralized finance”), GameFi is a combination of the words “game” and “finance.”
This term can mean a completely different financial approach. For example, some blockchain games reward participants for completing various tasks. Others accrue income from owning various assets.
Initially, all play applications were developed on the Ethereum blockchain. However, over time, the commissions in the network have become high. Transaction processing speed has also decreased significantly, and it is extremely important in games. Therefore, many applications have switched to faster blockchains — Solana, Cardano, Wax, Polkadot, and Polygon Network.
GameFi applications are very diverse, but there are several main types of earnings:
- Play to earn
Allows gamers to earn virtual assets during the game. They can be transferred to the material world through cryptocurrency trading.
By investing their own coins, participants benefit developers as well as other users. The more popular these games become, the higher their market value. The price of earned tokens also increases.
- NFT (non-interchangeable tokens)
Many GameFi sites use NFT as characters or assets (weapons, animals, houses, etc.). Some of them become rare, which increases their value. The owners of such tokens will eventually be able to sell them profitably on the OpenSea platform.
Read more about NFT’s popularity here.
- Platforms’ own tokens
To launch applications, distribute rewards and maintain the value of projects, each platform uses its own token. Some even use several.
For example, in the game Axie Infinity, one is used for management (Axie Infinity Shards — AXS), and the second for awards (Smooth Love Potions — SLP).
Summarizing the above, we can briefly reveal the main advantages and disadvantages of GameFi games. The advantages include:
- the possibility of real earnings in the crypto industry
- the ability to make deals with your own NFT inside the game
- a good environment for beginners to get acquainted with the crypt
- a large selection of games.
Among the disadvantages are:
- lagging interface and weak plot component of games
- paid entry into projects. To start the game, you need to purchase a set minimum of game currency.
GameFi on Google Play
Google’s partner in its implementation was Reddit.
“From rethinking traditional games using user-generated content to boosting loyalty with unique NFT rewards, we’re excited to see such options […] helping teams expand the business,” wrote Google Play Product Manager Joseph Mills.
The top manager stressed that because of the widespread cases of fraud in the world of cryptocurrencies, Google will take measures to protect users.
“We require applications to be transparent to users regarding digital assets,” he said.
Is it possible to lose your money due to the depreciation of cryptocurrency?
It is a proven fact that any price should be formed based on the balance of supply and demand in the market. Inflation, i.e. the process of currency depreciation, is one of the phenomena generated by changes in this balance. The currency of blockchain games is also subject to it, and issuers have their own ways of dealing with it. The most common methods are as follows.
- The burning of cryptocurrencies is when the issuer decides to eliminate a certain amount of digital currency to increase demand and reduce supply. The part of the asset that is in the hands of developers is subject to burning, so simple holders have nothing to fear.
- Reduction of the miner’s reward for computational operations. It consists in reducing the payment of remuneration to owners of computers.
- Strict limitation of digital coin issues. The developers set the maximum number of currencies to be traded to combat depreciation.
The best cryptocurrency to choose is here.
