Also called a P2E (play-to-earn) game, GameFi is a portmanteau of “game” and “decentralized finance” that describes a computer game using blockchain to allow players to own virtual items. By using blockchain technology, players can earn real-life money by chancing, trading, and selling virtual goods. Also, because virtual items are stored in the blockchain, there’s the potential to trade with other marketplaces and other games, rather than only selling them. If a GameFi game were to shut down, it could still be possible to transfer goods.

An example of a GameFi game is Axie Infinity from Sky Mavis, which allows players to collect, breed, fight, and trade creatures known as “Axies.” These creatures and the resources used in the game are bought and sold using AXS tokens (based on Ethereum) that are earned from playing the game.

Blockchain, Crypto terms, Decentralized, Game terms, Microtransaction, P2W, Portmanteau, Virtual

In October 2021, Valve announced that its Steam platform would no longer host blockchain games.

  • How to make money online.