Geddit Play -The next GameFi?

A Blockchain-Based Game

GameFi is one of the hottest topics in the cryptocurrency industry right now. GameFi refers to the financialization of video gaming. Similar to the popular crypto term DeFi, or decentralized finance, GameFi is a fusion of the words “game” and “finance.” GameFi comes in many different forms today. As such, the mechanisms by which players can generate revenue through their gameplay vary. However, there are a few important themes worth mentioning. Many of the most popular blockchain games today use a combination of the following features to monetize the action.

GameFi, Crypto gaming or “play-to-earn” games have become a fast-evolving trend in the crypto sector. GameFi refers to blockchain games that let players earn cryptocurrency by playing them. As cryptos continue to be a global phenomenon, industries all around the world key in the revolutionary technology. Online gaming, in particular, has become a breeding ground for exciting innovation in this space.

All objects in these types of games are expressed as Non-Fungible Tokens (NFTs) — digital tokens used to prove ownership of scarce intangible items. Think of things like plots of land, avatars, costumes, weapons and gold bars. Once players find and accrue these items through gameplay, many have the option to trade these with others in digital marketplaces for different NFTs, or sell them in exchange for cryptocurrency.

Depending on which game is played, users can increase their earning potential by dedicating time leveling-up and improving their characters, creating monetized structures on their land that other gamers pay to use or by competing against others in tournaments. In some cases, this has allowed gamers to earn a full-time income by doing so.

In order to keep track of what every player owns, all NFTs and cryptocurrency transaction data are stored on a public blockchain. This is a type of distributed, digital record-keeping technology maintained by a global network of computers.

Central to many blockchain games today is the concept of ownership of scarce digital assets. Bitcoin introduced digital scarcity via the blockchain, and NFT technology expanded on it. NFTs can represent all manner of assets — both digital and physical — including in-game items.

Digital ownership of unique assets creates economic opportunities that were not possible before. For example, in CryptoKitties or Axie Infinity, players can breed two creatures represented by NFTs to create a third creature. They can then leverage a title’s play-to-earn capabilities with this new asset, sell it or lease it out for other gamers to use, splitting any revenue generated between owners and borrowers.

Geddit Play 3.0 is a crypto game, utilizing the blockchain. It will have all and even more features mentioned in this article. Our game offers our players to win NFTs and Geddit Coins, which will allow them to make in-app purchases. Geddit Play 3.0 will be utilizing blockchain which will allow gamers to connect through a cryptocurrency wallet. It will allow our gamers to use their assets in the liquidity pool.
We will have an NFT marketplace where users can buy, sell, borrow and lend their NFTs to others. We also provide an alternative solution to the existing typical marketing problems. Geddit play will provide higher marketing exposure than any digital marketing advertisements.

In order to take part in any these play-to-earn games, users will need to do the following:

• Create a cryptocurrency wallet: To store their virtual currency and NFTs, and make in-game transactions. Which wallet you need will depend on which blockchain the game was built upon.
• Purchase starter items: All GameFi games are free to download. However, many require players to first purchase characters, native crypto tokens, decks of cards or upgrades in order to begin.
• Pre-funded crypto wallet: You will need to pre-fund your crypto wallet with a particular cryptocurrency in order to purchase starter items and proceed.

Geddit just getting started and if you would like to be a part of this journey, learn more by clicking link.

In August 2021, Axie Infinity became the first blockchain game to surpass $1 billion in total token sales — one-fifth of which occurred in a single week — and has hosted more than a million daily active players. Given the success of Axie Infinity and the number of blockchain games currently under development on various blockchain protocols, it is clear that GameFi has a bright future ahead. While the features discussed in this article will surely remain prominent in Geddit Play 3.0, the pace at which blockchain technology is evolving today means new innovations are not uncommon. Many of these breakthroughs will surely make it into video games and bring with them new and exciting ways to monetize new experiences.

Source: https://medium.com/gedditcoin/geddit-play-the-next-gamefi-9b04e5ea386c?source=rss——cryptocurrency-5