What is GameFi: The Complete Guide
Are you a passionate gamer? Do you want to get rewarded for playing your favorite games? If so, GameFi is the perfect platform for you. It allows gamers to earn rewards while having fun and enjoying their favorite video or mobile games.
Table of Contents
- What is GameFi?
- Ecosystem of GameFi Launchpad
- Characteristics and Advantages of GameFi
- Risk Associated with Gaming on GameFi
- GameFi Launchpad Ranking System
- Team Members of GameFi Launchpad
- How Do I Participate in GameFi?
- Future and Next Projects of GameFi IGO Launchpad
- Bottom Line
- Frequently Asked Questions
GameFi is a gaming platform that offers users the chance to play their favorite online or mobile games and earn rewards in exchange. With this platform, gamers can turn their hobby into something profitable by winning prizes and earning rewards through tournaments and challenges. This article will provide a comprehensive guide on how GameFi works, what features it has, how you can benefit from it, as well as tips on how to safely use the app. So if you're ready to start earning money from your gaming skills, let's dive right in!
Disclaimer. Not financial advice. Do your own research. Don't risk funds you can't afford to lose.
What is GameFi?
GameFi stands for "Game Finance" and is a revolutionary concept that combines blockchain technology, decentralized finance (DeFi), and the gaming industry. Players are emblematic of a new paradigm in which they can enjoy an immersive gaming experience and gain real-world value and financial rewards. GameFi introduces economic incentives and tokenized ecosystems in the game to bridge between virtual and tangible assets.
In the GameFi world, players can own and trade in-game assets, such as virtual items, characters, or even virtual land, as nonfungible tokens (NFTs) on Blockchain platforms. This NFT has its own proprietary rights and can be bought, sold, and exchanged freely. In addition, players can participate in a variety of decentralized applications (dApps) and decentralized exchanges (DEX) to earn rewards through gameplay, yield, and stake.
GameFi leverages blockchain technology to ensure transparency, security, and interoperability, giving players full control over their virtual assets.
GameFi has the potential to revolutionize the gaming industry and the financial industry, enabling players to carve out new avenues for wealth creation and economic freedom through games.
Source and Copyright © GameFi (this and the others in the article)
GameFi launchpad: History
GameFi was founded in September 2021 and is the world's first blockchain-based gaming platform. It is the first Play-to-Earn platform to enable gamers and crypto enthusiasts to earn rewards for playing their favorite games. GameFi launchpad was launched by Icetea Labs, a Singapore-based technology company. GameFi works together with DAO Maker, Animoca Brands, and other partners to create the GameFi gaming community. This community comprises numerous game projects.
What are Play-to-Earn Games?
Play-to-Earn games are a type of video game in which players can earn real-world rewards and in-game currency by playing games. These games leverage blockchain technology and often incorporate elements of decentralized finance (DeFi) and NFTs. Players can earn valuable assets that can be transacted and monetized outside of the gaming environment by participating in various in-game activities such as completing quests, participating in battles, and acquiring rare items. Play-to-Earn games are popular because they give players financial incentives and allow them to turn in-game efforts into tangible rewards.
Ecosystem of GameFi Launchpad
The GameFi provides gamers with the tools and resources to create, manage, and join tournaments. It also enables users to connect with other players and experience the thrill of competitive gaming. It consists of various pillars like Launchpad, Accelerator, Aggregator, etc. Each of these pillars offers users a unique set of features and services. Let's take a closer look at each of them.
The Launchpad is a platform dedicated to helping game companies launch their initial game offerings (IGOs). It provides gamers with access to game assets and enables them to engage with the GameFi community. Moreover, Launchpad also provides game companies with marketing tools and resources to ensure their IGOs are successful.
The Accelerator is an online platform that incentivizes game companies, such as NFTs and Play to Earn gameplay. Through the Accelerator, game companies can significantly speed up their delivery aim. It also offers pre-built templates and tools for traditional game studios to add blockchain components and facilitate play-to-earn gameplay mechanisms.
Featuring trending blockchain games worldwide, the Aggregator is a one-stop shop for gamers. The platform tracks play-to-earn yields and in-game items for players as well as NFT assets. On the GameFi Marketplace, players can sell, exchange, rent, and donate in-game items and NFTs.
GameFi Yield Guild and Scholarship
GameFi's Yield Guild and Scholarship program is an initiative to help both new and experienced gamers earn passive income. It provides gamers with early access to high-profile game projects' tokens and game items. Moreover, it also enables gamers to lend their game items and stake their tokens to earn additional income. Finally, the program provides gamers with access to various in-game scholarships and creative pursuits.
GameFi Global Market
The Global Market is a centralized location where gamers can purchase in-game objects and assets that are required to participate in various sports events. It will feature multi-chain NFT markets and auction sites, which will provide a platform for buying, selling, and exploring various in-game objects and assets. The transactions will be conducted through a secure exchange protocol, and all operations will be carried out via smart contracts to ensure reliability and accuracy. From various NFT markets, users can explore a wide variety of in-game assets and accessories.
GameFi Mini Games
To bridge the gap between newcomers and the NFT gaming experience, GameFi also includes a variety of mini-games that users can participate in. Such mini-games are designed to help players get familiar with the GameFi community as well as the gaming experience. So, if you're just starting out, these mini-games are a great way to get started on your NFT gaming journey with GameFi.
GameFi Auction House
GameFi features a global market called the Auction House, where players can sell valuable in-game items through an auction system that functions similarly to a real-world Auction House. Prospective buyers are asked to bid, and the product is sold at a profit. The platform offers a safe and reliable way for gamers to purchase and sell items within the game. These items can then be used for trading purposes or in the creation of digital artwork.
GameFi Mystery Box
The GameFi Mystery Box is a digital asset that anyone has access to and can use to obtain valuables in the game. The GameFi ecosystem provides a platform for sellers to start buying mystery boxes. People can easily access this box and buy it at a low cost. On October 12, 2021, Mech Master was the first effort to release NFT's mystery box sales on GameFi Launchpad. Mystery boxes contain a variety of digital assets, including skins, weapons, and NFTs.
This is just a glimpse of the potential GameFi can offer gamers worldwide. With the wide variety of features, options, and opportunities available in GameFi, gamers can now fully experience a blockchain-based gaming environment.
Characteristics and Advantages of GameFi
GameFi is a platform that allows gamers to earn rewards for playing. Unique features of this gaming platform make it stand out from others:
- Gaming on blockchain: GameFi allows gamers to earn tokens and NFTs as they play, providing an additional source of income for gamers.
- Cross-platform gaming: GameFi allows users to access NFTs across multiple devices and platforms. This ensures gamers can play on the go with ease.
- Security: The platform features advanced security protocols that ensure data privacy and safety for its users.
- Decentralized marketplace: With a decentralized marketplace, gamers can confidently buy and sell in-game items.
- Track yield: GameFi assists gamers in tracking their yield and portfolio value.
- Mystery Boxes: Players can access mystery boxes that contain a variety of digital assets, including skins, weapons, and NFTs.
- Visibility: GameFi provides a platform for visibility to game studios and publishers, enabling them to reach a larger audience.
Here are just a few of the advantages that GameFi offers to gamers. But some risks do exist when gaming on the platform.
Risk Associated with Gaming on GameFi
Though gaming on GameFi allows gamers to earn rewards and tokens, there are still some risks associated with gaming on the platform. Players should be aware of potential risks such as scams, fraudulent activities, and game bugs. Additionally, gamers should be aware of the security protocols in place to protect their data.
In order to help gamers stay safe while playing on GameFi, the platform provides a few tips and suggestions:
- Avoid sharing personal information such as addresses or passwords
- Only purchase in-game items from reputable sellers
- Always double-check your transactions before executing them
- Periodically check for game bugs and scams
- Avoid buying items from unknown sources or outside of the GameFi platform.
By following these tips, gamers can enjoy the benefits of GameFi while minimizing their risk.
GameFi Launchpad Ranking System
The GameFi Launchpad has a ranking system based on the amount of token $GAFI staked. Depending on the quantity of $GAFI staked, users of GameFi Launchpad are separated into four tiers: Rookie, Elite, Pro, and Legend. Each rank will have different benefits and prerequisites that gamers should be aware of.
These prerequisites will continue to evolve as new functionalities in the GameFi ecosystem are introduced. However, some of the benefits associated with each rank are as follows.
Must have at least 20 $GAFI staked. Once you're a Rookie, you'll be able to apply to the Whitelist of GameFi Launchpad. From this rank onwards, everyone has a chance to receive a share of pool tokens through a lottery system. In order to increase your chances of winning, it is recommended that you stake as many coins as possible. Each 20 staked coins will earn you one lottery ticket. The system will randomly select the winning ticket numbers for the reward. The maximum amount that can be allocated in this rank is $60, and there is a withdrawal delay of 5 days.
You can access whitelists and join pools on the Launchpad with this rank, which is the second level. To qualify for the Elite division, you need to stake a minimum of 100 $GAFI. Once you achieve this status, your maximum allocation of tokens will increase to $300 equivalent. At the same time, the withdrawal delay increases to 8 days.
To reach this rank, you must stake 500 $GAFI or more. As a Pro user, you will have access to the whitelists and pool selection available on GameFi Launchpad. Your maximum allocation of tokens is up to $700, and the withdrawal delay time is 12 days.
The Legend rank is the highest level in GameFi Launchpad. You must own a GameFi Launchpad Legendary NFT card to qualify for this rank. The holder of this card will have access to guaranteed token allocations for all IGO pools listed on the Launchpad. Additionally, Legends token distribution accounts for 20% of an IGO pool, and the withdrawal of $GAFI takes 30 days. There is a limit of 12 Legendary NFT holders at any given time. If the count of Legends drops below 12, GameFi Launchpad will continue holding auctions for open slots.
By understanding these four ranking systems, gamers can work towards achieving the benefits associated with each level on GameFi Launchpad.
Team Members of GameFi Launchpad
GameFi is a team of experienced professionals in the gaming and blockchain industry. The leadership team consists of the following members:
- Hai Duong, the project director of GameFi
- Lexia Nguyen is GameFi's head of operational processes
- Hieu Ha, GameFi's chief of security and a social media influencer
- Linh Do, GameFi's head of product testing
- Hong Dinh is a GameFi business consultant
- Ha Thanh is a GameFi creative director
- Hoang Le is a GameFi developer.
GameFi's current advisory team is comprised of 3 members:
- Hatu Sheikh, Danilo S. Carlucci, and Thi Truong (advisor and Icetea Labs founder).
The team behind GameFi Launchpad is dedicated to providing gamers with the best products and services. They have a deep understanding of the gaming industry and blockchain technology. This allows them to provide gamers with an innovative platform that offers a unique gaming experience. With the help of their team, GameFi Launchpad can bring gamers closer to achieving their goals in the gaming world.
How Do I Participate in GameFi?
GameFi Launchpad is an open platform that anyone can join. All you need to do is sign up and create your profile within the GameFi network. You can then access the platform's various features, such as pool selection, IGO pools, whitelists, and more. Here is the step-by-step process you need to follow in order to get started:
Step 1. Visit GameFi's Site
Select IGO with the rocket icon at the left sidebar and click on it.
Step 2: Connect wallet
Step 3: Purchasing GAFI tokens
You can acquire GAFI tokens through either an exchange or a decentralized exchange (DEX) to reach one of the above-mentioned ranks of GameFi. This particular cryptocurrency is widely traded and can be obtained from several well-known exchanges, such as PancakeSwap (DEX), KuCoin, etc.
Step 4: Choosing Projects and Participating in Initial Game Offerings (IGOs)
You will find a list of upcoming and community pools on the page. By selecting one of these pools, you will gain access to essential details such as event dates, minimum rank requirements, and the accepted cryptocurrency for swapping.
Future and Next Projects of GameFi IGO Launchpad
The future of the GameFi IGO launchpad seems promising and full of potential. As blockchain technology continues to evolve, the prosperity of the GameFi sector, which combines gaming and decentralized finance, is expected. The IGO Launchpad will play an important role in this ecosystem as the new GameFi project will provide a platform for raising funds and increasing exposure. These launchpads employ innovative tokenomics to foster a vibrant gaming community and enable gamers to become investors. With the integration of NFTs and decentralized exchanges, the GameFi IGO launchpad will revolutionize how games are funded, developed, and monetized, creating new opportunities for both developers and players.
GameFi Launchpad is a revolutionary platform that allows gamers to earn rewards for playing their favorite games. It also allows users to participate in Initial Game Offerings (IGOs), enabling them to invest and receive returns on their investments. The platform has an experienced team of professionals who are dedicated to providing excellent products and services for gamers.
Frequently Asked Questions
Is GameFi Safe?
Yes, GameFi is a safe platform. All users are required to connect their wallets before participating in activities on the platform, and all transactions are secured through blockchain technology. Currently, there is no record of any hacking on the platform, and all user data is encrypted. However, this does not mean that you are completely immune to this in the future; there is always the risk of hacking and losing money.
What Makes GameFi Unique?
GameFi is unique because it combines gaming and decentralized finance. It also uses innovative Tokenomics to foster a vibrant gaming community and enable gamers to become investors by participating in Initial Game Offerings (IGOs). Furthermore, users are able to earn rewards for playing their favorite games. Finally, t is the one-stop shop for gamers looking to maximize their gaming experience and get the most out of their rewards.