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The cryptocurrency industry is growing at a breakneck pace, increasingly expanding its influence on different spheres of activity. Among other things, the gaming industry has also been affected, allowing gamers not only to play games, but also to earn money from them, which used to be just a dream.
Today we will talk about the top 9 GameFi projects that will set the vector for the development of the new gaming experience and what kind of earning opportunities they provide. However, before we get to the top, let's first understand what GameFi projects are and how they relate to NFT tokens.
What is GameFi?
GameFi (game finance) are game projects based on blockchain technology that allow users to earn money from their gameplay. GameFi projects use a distributed registry system, a key feature of which is the creation of a database with no single control center. Thus, all objects that the player receives during the course of the game remain the property of the user.
How is NFT related to GameFi?
GameFi projects have given a big boost to a technology like NFT, allowing it to reach its potential. NFT as independent blockchain objects has made gameplay more interesting and, most importantly, profitable. Players can now place their NFTs in steaming or sell them on external marketplaces such as OpenSea, Nifty gateway, or Rarible outside of the game.
Now that we've sorted out the general terms, let's move directly to our top based on marketplace capitalization.
1)Decentraland.
As of this writing, Decentraland has the largest capitalization among GameFi projects. Decentraland is an Ethereum-based online platform that combines a virtual world with a decentralized economy. This platform is a meta-universe where users can create different items and monetize them. This meta-universe provides an opportunity to advertise their products and brands, which many well-known companies actively use. All items and land plots are NFT objects that can be sold in the domestic market. Since the game platform is built on the Ethereum blockchain, you need to keep in mind the so-called gas fee. Every time you make a transaction, you will be charged a fee.
Gameplay
As in any RPG, you start playing as your digital character. Each such character gets a Decentraland passport that records all of your transactions in your Ethereum wallet. What makes Decentraland unique is its DAO (decentralized autonomous organization) and free economy. This allows users to make changes to the platform and the creators step aside. Thus, the player is free to create whatever he wants. Another feature of the game is the presence of cryptocurrency-based gambling.
Ways to make money
You can earn money from the game in several ways:
1. You can rent space for advertising
2. You can rent out land.
3. You can work as your avatar
Decentralized games are the first games that offer the opportunity to make money working for a virtual character. You can apply for jobs as an event organizer, community manager and casino owner.
4. Speculation on NFT sales.
As you may have guessed by now, the main value in the game is the availability of land, which can be bought at various sites. Each land has its own perks and items that are given to you along with the land. MANA and LAND coins are used for all purchases in the game. ERC-20 MANA tokens are needed to buy land, and LAND are needed to buy various items outside of Decentraland.
Pros of the project
● Decentralized platform
An engaging virtual world
● Ownership of virtual assets in the form of NFTs
● Multiple ways to monetize the game
Minuses of the project
● The platform is oriented on people with knowledge of blockchain technologies
● Land is very expensive
● High gas fee
Market capitalization: $1,245,125,537
Price (MANA): $$0.6712
Volume in 24 hours: 198,992,138
2)Axie Infinity
Axie Infinity is a GameFi game by Vietnamese company Sky Mavis, released in 2018. The game is based on Ethereum and Ronin blockchain and operates on a play-to-earn principle. The game has an active gaming community and has repeatedly topped the CoinMarketCap list. One of the downsides of the project is that Axie Infinity has an initial cost to start playing.
Gameplay
The gameplay is similar to Pokemon games. Here you can breed, raise, swap and fight with various pets called Axies. The game has two modes: PvP and PvE. In PvP mode, you fight other players and get various rewards. In PvE mode you fight bots, completing various tasks and getting experience points (or XP) for this. Each player is given 20 Energy Points for the day, which they can spend on PvP and PvE.
Ways to Earn
In order to earn money in Axie Infinity, you need to collect SLPs. SLPs are ERC-20 tokens which can be used to breed new digital pets (Axies). You can earn SLP in several ways: by logging into the game daily, by winning PvP and by completing daily PvE missions. Simply put, earning is all about breeding these Axies and selling them on the market.
Pros of the project
● Cross-platform
● All pets are NFT
● Interesting gameplay with play-to-earn model
Cons of the project
● High gas fee
● High entry threshold into the game
● Limited rewards
Market capitalization: $1,187,170,553
Axie Infinity (AXS) Price: $11.83
24 Hour Volume: $395,324,458
3)The Sandbox.
The Sandbox is a virtual gaming platform that is a gaming universe in which the user can play, create a metoworld around themselves, and monetize the gaming experience. It is a sandbox game, reminiscent of Minecraft. In the game, users can design, trade and monetize their own virtual real estate. The platform is built on the Ethereum blockchain, and all game lands within the game are NFT. The economy of the meta-universe depends on the SAND token. It is used to trade in the Sandbox marketplace.
Gameplay.
The Sandbox offers a playground for its users to do anything and everything in the meta universe. Whether it's interacting with other users of the metaclass universe or fighting a herd of enemies, there's no limit to what the player can do inside the metaclass universe. Just like in Roblox, players come up with all sorts of games within the game platform. The creators assure that you can even create entire AAA projects in the game.
Ways to make money
SAND is the main token used in The Sandbox ecosystem, and it is an ERC-20 token that serves as an interchangeable token in the economy. In addition, SAND tokens are also used by players to pay gas commissions when loading their 3D assets domestically.
Ways to make money in Sandbox:
1. Renting out land.
2. Creating voxel assets.
The Voxel software provided to users in the meta-universe allows them to create complex three-dimensional items and turn them into NFTs. All items created using the Voxel software can be sold on the market for profit.
3. Reselling land on the market
4. Token giveaways from developers
From time to time, The Sandbox team announces various SAND token giveaways to their users. By interacting with the meta universe and fulfilling all the necessary conditions, players have a chance to get a part of the reward pool.
Pros
● Decentralized platform
● Cross-platform
● Multiple ways to earn money
Cons
● Unstable in-game economy
● High entry threshold due to land and gas costs
● Project is still at an early stage of development
Market capitalization: $1,124,928,152
Price The Sandbox (SAND): $0.7503
24H Volume: $239,629,376
4)Legends Reborn (alpha version)
Legends Reborn is a strategy card game in which you can create different decks of cards to fight against opponents, developed in the Gala Games ecosystem. The game is based on Ethereum. Build a collection of cards and creatures that allow you to build, rebuild, and customize decks to tackle any challenge that comes your way. The game is a PVP game set in a fantasy world. The game is rich with a wide variety of player-owned heroes, creatures, and locations. Anyone with a Gala account can download and try the alpha version of Legends Reborn. There has been no news yet from the developers about how long the alpha version will be available for playtesting. The game is available on the Windows platform.
Gameplay.
Players enter the arena with a squad of creatures and fight to the death against their opponent. Each player has only five creatures to play with during the match, but each creature comes with a number of different abilities. Once played on the board, these abilities become cards that the player's owner retrieves from his deck and then uses throughout the game. Thus, players must choose the right balance to protect their creatures, putting pressure on their opponent and making sure they have more cards to play with.
Ways to Earn
Players earn in-game currency to spend on buying new action cards, which are attached to creatures when building decks. Rarer creatures may contain more action cards. Players can use a special Scrolls of Minting card to turn the action cards they find into NFTs.
Players will be able to own an arena and, as arena owners, will be able to earn rewards for battles in it. The most successful arena owners will be able to expand their territory and eventually take over the entire kingdom, which in turn will entitle them to a share of the revenue from any arena in their territory.
Pros
● Decentralized platform
● Exciting gameplay
● Many ways to earn money
Cons
● Basic knowledge of blockchain technology is required for a full experience
● Game is still in alpha version
Market capitalization: $342,117,998
Gala Price (GALA): $0.04891
24H volume: $286,796,275
5)Illuvium (beta).
Illuvium is an upcoming collectible NFT RPG open-world game where you can mine, get NFT, capture and fight Illuvials. Illuvium is based on Ethereum and is available on both Mac and Windows. The project is due out in 2023.
Illuvium is building a powerful project in the web3 gaming space, and although it is in beta testing there is every reason to believe that it will be the first AAA game based on blockchain. All in-game items in this game, from Illuvium beasts to weapons and blueprints for skins, are NFT objects, allowing players to exchange and trade them in different markets. Illuvium's native token is the ERC20 ILV token, whose holders can vote in game-related offerings.
Gameplay.
In Illuvium, players will explore a 3D open world to capture godlike creatures known as Illuvial. Illuvium will have three modes: Arena, Zero and Overworld. At the moment, only Arena mode is available. Illuvium Overworld is where users will be able to step into an exploration of seven alien worlds, collect items and hunt down different Illuvials. Illuvium Zero will allow players to use and create the resources needed in Overworld mode.
Ways to Earn
There are several ways to make money from the game. Since the game uses the DAO system and all blueprints and items are NFT, the easiest way is to hunt illuvials and sell them in markets. In addition, being a top player and being in the top positions on the table allows you to additionally earn some rewards.
There are also passive ways to make money with this game. Players can purchase the game's native token and put it on the Illuvium platform. They can then claim their rewards in ILV or in sILV.
Pros of
● Cross-platform
● More than 100 unique illuvials
● Huge open world with 7 regions
● Mix of two popular genres
Cons
● Entry barrier to PC specs
● game is in beta version
● There are delays at launch
Market capitalization: $122,268,842
Illuvium price (ILV): $60.37
24 Hour Volume: $7,817,015
6)MOBOX.
MOBOX is a GameFi ecosystem developed on the Binance Smart Chain blockchain, combining DeFi farming with NFT games. Mobox is the fastest growing NFT game with a market capitalization above $91 million. The project combines two mechanics: free-to-play and play-to-earn. Mobox has a full cryptocurrency ecosystem with a presence on Binance, as well as decentralized pairs on PancakeSwap and ApeSwap.
Gameplay
Despite the fact that the project is positioned as free-to-play it has both free and paid games. The free ones give you attempts for which you need to get to the top ranking to get MBOX tokens. These tokens are needed to unlock NFTs, known as MMOs. MMOs come in various rarities and are a key aspect of the game. In paid games you need to invest a certain amount of money in tokens to buy characters who can collect tokens for you.
How to Earn on Mobox
There are several ways to make money with Mobox:
1. Mining MBOX tokens (you can get passive income by mining MBOX, but this requires some investment)
2. Reselling characters (you can accumulate characters and since the project is just developing, you can use this as an investment)
3. Fulfillment of daily tasks
4. Prizes from the developers (you need to get into the top 10 in the number of coins collected or who collects the most stars in battles)
Pros
● Active Community
● It is possible to start the game without any investments
● Combination of DeFi farming and in-game NFT
Cons
High transaction fees ● Little information about the team and reliability of the system
● Little information about the team and reliability of the system
Market capitalization: $91,826,961
Price MOBOX (MBOX): $0.5336
Volume per 24h: $18,905,100
7)Gods Unchained.
Gods Unchained is a GameFi project made as a free card game based on Ethereum blockchain. Here players compete in epic battles using fantasy cards. Gods Unchained also has its own token called GODS. By completing matches and betting, you can earn this token.
Gameplay.
There are 3 main game modes in Gods Unchained: single player, ranked, and duel. Upon completion of the matches you are given a certain amount of experience (XP), which allows you to get new cards and skills.
Ways to earn in Gods Unchained.
To earn money you can sell cards that you collect during the game. Cards come in different ranges and their value depends on their rarity. You can also use steaking to earn money.
Pros of .
● The game is absolutely free.
● Suitable for beginners in crypto games because of the simple mechanics
● Possible release of the game on mobile devices
Cons
● Game modes are rather limited and may get boring after a while
● Problems with server connection
Market capitalization: $60,852,932
Price Gods Unchained (GODS): $0.307
24H Volume: $6,413,556
8)Aavegotchi.
Aavegotchi is a GameFi project with DeFi elements. The platform is based on Polygon blockchain. Polygon is a framework for building Ethereum-compatible blockchain networks. The main token in the game is the GHST token, which controls the market mechanics of the game. GHST is an ERC20 standard token and can be used to determine stakes and participate in management. You also need this token to participate in bid-to-earn auctions. Web browsers are used as the platform.
Gameplay
To start the game, you need to buy or rent a ghost. You then summon your character through a portal and find yourself at the center point of the Gotchiverse map. The entire gameplay is that you will be collecting game crystals scattered around the map. Each crystal is a GHST token. The difficulty is that it's not just you who's after the crystals. Each ghost has its own unique qualities. You have the ability to create your own unique Avegochi with the ability to personalize. The game has many mini-games that are divided into official and unofficial.
Ways to earn money
1. Selling NFT ghosts and buildings
To make money in the game you need to create your own unique ghosts and improve them with Alchemica tokens, then you can sell them as NFT on the marketplaces. You can also earn from buildings created from Alchemica.
2. GHST Steaming.
3. Renting out ghosts
4. Finding crystals on the map
5. Mini-games for which you can get GHST
Pros
● Low entry threshold due to character rentals
● Fun earning process
● Low transaction fees
Cons
● High gas fees
● Gameplay may seem difficult for some users
Market capitalization: $46,155,534
Aavegotchi Price (GHST): $1.02
24Hour Volume: $3,452,642
9)DeFi Kingdoms.
DeFi Kingdoms is a GameFi project with MMORPG elements and collectible NFTs. This project runs on the Harmony blockchain and the main token is JEWEL. The game has a decentralized exchange for buying and selling digital items. You can run this game in any browser.
Gameplay
The whole gameplay is built on pumping characters, mining resources and completing daily tasks. The game has four professions:
Miner, Gardener, Gatherer and Fisherman. Each profession offers a different set of daily tasks.
Ways to earn
1. JEWEL Stacking (Jewel Bank)
You can put JEWEL tokens into the in-game bank, receiving xJAWEL tokens in return.
2. Selling NFT(heroes)
3. Making money by providing liquidity.
DEX needs liquidity to be fully functional. You can join liquidity pools and earn rewards for doing so.
Pros
● Lots of opportunities for passive income
Frequent distributions to JEWEL sponsors.
● Project is actively developing
Cons
● High entry threshold
● High entry threshold ● Liquidity risk ● Earnings from liquidity is very risky
Market capitalization: $21,288,574
Price DeFi Kingdoms (JEWEL): $0.3393
Volume per 24h: $92,397
What blockchains does GameFi use and why isn't it bitcoin?
At first, GameFi projects used the bitcoin network, but that idea was soon abandoned because the transactions were too slow. Eventually bitcoin was replaced by Ethereum. The main reason for this transition, in addition to high speeds and low commissions, was the ability to use smart contracts. However, the popularity of Ethereum soon increased the cost of transactions significantly, forcing some developers to switch to networks with higher speeds and lower commissions. These include Polygon, Cardano, Polkadot, BNB and others.
Bottom line
So are GameFi projects worth your attention? Definitely!!! After all, the popularity of NFT is only growing right now, and therefore so is the demand in the digital asset market. There really is an opportunity to make money, but there are nuances as well. Particularly surprising is the DAO system, which will undoubtedly be able to enhance gameplay in many games, while reducing costs on the part of developers.
Based on the fact that the Web3 interface is still under development, the meta-universe has a long way to go. However, already now major game studios are thinking about implementing DeFi and NFT technologies in their projects.