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What is GameFi?

The game industry continues to develop by using different technologies day by day. Game manufacturers also help the game industry to grow financially with the values and diversity they offer to users. The traditional game industry is changing day by day. Major changes in the world of technology also significantly affect the structure of the game industry. Especially in recent years, the widespread use of blockchain technology and the integration of the game industry with this technology draws attention as one of the biggest factors in the change of traditional game understanding. With the combination of the blockchain and the game industry, a new financial understanding, GameFi, is emerging.


With the integration of the gaming industry into the blockchain, new business models have begun to emerge where users can generate income. With blockchain-based games, users are trying to earn income while enjoying the game experience. This situation has revealed the concept of GameFi, a new financial system. It means that the game industry is in a financial order. GameFi projects run on the blockchain. All transactions made in the game are recorded on the blockchain and players acquire the concept of ownership.


Players within GameFi projects; they have materials such as avatars, coins, costumes. These objects take place in the game as NFTs. These proprietary materials, which vary with each project, can be obtained by playing games and can be sold on NFT marketplaces.


GameFi Cryptocurrencies


ApeCoin (APE)


APE is a decentralized project inspired by Yuga Labs' Bored Ape Yacht Club project. Bored Ape Yacht Club is an NFT collection built on the Ethereum blockchain. APE is supported by the APE Foundation.


Axie Infinity (AXS)


Axie Infinity, one of the projects where the blockchain is used in the game industry, is a blockchain-based war game. By adopting Pokemon-like digital creatures (Axies), players can raise these Axies, trade them, and battle their opponents. Axie Infinity is a blockchain-based game that uses the Ethereum blockchain. The main digital asset of its platform is an ERC20 smart contract built on the AXS Ethereum blockchain. Axies, one of the cornerstones of the game, was created as the preferred ERC721 smart contract for blockchain-based games and NTFs.


Decentraland (MANA)


The 3D, navigable and limited area of ​​the Decentraland virtual world is called LAND. LAND is a unique digital asset (NFT) generated as a smart contract on the Ethereum blockchain in ERC721 format. Just like in the real world, the world of Decentraland is also parceled out. These parcels can be purchased with Decentraland's digital asset MANA. Users can develop applications in the areas they purchased.


Enjin (ENJ)


Enjin is one of the popular projects that brought the blockchain to the gaming industry. The Enjin network is an interconnected ecosystem of blockchain-based gaming products. Enjin is a social gaming platform that offers users websites, in-game items and virtual stores where they can trade these items. Software developers can digitize their products for games on the Ethereum blockchain through the Enjin platform. Through the platform's digital asset, the ERC20-based Enjin Coin (ENJ), digital goods produced on the platform can be traded.


Gala (GALA)


Gala develops games in various categories for players. You can purchase these games on Gala's web-based game platform or access free / trial versions from the Gala web application. You can open a free player account in the Gala web application to access the games. You can access in-game products from the Store section of the Gala web application. In order to purchase in-game items or game characters on sale, you must set up an Ethereum wallet in the Gala web application and transfer GALA and ETH to your account.


The Sandbox (SAND)


The Sandbox is a blockchain-based virtual world gaming platform. It offers players the opportunity to create virtual life experience, produce in-game products and earn income from these products in the virtual reality supported game world called Metaverse.