Introduction the earning mechanism and related recommended virtual currencies!
In recent years, a blockchain game (NFT game) called “GameFi”, which combines the elements of DeFi (decentralized finance) with games, is gaining popularity.
There are many games that are attracting attention as “earning games” such as Axie Infinity and STEPN, and I think there are many people who are interested.
Therefore, in this article, we will explain GameFi's blockchain game, how to earn money, recommended games, related virtual currency, etc.
What you can learn from this article
- What is GameFi?
- How to profit from GameFi's blockchain games
- Major GameFi-related cryptocurrencies listed on cryptocurrency exchanges
- 3 Recommended Blockchain Games from GameFi
In general, GameFi's blockchain games require virtual currency (crypto assets) for NFT transactions, etc. Ethereum (ETH), which is used as a payment currency in many games, can be purchased on the virtual currency exchange bitFlyer.
table of contents
- What is GameFi?
- How to make money with GameFi
- Earn virtual currency and NFTs as game play rewards
- Obtain trading profit from secondary trading of NFT
- Rent an NFT and get rental fees
- Virtual currency representing GameFi
- Axie Infinity Shards (AXS)Green Satoshi Token (GST) / Green Metaverse Token (GMT)
- [Play to Earn] Sorare
- [Move to Earn] STEPN
- [Sleep to Earn] SleepFi
What is GameFi?
GameFi is a coined word that combines game and finance.
The term GameFi was first used in November 2019 during a talk by Marie Ma, one of the founders of the global game publishing platform Mix Marvel, at a blockchain-related event held in China. It is said that it is time
It is said that there is no clear definition of what is classified as GameFi, but in general, it often refers to blockchain games in general that combine DeFi (decentralized finance) elements with games. GameFi also includes games in the Play to Earn (P2E) genre, where you can earn virtual currency by playing games.
In addition to Play to Earn, there are various genres in GameFi, and in recent years, Move to Earn (M2E), which allows you to earn virtual currency by exercising, and Sleep, which allows you to earn virtual currency by sleeping. Games such as to Earn (S2E) are also appearing.
How to make money with GameFi
GameFi refers to blockchain games in general that combine DeFi (decentralized finance) elements with games, and the mechanism by which users earn money from games differs from game to game.
Here, we will introduce three main ones among many mechanisms.
Key ways users can earn money with GameFi games
- Earn virtual currency and NFTs as game play rewards
- Obtain trading profit from secondary trading of NFT
- Rent an NFT and get rental fees
Earn virtual currency and NFTs as game play rewards
The most common way to earn money is to play games and receive virtual currency or NFTs (non-fungible tokens) as play rewards.
Specific elements that generate play rewards include the following.
Main elements that generate play rewards
- Do daily quests
- Win a match (CPU match, PvP match)
- Participate in an event and reach the top of the event leaderboards
The acquired virtual currency can not only be used in the game, but it is also possible to convert it into legal currency such as Japanese yen by using the virtual currency exchange.
Also, if you sell NFTs on the NFT Marketplace, you can get fiat currency and virtual currency.
Obtain trading profit from secondary trading of NFT
NFTs, which can be received as rewards in many blockchain games, can be obtained not only in-game, but also in the NFT marketplace where players can conduct secondary transactions.
No matter how you obtain the NFT, if you can sell it at a price higher than the cost of obtaining it, you can get a trading profit.
Rent an NFT and get rental fees
Game assets such as NFTs in blockchain games have different rarity (valuability) and performance. It is
Therefore, there are many players who want to obtain high-rarity NFTs but cannot obtain them.
Under such circumstances, the NFT rental platform has appeared and is attracting attention.
The rental platform allows borrowers to use hard-to-find game assets at a discounted rental fee compared to the cost of actually obtaining them, and lenders can earn on rental fees.
Some blockchain games have their own in-game NFT rental function.
Virtual currency representing GameFi
There are many blockchain games called GameFi, and at the same time there are many virtual currencies and tokens that form and link the system.
Here, we will pick up and introduce three major ones.
Base currency for major GameFi blockchain games
- Axie Infinity Shards (AXS)
- Green Satoshi Token (GST) / Green Metaverse Token (GMT)
- SAND (SAND)
Axie Infinity Shards (AXS)
|
Name |
Axie Infinity Shards |
|
Ticker symbol |
AXS |
|
Games used |
Axie Infinity |
|
Market capitalization ranking |
40th place |
|
Virtual currency exchanges that handle |
Exchanges: Binance, FTX, Huobi Global, etc. |
Current price, market capitalization, market capitalization ranking as of July 28, 2022, researched by CoinMarketCap
Axie Infinity Shards (AXS) is the governance token for Play to Earn's game Axie Infinity.
Governance tokens are special-purpose DeFi tokens with the right to make proposals, etc. By owning AXS, players can get voting rights related to the operation of Axie Infinity.
You can also earn staking rewards by holding AXS until a specific receipt date, or use AXS to trade on the in-game NFT marketplace.
Due to the popularity of the Axie Infinity game itself, AXS is also actively traded in the market, and as of the end of July 2022, the market capitalization ranking is 40th among many virtual currencies.
Green Satoshi Token (GST) / Green Metaverse Token (GMT)
|
Current price, market capitalization, market capitalization ranking as of July 28, 2022, researched by CoinMarketCap
Green Satoshi Token (GST) and Green Metaverse Token (GMT) are both virtual currencies used in the popular Move to Earn game "STEPN".
GST is a utility token of STEPN and can be used for a wide variety of purposes, such as leveling up NFT sneakers and opening mystery boxes (treasure chests).
Also, utility tokens are tokens that have utility, and GST is distributed and traded in the market. Since STEPN supports multi-chain, there are GST (SOL) based on Solana chain and GST (BSC) based on BNB chain.
On the other hand, GMT is STEPN's governance token, and holders can participate in voting related to the operation of STEPN by continuing to hold GMT. GMS is also traded on the market as a utility token.
However, since the STEPN app has a virtual currency conversion function, you can convert GST or GMT obtained using the app to Ethereum or SOL without using virtual currency exchange, or exchange Ethereum or SOL can be converted into GST or GMT.
SAND (SAND)
|
Name |
SAND |
|
Ticker symbol |
SAND |
|
Games used |
The Sandbox |
|
Market capitalization ranking |
36th place |
|
Virtual currency exchanges that handle |
Overseas exchanges: Binance, FTX, Huobi Global, Coincheck etc.
|
Current price, market capitalization, market capitalization ranking as of July 28, 2022, researched by CoinMarketCap
SAND (SAND) is a native token (blockchain or game-specific token) that can be used in Play to Earn's game "The Sandbox".
In The Sandbox, you can own land (land) in a virtual currency called Metaverse, and create and play original characters and games on that land.
In addition, the virtual currency SAND is used as a payment currency for purchasing land and items on The Sandbox's NFT marketplace, and is also used for governance and staking.
Coincheck also operates the NFT marketplace “Coincheck NFT (β version)”, where NFTs such as The Sandbox land are also handled.
Recommended GameFi that is attracting attention
Finally, let's take a look at one of our favorite blockchain games in each of the Play to Earn, Move to Earn, and Sleep to Earn genres.
Recommended blockchain games
- [Play to Earn] Sorare
- [Move to Earn] STEPN
- [Sleep to Earn] SleepFi
[Play to Earn] Sorare
|
Name |
Sorare |
|
Start of the service |
2019 |
|
Game media |
Web browser |
|
Corresponding currency |
Ethereum |
|
Compatible chain |
Ethereum chain |
Sorare is a simulation game that uses NFT trading cards of professional soccer players from around the world and major league baseball players.
As of July 2022, soccer has signed license agreements with more than 280 club teams around the world, and baseball has signed license agreements with 30 MLB teams, and the players belonging to those teams have been turned into cards.
Unlike many other blockchain games, Sorare does not have its own currency, so you can buy cards and play with Ethereum, one of the major currencies.
Players create teams with 5 cards for soccer and 7 cards for baseball, and if they participate in tournaments and rank high, they can earn prize money and rare cards.
You can also make a profit by buying and selling cards on the NFT marketplace inside and outside the game.
[Move to Earn] STEPN
|
Name |
STEPN |
|
Start of the service |
December 2021 |
|
Compatible OS |
iOSAndroid |
|
Corresponding currency |
Solana (SOL) Binance |
|
Own currency |
Green Satoshi Token (GST) |
|
Compatible chain |
Solana Chain |
STEPN is a game that can be said to be the forerunner of Move to Earn, whose service began in December 2021.
At STEPN, you can purchase NFT sneakers and earn GST, a unique currency, by running or walking while holding the sneakers.
In the future, it is expected that the governance token GMT will also be acquired in a similar movement.
By the way, as of the end of July 2022, STEPN is a public beta version, so you must obtain an activation code from the official Discord when using it.
[Sleep to Earn] SleepFi
|
Name |
SleeFi |
|
Start of the service |
to be decided |
|
Compatible OS |
iOSAndroid |
|
Corresponding currency |
Avalanche (AVAX) |
|
Own currency |
SLFT |
|
Compatible chain |
Avalanche chain |
SleeFi is a Web 3.0 game app that aims to improve the quality of sleep for users with a new concept of "Sleep to Earn" that earns money by sleeping.
As of July 2022, it is still in the development stage, but according to the light paper posted on the official website, SleeFi users can earn virtual currencies SLFT and SLGT by sleeping while holding a bed-type NFT. It seems that you can.
In addition, it is expected that NFTs such as beds and bed enhancement items such as gems can be bought, sold and rented on the in-game marketplace.
The official release date has not been revealed, but according to the roadmap, the open beta version and SLFT launch are scheduled for June to September 2022.
So far, we have introduced three recommended blockchain games for each genre.
Ethereum, the virtual currency required to play Sorare and STEPN.
Summary of GameFi
This time, we introduced basic information about GameFi and recommended blockchain games on GameFi.
Summary of this article
- GameFi generally refers to blockchain games in general that combine DeFi elements with games.
- Play to Earn is one of GameFi's genres
- Many of the base currencies used in GameFi's blockchain games are traded on virtual currency exchanges
- Many Play to Earn games profit by selling play rewards and virtual currency received
- In addition, there are games such as Move to Earn to earn by exercising and Sleep to Earn to earn by sleeping.
In recent years, GameFi's blockchain games have been appearing one after another, and the market size continues to expand.
In this article, we introduced one recommended game for each genre, such as Play to Earn, but there are many other games, so if there is something that interests you, you should try it.
Blockchain games generally require virtual currency for transactions such as NFT transactions, but Ethereum, which is used as a settlement currency in many blockchain games, can be purchased at bitFlyer, a domestic virtual currency exchange.
