Welcome to The Matrix!
The year is 2022 and your avatar is interacting with others virtually in the metaverse. You’re gaming on a play to earn platform using NFTs in the metaverse.
So how did you get here?
Just as 2020 was the year of DeFi, 2021 proved to be the breakthrough year for NFTs and Play to Earn gaming. These have turned out to be popular use cases that just a year ago we would never have envisioned. Perhaps there will be new use cases in 2022 but what is clear is that GameFi will continue to grow as it straddles two vast worlds, gaming and finance.
<h2 id="header-0">NFT and DeFi as the primary tools</h2>
NFTs&nbsp; are permanent, read-only records of ownership of an asset (digital or physical) recorded on a blockchain and not mutually interchangeable. The unique identity and ownership of an NFT is verifiable via the blockchain ledger. As such, they have the potential to unlock value, reduce intermediation, increase transparency and democratise access in a number of sectors. These include, but are not limited to, mortgages, art, music, the metaverse, and gaming.
NFTs are the perfect fit for gaming as players can own assets, earn tokens, and trade them in open secondary markets in a way that was not possible before, creating a virtual economy.
<img src="https://i2.wp.com/bitcoinke.io/wp-content/uploads/2021/12/NFTs-on-OpenSea.jpeg?resize=640%2C413&amp;ssl=1">
DeFi games require the player to own an NFT of a playable figure, an item of clothing, or something else, which can be created in the metaverse. This then gives the owner the right to participate in the game.
For example, a gamer could purchase an NFT of a vehicle and use that in a game similar to Sims, which would be hosted in the metaverse. They could then earn tokens that they can use to buy additional NFTs or monetise them in a secondary market. Some of these games, such as Axie Infinity, have become such hits, with up to one million daily active users, that the cost of owning the requisite NFTs, in this case Axies, has skyrocketed. Guilds have sprung up to support players by renting out NFTs, thus lowering the barriers to entry.
Through the generations, many have criticised teenagers for wasting their time playing computer games but in the GameFi space, players can increase the value of their NFT assets and sell them for a profit.
Secondly, players can play to earn, essentially earning money through a second stream. By playing, gamers can pick up NFTs as rewards for completing challenges. These have a utility in the gaming world and can be sold on marketplaces to make players’ time worthwhile. It brings a whole new level to the concept of professional gaming and has proved popular in developing countries as a way for people to supplement low wages.
Read the full article: <a href="https://nftandgamefi.com/2021/12/25/gamefi-is-expected-to-ramp-up-in-2022/" rel="noopener noreferrer nofollow">GameFi is expected to ramp up in 2022</a>

GameFi is expected to ramp up in 2022

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