People’s ideas about gaming as a form of recreation have changed a lot over the years. For example, crypto gaming has added a layer of investment above traditional gaming with the play-to-earn (P2E) industry. Because of this, consumers are increasingly interested in cryptocurrencies like Ethereum as potential investment vehicles. What if these two sectors could be combined, making it possible to earn crypto while playing games without the traditional P2E elements? That would be a really exciting perspective.
Gabriel Mangalindan
In Tech, AI, Startups and Blockchain
People’s ideas about gaming as a form of recreation have changed a lot over the years. For example, crypto gaming has added a layer of investment above traditional gaming with the play-to-earn (P2E) industry. Because of this, consumers are increasingly interested in cryptocurrencies like Ethereum as potential investment vehicles.
What if these two sectors could be combined, making it possible to earn crypto while playing games without the traditional P2E elements? That would be a really exciting perspective. The idea of mixing decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain-based virtual games is one of the most interesting ecosystems to emerge from the cryptocurrency market in recent times.
To compete with the traditional pay-to-win models, new ones have emerged where players can buy in-game improvements that give them a competitive edge. Furthermore, within the game, DeFi also allows users to wager real money while participating in various gaming activities.
Incorporating game theory into DeFi practices allows for a transition to a crypto-focused gaming ecosystem. NFTs can also play a role in this transition by providing players with earnable assets that have real-world value. Players can buy, sell, and trade almost anything that exists as an NFT, which can be located anywhere in the world, ranging from ammo to clothing.
In addition, DeFi Gaming uses blockchain technology for data storage. Participant rewards and collections are recorded in the distributed ledger, so a transaction record can be used as proof of purchase if required. This guarantees that the security of the system will not be compromised, which is of the utmost importance.
If players are unable to access the gaming platform due to technical issues, they can still claim all the rewards they have won. In addition, there is a possibility that these games may also use tokens denominated in the game’s native cryptocurrency. Since users can trade these tokens directly with each other, the involvement of a trusted third party or regulator in the transaction process is no longer required.
Users who already own tokens can “stake” their tokens to earn interest on them or spend them on in-game purchases of virtual products. Additionally, due to DeFi providing a variety of liquidity pools, players are able to exchange the coins they have earned in one game for those of another game where they are experiencing more challenges. This is just one of the many wonderful aspects of gaming within DeFi’s integration.
There is also an opportunity for players to exchange their virtual riches for money used in the real world, such as US dollars or Bitcoin. By borrowing and lending in-game tokens and other stuff to other players, you may be able to prioritize assets that are essential to you while eliminating those that aren’t. This is possible if you first remove the assets that are not important to you.
Users within the DeFi ecosystem can also exchange their virtual assets for real money. Players who borrow and lend in-game tokens and other items to other players may be able to prioritize assets that are important to them while removing those that aren’t.
Conclusion
DeFi is an interesting addition to the crypto gaming space, bringing decentralized finance to traditional gaming. This can help bring new users to the crypto industry and bring new use cases, games, protocols, and products to users.
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