GameFi and Bitcoin: know everything about it

GameFi is a secure ecosystem built on top of blockchain and will reward players for their daily activities. GameFi’s goal is to fix the game industry by bringing the two worlds together: a trusted environment where players can enjoy their favourite mobile games while benefiting from new opportunities.

GameFi aims to democratize blockchain and make it accessible for everyone in an open ledger, a trustworthy network that gives users complete control over their digital assets. GameFi’s ecosystem will allow users to interact and play with other players in an environment that feels familiar, safe, and encouraging. GameFi’s mission is to create a game ecosystem that is transparent, secure, and trustworthy. By providing this trust and transparency, GameFi improves users’ experience by allowing them to earn cryptocurrency and other in-game rewards. So, if you are planning to trade Bitcoin, you may consider knowing about Bitcoin Regulation.

The ecosystem of GameFi is composed of three main components that work together: the wallet, the exchange platform, and the games. All these are interconnected for a secure gaming experience and to solve issues related to existing payment methods and microtransactions within games. Furthermore, game-Fi is deep-rooted with bitcoin. First, bitcoin made people realize how people can utilize the blockchain to create successful decentralized projects. Moreover, the price trails of bitcoin correspondingly affect the market price of tokens, in-game assets and characters of these decentralized games. Here is all you should know about Game-Fi and its relationship with bitcoin. 

How Game-Fi offers incentives to players?

Game-Fi’s ecosystem is based on a reward system. As the game progresses and players complete quests, they earn real money from in-game revenues. Meanwhile, as the wallet grows in value, it will provide an increasing amount of ether and other digital currencies. In addition, game-Fi’s wallet integrates directly with the blockchain protocol, so users can quickly transfer cryptocurrency to each other between their wallets.

 Game-Fi’s solutions are based on the Ethereum blockchain. By using Ethereum, Game-Fi users can instantly receive cryptocurrency cash transactions and use intelligent contracts to execute other functions. Game-Fi has also built its own token called GFI, which is an ERC20 token.

Aviation platform partnership and collaboration

Game-Fi’s ecosystem will integrate directly with existing aviation technologies so that users who don’t have a problem with spending bitcoins will benefit in a safe environment from their gameplay. Game-Fi’s collaboration with airlines is part of its strategy to create an ecosystem that gives users the freedom to convert their game assets into real money. This objective is achieved through different strategies, including integration with existing aviation technologies.

Play-to-earn model (P2E):

The game creators must return 10%-20% of their revenues as rewards to the players who played their game. Game-Fi’s wallet allows users to earn loyalty points and rewards for their gameplay. The platform’s account will show players how well they have performed in their games and will rank them accordingly using several different indicators, such as the number of points they have accumulated. Except for a few, there is a low entry barrier for almost every game, and you can start playing these games by investing merely a few dollars and earning gigantic revenue. 

Ownership of virtual assets:

Game-Fi has developed a solution allowing users to store game assets and characters in an ecosystem protected by smart contracts. The validators will store all the data for these assets on the blockchain, where users can prove ownership of their characters and use their virtual assets in other games.

Remuneration model:

Game-Fi uses a ‘pay-to-earn’ model to encourage players to create new content and play more games. Players are rewarded with GFI tokens for playing games, which ensures the ecosystem is safe and secure. The payment model depends on the level of contribution, which determines the number of rewards received by the player and the duration of their contribution. The reward system adopted by Game-Fi is based on a point system where every game or level completed gives you points; as you complete your tasks, you will earn GFI tokens which you can further convert into other in-game assets or even mainstream cryptocurrencies like binance coin or ether. 

Bitcoin and GameFi relations:

You might have been wondering how bitcoin can benefit from the Game-Fi ecosystem; let’s see. 

– Game Fi’s ecosystem will allow users to interact and play with other players in an environment that feels familiar, safe, and encouraging.

Game Fi’s ecosystem will make it easier for players to earn rewards by playing games and converting them into blockchain assets such as bitcoin or ether.

– Collaboration with existing platforms: game creators can benefit from the benefits offered by Game-Fi (the platform is also open source) through collaboration with third parties and integration with existing platforms.

In short, bitcoin will help these games get mainstream adoption worldwide. Moreover, some Game-Fi models reward their players with Satoshi or a more considerable bitcoin fragment.