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The Rise of GameFi: What Does It Mean For Filipinos?

2021-11-01

GameFi is on the rise, with more people playing crypto and blockchain-powered games than ever before. Find out how you can earn money and build passive income while gaming, thanks to new P2E, or play to earn games that reward players with valuable tokens and rare NFTs. 

Main Takeaways: 

  • GameFi is an emerging video game format powered by blockchain and crypto technology.

  • Some of the most popular GameFi titles use a P2E, or play to earn, model to reward gamers with in-game currency or tokens that can be sold on exchanges and secondary marketplaces.

  • Binance Smart Chain supports popular crypto gaming, NFT gaming and GameFi titles, from Axie Infinity and Gods Unchained to CropBytes and MOBOX.

  • Players in the Phillippines can use Binance to generate passive income and buy, sell and trade popular GameFi tokens.

GameFi titles are video games that run on a blockchain or cryptocurrency network, which reward players with virtual tokens, items or collectibles that they have verifiable ownership over. Users can then buy, sell and trade for these items on exchanges and secondary markets.. 

For Filipinos, especially those who play crypto games like Axie Infinity, the recent bull market and influx of players has increased the value of in-game items and rewards, making it more lucrative than ever for players. Learn how you can earn money online simply by playing games.

Leveling Up: The Rise of Crypto Gaming

The gaming industry has always been at the forefront of technological trends. From early 2D and 3D gaming to VR, or virtual reality, games have introduced many concepts that are familiar to those in the crypto space. Reward mechanisms like unlockables and achievements have long been popular with gamers. 

In many ways, the NFT and GameFi sector have looked to the traditional gaming industry for inspiration, borrowing concepts like gamification to increase interest and enthusiasm among users. 

Today, crypto games are disrupting the market for traditional games, as GameFi titles allow players to earn as they play and get rewarded for their time and effort.

According to a report from the Worldwide Asset exchange, more than 75% of gamers want to have their virtual assets exchanged for currency that they can use on different platforms. Crypto gaming gained popularity as it allows players to trade and collect virtual assets that have real world value.

How To Earn Money From Crypto Gaming

GameFi players earn a variety of rewards that they can exchange for select cryptocurrencies. Similar to traditional video games, GameFi players can unlock upgrades, cosmetic enhancements in the form of “skins,” new maps and equipment, characters, or in-game currency. Unlike traditional videos, these players can trade their in-game unlockables and content for the corresponding cryptocurrency, which exists outside of the game. The cryptocurrencies themselves have value, as other gamers may want to buy and spend select cryptocurrencies to purchase in-game items. 

As a result, players can buy, sell or trade their crypto for other cryptocurrencies, or even their local currencies. In the Philippines, there have been instances of players supplementing their income or even paying for rent with their GameFi earnings. If traditional games have fundamentally provided entertainment, crypto games have the advantage of allowing people to earn as they play. Whenever players purchase in-game assets, the in-game economy indirectly grows as well. Some of the most famous crypto games include Gods Unchained, Axie Infinity, and CropBytes, as these enable players to unlock virtual items that help them achieve the game objectives. Of course, these virtual items differ in rarity, and thus, have real-world value when bought or sold via online platforms. 

GameFi Meets NFTs: Explore The Latest In Gamification

As crypto games grow in popularity, the same is happening in the NFT gaming sector. In early 2021, P2E, or play to earn games began to incorporate NFTs, a trend that attracted even more players into the space. With today’s NFT market now worth billions of dollars, games are some of the best use cases for NFTs. Right now, a significant share of the NFT industry is focused on NFTs’ ability to transform the world of gaming.

Even if NFT gaming and crypto gaming are terms that are often used interchangeably, these terms actually refer to different, but inter-related concepts. Crypto games reward players with crypto coins that can be used to transact with other players. These coins come in the form of a “native token”, which is native to the particular game being played. These native tokens are used to gather, unlock or generate NFTs. In-game assets such as land, armor, and utility can be represented by NFTs, which players can easily own, sell, and transfer on the blockchain. NFTs also enable gamers to access NFT markets so that they can purchase and sell rare NFTs. One popular video game based on NFTs is Axie Infinity, which featured the world’s most expensive collection of NFTs, which cumulatively sold for $2 billion this September.

Moreover, blockchain gaming has combined gaming with DeFi features, spawning a new format called GameFi. The BSC-based game MOBOX is one example of a GameFi title, as it blends yield farming with NFT collectibles and other DeFi services. GameFi brings even more utility to the crypto and NFT gaming space. For example, players can have their game assets collateralized, so they can borrow an asset or take in-game loans to yield additional assets. With GameFi, there are lots of ways to earn while playing.

A Look Inside the Liquidity of the Crypto Gaming Market

Market liquidity is vital in order for crypto games to feature a vibrant in-game economy. Liquidity refers to the ability for buyers and sellers to quickly exchange assets without impacting the asset price. Healthier markets have deeper liquidity, allowing for more activity to take place. Therefore, liquidity is an important marketplace indicator to evaluate before choosing the right game to play.

The crypto gaming market can feature both traditional cryptocurrency and NFT assets. People tend to value NFT assets more due to their rarity. NFT assets tend to have low transaction volumes and high value. In contrast, traditional crypto assets are easy to exchange, and can be traded for a wide variety of in-game items, consumables or utility assets.

Conclusion

Interested in earning money while playing video games? Create your Binance account, and use the peer-to-peer trading feature to buy or sell USDT, BTC ETH, BNB and EOS using Philippines Peso (PHP).

In addition, Binance supports some of the most popular crypto and NFT tokens, including SLP tokens for Axie Infinity and MBOX for MOBOX. To get started, download the Binance app and sign up.