Tech Review

Newbie's Guide to GameFi: Learn about its Concept, Principles and P2E in under 3 mins

GameFi Tutorial

With the current hype of the metaverse and blockchain technology, more applications are being used to make dreams come true, combining the real world with virtual gaming for players to create an alter ego in another universe, even doing so in a GameFi to implement play-to-earn. This article will give you a take on what GameFi is and its differences with conventional online games to give you a better understanding to excel at it.

What is GameFi? Integrating Blockchain Applications for Monetization Purposes

GameFi is a combination of gaming and DeFi (decentralized finance), it is the integration of blockchain technology to create a systems that allows players to earn from playing games, players can complete missions, team battles and farm to earn rewards usually in the form of in-game currencies that can later on be exchanged into crypto or NFTs , depending on what the player's preference, implementing play-to-earn of earning in-game currencies and then converting it into real assets

What is the difference between GameFi and Conventional Online Gaming?

The biggest difference is the perpetuity of digital assets in GameFi. Due to its nature of applications of DeFi, being encrypted on the blockchain is extremely beneficial to the guarantee of security and transfer of assets into crypto, and due to decentralization, there is more parity because the system is not controlled by a single or handful of institutions, furthermore, NFT technology allows immutability so assets won't get confiscated or deleted and negates the possibility of assets being stolen or lost after putting in large amounts of time in farming, this mechanic also incentivizes players to keep on playing.

The other characteristic is the digital asset ownership aspect of GameFi, players can own different avatars, weapons, pets, real estate and items all in the form of NFTs and can be used to decorate their personal space and trade with others, enriching the interaction of the game.

GameFi Tutorial: 3 Easy Steps to Earn NFTs

What is GameFi

These are 3 easy steps to get you started on earning tokens via GameFi:

1. Register for a crypto wallet

This is the first thing you should do, either MetaMask or Qubic is fine, after you have a crypto wallet then you can begin managing your crypto assets instead of through exchanges like Binance or Max. Remember to keep a record of your Backup Phrases, the list of phrases acts as a secondary precaution password when logging in to your wallet account, and cannot be retrieved by clicking anyway unlike simply clicking "forgot password". Please be aware of scammers online and share your backup phrases with others.

2. Connect your wallet to a game

After you've registered for a wallet account, be sure to add an extension on your browser (Chrome, Edge, etc.) so you can access it when you visit a game's official website and simply connect your wallet on the same webpage without having to switch back and forth.

3. Trade Crypto

After connecting your wallet to the game, you can begin trading crypto either through a DEX (decentralized exchange) or swap on MetaMask. Just stay on the webpage and open up the MetaMask extension on your browser and you may begin importing tokens and conduct trading.

GameFi Recommendations | PARALAND: Truly Implementing Play-to-Earn

I'm sure most of you have a basic understanding of how gamefi works by now, so if you're interested in learning more about play-to-earn, why not check out PARALAND! Join now to experience territory rooting, team battles, land expansion and other game modes! Make your fantasies come true in AR while all your in-game earnings can be converted into real income!

Check out PARALAND on Facebook and Discord to get a hold of all the latest news!

Further Readings: Wanna earn an income from playing NFT games? PARALAND is offering Play-to-Earn! Play-to-Earn Newbie's Guide! Get to know what P2E is all about!