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DeFi has been around for a long time. However, through gaming cryptos, people have started to pay more attention. This article discusses how gaming cryptos will redefine DeFi.
DeFi has been the greatest gift of blockchain technology. Imagine unhindered access to your finances without an intermediary, an ecosystem where money flows transparently, and an earning system that is fair and rooted in tech. That said, the adoption of DeFi has been a major issue.
The reason is pretty simple: comprehension. The technical jargon surrounding the underlying terminologies of decentralized finance goes over the head of those that have only a passive interest in blockchain. Even if the benefits are visible to all, outsiders can’t see them because they can’t understand them.
Enters Gaming, an industry with enthusiasts on both sides of the blockchain fence. The crowd is particularly bullish about the play2earn opportunities that the blockchain gaming niche provides.
And it is slowly pushing those who have an interest into the DeFi ecosystem. In this article, we will touch upon how gaming cryptos are making DeFi more palatable for all.
GameFi: The Underlying Concept of all Gaming Cryptos
When it comes down to it, GameFi can be called a more accessible offshoot of DeFi.
On the one hand, you have DeFi or Decentralized Finance. An economic concept that involves token-based transactions to lend and borrow within the blockchain ecosystem. GameFi is a concept that consists of the development of decentralized applications or dApps with economic incentives.
While playing games and completing tasks was how play2earn systems were first introduced in GameFi, it has now evolved into trading on the NFT marketplaces, mining on virtual lands of others – even lending these lands to others to mine. It is the same concept as DeFi but in a gamified way.
For instance, Axie Infinity allows you to buy Axies and battle using them – taking home earnings in the form of SPL tokens. But these are winnings. On the other hand, you have The Sandbox, a metaverse that allows you to own a virtual land that you can use on your own or lease to brands or other companies.
Gaming Cryptos taking a more mature route to DeFi
In the above two examples, we saw how GameFi adopts the DeFi concepts and gamifies to make it more accessible to newcomers. As the understanding of these novices develops, they start to look for venues from which they can earn more profits. That’s when it becomes apparent that there is more money to be made by flipping these assets on the market – the NFT marketplace.
Most gaming cryptos are used in buying or trading the NFTs of the platform they belong. With AXS, you buy Axies, and through SAND, you buy virtual lands on The Sandbox. Sooner or later, it becomes more lucrative to sell these lands as NFTs on the in-house NFT marketplaces or secondary ones like Opensea.
But the concept of flipping in-game NFTs is not in the interest of most non-gaming crypto enthusiasts. However, they still like the fact that there is an ecosystem that allows them to put the NFTs to work.
That’s when gaming cryptos like Battle Infinity (IBAT) step in. Battle Infinity is a gaming platform that combines the non-glamorous aspects of DeFi like the DEX and integrates it seamlessly with the Battle Market – the in-game NFT marketplace, Battle Games, Battle Arena, and the IBAT Premier League.
The gaming platform goes ahead and also implements an In-game staking module known as Battle Staking – allowing gamers to stake their IBAT holdings and compound their earnings.
Checkout Battle Infinity Presale
The Crowd is Bullish about such Gaming cryptos
The presence of gaming cryptos like IBAT and Tamadoge has attracted many crypto enthusiasts. Battle Infinity is going through an 87-day presale and has raised 1.2 million dollars in little more than two weeks. Nearly 30% of the presale is complete, and it feels that the token is likely to reach its target before the last date.
Tamadoge is another play2earn crypto that takes inspiration from Dogecoin, but instead of being a vanity, it introduces a unique play2earn format – adding another use case. It is currently in the initial phase of its presale (beta sale).
Conclusion
DeFi is the foundation on which the cryptocurrency ecosystem stands. Now that gaming cryptos are getting the attention of the crowd, it is likely that many DeFi coins will integrate gamification elements. Thus, it can be said gaming cryptos are redefining DeFi.
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