Thread by @GamefiGuide

🐲 Are YOU ready to become a GameFi Champion? 🐲

Players have already earned $ Millions from GameFi,
& the GameFi Revolution has only just begun.

What is GameFi & How is it Transforming Gaming? 🤔

🧵A Thread🧵Let's find out.👇

1/22

In this thread we will cover

• What is GameFi?
• Types of GameFi
• Common Confusion
• Benefits of GameFi
• Improvements to be Made
• An Extra Bonus

2/22

🧿 What is GameFi?

Initially, GameFi was created from the combo of the words
Games & Finance.

But it is much much more than this.

3/22

🔸Many early versions of GameFi were simply DeFi protocols with light game design overlayed on top of them.

But as with everything things can evolve with time & focus.

4/22

🔸We view GameFi as an overarching term that represents Web3 Gaming as a whole.

This includes Games that utilize ANY or ALL of these elements:

• Blockchain Technology
• NFTs
• Cryptocurrencies / Tokens

5/22

🔸GameFi allows for player ownership through in-game items being turned into NFTs.

This ownership allows players to create & earn value within a game and trade it outside of that game if they wish.

6/22

🔸For Example:

Imagine you bought skins in Dota 2 but want to play RuneScape.

If both games used NFTs, you'd be able to sell or trade your NFT skins for items or gold in RuneScape.

Without the risk of getting banned or having to trust an anonymous person on the internet.

7/22

🧿 Types of GameFi we've seen so far:

• Play to Earn
• Play & Earn
• Play to Own
• Play & Own
• Rent to Own
• Rent & Earn

There will be many different types of Games made under the umbrella of GameFi and we are still waiting to find the best one.

8/22

🧿 Common Confusion about GameFi

❌ All GameFi Games have crypto tokens in them
❌ GameFi is only focused on earning.
❌ GameFi is all hype & ponzinomics
❌ GameFi is the same as DeFi

9/22

🔸While many of these above points have been true for many early projects in the space, that is now completely shifting.

As with the internet & any new technology in an innovative space there will be GOOD & BAD actors within.

We're here to guide you through them.

10/22

🔸In reality GameFi Games:

✅ Can have NO crypto tokens
✅ CAN focus on building FUN games
✅ Give ownership back to the players
✅ Can be high quality games with all the benefits of Web3
✅ Allow Gamers to earn for their efforts
✅ Will unlock the next level of Gaming

11/22

🔸GameFi represents the shift from game studios owning all of your assets to player ownership.

It allows you to own your gameplay and do with it as you wish.

Trade your game items for different NFTs, cryptocurrencies, fiat cash (government money) or whatever you'd like.

12/22

🔸Blockchain technology & NFTs allow players to own actual items, land, characters & much more within games.

Because of this new level of ownership, there is naturally a financial market price for each item due to the economic principles of supply and demand.

13/22

🔸Regardless of if there is an in-game token or not if a Game has NFTs in it, then those NFTs can be traded for other cryptocurrencies, stable coins or fiat cash aka government issued money.

14/22

🔸Meaning the game has underlying real world financial value as its items are able to be exchanged as the players wish.

It’s important to acknowledge that these items & tokens have real world values so players can make calculated decisions based on this data.

15/22

🔸If we ignore this fact it can put players in potentially dangerous positions by not understanding what they are dealing with.

While finding success in GameFi can be so so sweet, losing an item or getting scammed in it can be just as painful.

16/22

🧿 What can GameFi Games do to Improve?

• Build FUN games first
• Build Community
• Innovate
• Deep Game Theory
• Improve Storytelling
• Reduce the barrier of entry
• Only add tokens IF necessary
• In-game Token Utility
• Don't rely on hype
• Educate players

17/22

This is an intro thread about GameFi, I will be going much more in depth on future threads but just want everyone to understands the basics of it first.

Make sure to Follow @GamefiGuide for our next thread if you want to know one of the biggest elements of a game.

18/22

Is there anything I missed?

Do you agree / disagree?

I want to hear your thoughts!👇

19/22

Thanks again for taking the time to read this thread. 💜

There's 2 things I ask you for in support of this content.

1. Go to the top tweet & retweet it for awareness
2. Follow @GamefiGuide for more value packed content

20/22

🧿 Extra Bonus

In light of recent events in the Crypto Twitter space. We've put together a Free Crypto & NFT Security course on gumroad.

You can get it by going to our Linktree on our twitter profile. ✅

Stay safe out there frens. 🔒

21/22

Thanks again to @NFT_GOD & @champtgram for putting on their weekly spaces on Monday night to spark this whole thing.

Any feedback is greatly appreciated. #LFGrow

22/22