4 Key Terms for Blockchain Gaming

What Is Blockchain Gaming?

Many people worldwide recognize that there’s a real possibility to create value. Blockchain gaming is no different. The power of blockchain can create opportunities out of thin air, materializing concepts such as virtual economies and gaming economies.

4 Key Terms for Blockchain Gaming

1. Play-to-Earn

Play-to-earn’s number one term for blockchain gaming is one of the top ones. Compensation for players is through “in-games economics,” where users are free to buy and sell assets within the game.

2. Pay-To-Earn

Number two on the list, known as pay to earn, is where players pay upfront before entering the blockchain gaming world. The medium of exchange is usually an NFT, modeled off the classic play-to-earn video game structure. Players hope their digital assets will increase over time, leaving them a tidy profit once they’re ready to cash out.

3. GameFi

The play-to-earn and pay-to-earn models commonly fall under GameFi, a general term for blockchain gaming referring to earning cash while gaming. Typically, consumers won’t pay much for each transaction for buying and selling their digital assets, giving GameFi a big draw for players.

4. Asset Ownership In-Game

Last but not least, many blockchain gamers might be leery of entering the world of in-game assets, which aren’t removable from the specific game. In this case, when a gaming platform dies off and goes out of business, players lose everything.

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michaelpaulyn | Simplifying the World of Tech

michaelpaulyn | Simplifying the World of Tech

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Just a copywriter out to simplify the world of tech, one blog at a time. For more information, head to my website: michaelpaulyn.com/