GameFi

The word GameFi is a combination of two words: Game and Finance. The words Game and finance refer to online gaming and decentralized finance, respectively. GameFi allows people to earn valuable rewards in real life while playing, unlike traditional games, where the assets and rewards earned are useless in the real world.

This format of gaming is famously known as a play-to-earn model game. Three significant factors are essential in GameFi’s working mechanism: The play-to-earn mechanism, decentralized finance, and non-fungible tokens (NFTs).