The words decentralized finance and game, these two industries have been combined together and from this combination the GameFi sector was birthed. For many years in the past people have loved and enjoyed playing video games, times were a lot simpler when young kids could play games like Pac-Man, Super Mario or Pokemon were only played for entertainment reasons.
The gaming industry has presented an opportunity to gamers to make money through NFTs or cryptocurrencies. In spite of the popularity of blockchain gaming increasing worldwide, their trajectory has been stunned for a number of reasons. One of those reasons being that people tend to look at blockchain technology and NFTs as just random words that are thrown around often when talking about cryptocurrency.
Advantages of the GameFi Industry
The pros of the GameFi industry being, the possibility to make money through incentives, a market place which allows the trading of assets and also giving gamers ownership of their in-game items. Money can be made in lots of other ways, the most common way being trading blockchain tokens. If the GameFi sector can turn games that everyone enjoys playing into thriving economies, this could propel the industry to new heights.
New Platform Xchange Monster (MXCH)
The new and unique platform Xchange Monster (MXCH) is aiming to make its presence felt in the crypto gaming world. The Xchange Monster project is mainly driven by its will to give a unique crypto gaming platform that provides a number of solutions to the GameFi community and publishers.
Xchange Monster aims to be a one-stop crypto platform for both developers and the gaming community. The platform supports the storage of cryptocurrencies but beyond this, Xchange Monster offers other features such as the Monster Exchange which does exactly what its name suggests, it also offers a decentralized payment gateway called Monster Pay.
All services offered by Xchange Monster are completely regulated and standardized by one of the most trustworthy and respected regulators in Switzerland. Hence why in-game assets of the Xchange Monster gaming community are protected. Which also, helps Xchange Monster in lessening the likelihood of fraudulent activities, or cyber hacks that can potentially end in the loss of in-game assets. Gaining the trust of your users is paramount for the progression of your platform.
Join the Wonderful Platform Decentraland (MANA)
Decentraland is an Ethereum based metaverse that was presented to the public in January 2020. This metaverse project is governed by its participants scaled according to their investments in the platform. Users can customize their avatars in endless ways through their purchase of non fungible tokens by using up their MANA and begin their journey of exploring Decentraland.
One of this project’s outstanding characteristics is that the future of Decentraland lies within decisions made by its community. Hence, not only is this metaverse powered by a P2P technology implemented by the DAO creation Aragon, the community can vote on changes and improvements.
The only exception is the Security Advisory Board that must approve the decisions made by the community. Although this may seem like it discredits Decentraland’s decentralization, the board is made up of members voted by the community.
Final Thoughts
The GameFi is still an emerging concept and crypto experts and enthusiasts still have a few uncertainties and questions. Over time, as more and more game studios venture into the world of blockchain gaming, the mis-conceptions surrounding blockchain can be lifted and mass awareness can be created. Xchange Monster has a competent business model that supports easy generation of profit for consistent cash flow.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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