GameFi’s profit model
Games are considered to be the most direct and largest application scenario of the metaverse. Looking back at 2021, the metaverse was first popularized by metaverse games, because games, especially blockchain games (GameFi), have solved most NFTs and metaverse concepts that have no application scenarios and value that cannot be realized to a certain extent. Pain points, and attracted a large number of players with the “Play-to-Earn” (playing games and making money) model.
When many people questioned the illusoryness of the Metaverse and NFTs, the “gamified finance” business of GameFi has been successful.
According to statistics, in 2021, there will be more than 544 GameFi game-type applications, which can be said to have increased sharply compared with 200 in the previous year, and it is increasing every month.
What is the profit model of this new thing called “GameFi” gamified finance? Why can people make real money by playing games?
When the blockchain is added to traditional games, a long-term pain point can be solved: the virtual items that players spend a lot of effort in the game, such as brushing equipment, obtained treasures, etc., may be lost because one day the game platform stops changing. Close, and the player’s effort is gone. Players are often disappointed and do not want to play the game anymore.
If the equipment created by the player in the game can be resold online through NFT, it can circulate and create value. In addition, game companies can not only attract players, but also raise funds to make the game better by issuing game-specific virtual currency.
In the past, the practice of buying and selling virtual items in the game between players was not new, but it was only limited to the game platform. However, after the introduction of blockchain technology, players can buy and sell virtual items in the game in the form of NFTs on public exchanges; or trade virtual currencies in their hands on exchanges, and even deposit virtual currencies for interest. , in order to attract more people to join, and finally form the economic system of the virtual world.
Therefore, the model of gamified finance-GameFi means that the virtual items and virtual assets in the previous games can be circulated and traded, so that they can be realized.
Pacific is a decentralized NFT marketplace and an integrated platform for metaverse/GameFi assets. The project has received endorsement from some of the most eminent institutions and investors, including the Web3.0 Foundation, NGC, Gate.io, Krypital Group, PAKA, Candaq etc.