How GameFi Contributes to the Growth of Crypto and NFTs?

Gamefi

The GameFi industry has been one of the most prominent drivers of the crypto industry over the past couple of years. Gamers can earn rewards while playing with GameFi, a portmanteau of gaming and finance.

A token market cap of approximately $9.2 billion represents the market’s steady growth. Despite the crypto winter, GameFi networks continue to thrive. By 2031, the industry will be valued at $74.2 billion.

Players are rewarded in different ways in GameFi ecosystems based on blockchain technology. An NFT is usually rewarded and can be traded on major exchanges. Diversifying the user experience is made possible by virtual lands, costumes, and weapons.

The free games, so players do not have to spend any money on them. However, progress can be curtailed due to the lack of assets to compete successfully. As such, gamers are sometimes compelled to purchase in-game items to advance to top levels where they can obtain more significant rewards.

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