GameFi is the marriage of gaming and finance. The concept of GameFi spawned from Decentralized Finance (DeFi), where users could employ varying utilities to grow their portfolios. Developers started considering utilizing the benefits of DeFi with gaming. The way GameFi is employed varies drastically, such as Crypto Cats uses simple token accruements that are sellable for money.
However, some projects such as K4Rally offer vast GameFi ecosystems with unparalleled utility. The utility includes staking, renting, play-to-earn (P2E) mechanics, competitive tournaments, earning, trading and improving assets, etc. Although, the most vital element of GameFi that makes it a revolutionary concept is that all assets go from digital items with no value to non-fungible tokens (NFTs) secured on the blockchain.
You may be wondering why a digital asset being non-fungible on a blockchain is revolutionary? A simple explanation is that it provides the player ownership and financial control over something otherwise digitally locked away and unowned. Here is a scenario: A competitive tournament gamer plays the game League of Legends eight hours a day, daily. The gamer’s efforts are so that he can win the tournament and his share of the prize money. The training and work are grueling for the payoff, and the time spent earns him nothing, except if he is lucky, some cosmetic items for his favorite character.
If this game was a P2E GameFi product, this scenario would be completely different. This competitive gamer would be rewarded cryptocurrency tokens each time they play, earning money for training. These tokens may also rise in value. Cosmetic items are now NFT, verified on the blockchain, safely stored, tradeable, and worth real money. This is a summary and scenario demonstrating how GameFi can change a game.
The above demonstrates why the gaming industry and gamers worldwide look towards GameFi as a revolution. Merging cryptocurrency, blockchain, and DeFi with gaming causes an evolution of the gaming industry, turning a hobby into a profit maker. The possibility of a gaming career is not just for competitive gamers, as even the casual gamer can get involved too(depending on the GameFi product).
One such product that empowers every gamer from competitive to casual is K4 Rally. K4 Rally GameFi features include: tournaments for daily and weekly $K4R token rewards, one-of-a-kind NFT trophies to celebrate achievements, exclusive NFT item drops, staking, NFT gaming, NFT race tracks, NFT cars, competitive gaming against players, non-competitive gaming against computers, asset farming, NFT renting, cross-chain, asset-bridging, and an NFT marketplace.
The wealth of use-case in K4Rally is the prime example of GameFi, as it provides unparalleled tools for the gamer to achieve financial freedom through their hobby. The game also features some more impressive graphics through the Unity3D engine. This extends to assets which are high-quality 3D renderings of real-life rally cars approved by their team of rally professionals (such as Johannes Keferböck).
The potential for K4 Rally is limitless as every facet offers different avenues to interact and earn throughout the ecosystem. For example, if a new player acquires their first NFT car, they keep racing and leveling it up. Eventually, this player may start competitive tournaments earning more lucrative rewards. This player obtains a second vehicle that they immediately fit with new NFT car parts they won prior. The player sells the spare parts on the marketplace and rents out the car to other players. This player gets P2E rewards from gameplay, tournament rewards, and passive income from the rented car. This gameplay example does not include features mentioned, such as staking, which would only increase this player’s revenue.
Thus GameFi has come a long way from simple P2E games that offer little rewards. Instead, the K4Rally ecosystem is tailor-made to provide countless opportunities to earn, play, and socialize. With high-quality products like K4 Rally, anyone can drift into the future of GameFi!
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2022/05/drifting-into-the-future-of-gamefi