The GameFi sector has achieved unprecedented growth over the past couple of years and is attracting investors.
The crypto industry has grown tremendously over the past couple of years, and one of its biggest drivers is the GameFi industry.
GameFi — a portmanteau of gaming and finance — enables gamers to earn rewards while playing.
The market has been growing steadily and presently has a token market cap of approximately $9.2 billion. Notably, GameFi networks have continued to thrive despite the crypto winter. Indeed, the industry is forecasted to reach a $74.2 billion valuation by 2031.
How GameFi networks work
GameFi ecosystems are based on blockchain technology and use different in-game economic setups to reward players. The rewards are usually in the form of nonfungible tokens (NFTs) that are tradable on major marketplaces. The items are typically in the form of virtual lands, costumes and weapons and are instrumental in diversifying user experiences.
The difference in gaming...
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