Blockchain News
GameFi vs. Blockchain Gaming
Gamified Finance, or GameFi, is a different concept from blockchain gaming altogether, but is mostly used interchangeably within the space.
GameFi has been the term mostly used in the crypto space to describe Web3 gaming since the industry boomed in 2021. The word evolved from the previous concept of Decentralized Finance, or DeFi, which describes financial protocols built on the blockchain, like exchanges, staking and lending protocols.
Since gaming protocols started to yield financial incentives thanks to the PlaytoEarn boom, the community started to call this new field GameFi. However, the PlayToEarn concept started to change to PlayAndOwn as the economic sustainability of the prior model was put into question. The change also meant that some members of the community don’t think that “GameFi,” as a term, captures the true essence of newer gaming projects.
One of these community members is Aleksander Larsen, Axie Infinity’s Co-Founder:...
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