Why the GameFi Protocol(GFP) would revolutionarise the GameFi Ecosystem
The evolution of GameFi
GameFi is a combination of the words; Game and Finance, it refers to the monetisation of video gaming.
It is a project that dates as far back as the early days of cryptocurrency with titles such as bomber mine and peer-to-peer which featured in gambit.com in 2013, it allowed users to monetize mainstream titles with BTC. But most recently it gained more wider usage begining in 2019 at the world blockchain conference in Whuzen, China when the founder of MixMarvel delivered a speech on how the technology underlying cryptocurrencies could revolutionize the video gaming industry.
The GameFi project is spontaneously growing, having seen a recent explosion in user volume by over 700% in the second quarter of 2021, recording huge success with projects such as the Axie Infinity, an NFT game project which have exceeded a total transaction volume of $1 billion.
The characteristics of Game Finance
The traditional GameFi ecosystem is mostly characterised by in-game currency, a marketplace, and a token economy, usually managed and governed by the community. This can be summarised into play-to-earn and asset Ownership models and the Decentralised Autonomous Organisation (DAO)
1. Play-to-earn : This model rewards players with real money or other rewards which can be earned by playing the games.The funds awarded in these play-to-earn titles typically originate from a reserve of native tokens held within a smart contract. The GameFi games rewards users with in-game currencies which can be swapped for other cryptocurrencies and fiat money.
2. Asset Ownership: Another striking feature of the gamafi is the asset Ownership, which implies that players can earn digital assets such as NFT's which can be monetised by trading, renting or selling in open market place.
3. Decentralised Autonomous Organisation (DAO): This model allows users to form a governance community that takes responsibility and make decision surrounding a project. Membership to this organisation is usually through the governance token of the project, and the voting power of a user is proportional to the token owned by the user.
What is the GameFi Protocol?
The Protocol Gamefi Protocol (GFP) is the world’s first game mining pool protocol, which aims to simultaneously build a GameFi aggregation platform and provide users with a low-threshold way to participate in investing in GameFi. The GFP is basically building a Metaverse revenue platform, linking strategic funders, game guilds, game developers, and Metaverse players.
What does GameFi Protocol Offer:
Just like the traditional GameFi ecosystem, the GameFi Protocol (GFP), also has an in game currency, the GFI which has been recently listed on PancakeSwap. The $GFI is the governance token of the GFP, Owners of this token form the Decentralised Autonomous Organisation (DAO), and conduct governance of the GFP.
However in addition to this, the GFP has set out to solve some major challenges plaguing or bound to plague the GameFi ecosystem which includes;
1. Low threshold to invest in GameFi: The traditional GameFi ecosystem is already complex, and with more and more projects coming up, the requirements for professional players become higher, thereby increasing the cost of player selection, the GFP relatively reduces the cost of players to participate in GameFi games. GFP acts as an "open fund'', this implies that users do not need to be approved by anyone to access GFP, nor are there professional threshold restrictions
2. Opportunity for less experienced players: Ordinary players who lack playing expertise usually have a low ROI or even losses, due to the difficulty encountered with playing with professional players, the GFP model however allows ordinary users who lack the expertise but are interested in GameFi to participate and make profits by allocating users with digital assets, these digital assets are allocated into a stable DeFi fund, which hedges the systematic risk of the market and guarantees the stability of ROI.
3. Other Features: The GFP also introduces a variety of innovative revenue models such as vault, liquidity mining, and stagging, which provides users with diverse means to capture value.
The market needs an advanced models of GameFi projects . The GFP is a revolutionary project which not only to reduce the cost of players to participate in GameFi games, but also to allow ordinary users with almost zero experience to participate and make profits. Such a development would indeed expand the revenue boundary of GameFi.