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The importance of NFTs in GameFi

6 August, 2022

In older video games, gamers got nothing but amusement while publishers and developers made money. However, the current use of cryptocurrencies and NFTs in the gaming industry allows both gamers and producers to make money, transforming the gaming industry as a whole and causing a change in ownership.

Characters or assets used as NFTs can be traded or recycled to create rarer NFTs. NFTs’ primary function in GameFi is as a means of income for users. The amount of NFT in-game trading reached an all-time high in 2021, helping investments made with blockchain gaming domains to surpass $1 billion.

Now we can see the crucial role NFTs play in the future of the Metaverse from the investments raised by blockchain gaming domains in the past year. And that’s not all because when players earn NFTs, they can use these NFTs to purchase properties, artworks, or music videos on Metaverse platforms. Hence the connection between NFTs, GameFi, and the Metaverse as you can earn NFTs from GameFi’s P2E and use them to purchase other digital assets in the Metaverse.

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