NFT and GameFi: MetaGear’s Foundation
In the world of cryptocurrency, GameFi and NFTs have continued to take the world by storm. It is no doubt that nonfungible tokens (NFTs) have come a long way since their humble beginnings when they entered the limelight with the launch of CryptoPunks, the first “digital art marketplace” in the world. At the time, NFTs meant very little beyond the community of blockchain enthusiasts. Now, it is estimated that upwards of 80,000 NFTs were traded in a given week in 2020.
But, where did this growth come from?
One of the major reasons for NFT growth is the industry’s ability to transform value for creators, which is seen in new use cases such as video games, more commonly known as GameFi.
GameFi, representing the combination of decentralized finance (DeFi) and gaming, operates under a play-to-earn model instead of play-to-win. What truly differentiates these two gaming models is the concept of financial incentives being distributed through gameplay and progress through games.
Users can gain earning potential by dedicating time leveling up and improving their machines, with all the data being stored in the blockchain. For this reason, players have an added benefit in that they, not the gaming operator, own all assets. So any in-game assets are still in their possession even when a server is turned off. For these reasons, crypto games are more than entertainment. They can even be ways to earn real money while playing. As a result, MetaGear seeks to further merge the NFTs and GameFi on the Binance Smart Chain (BSC).
The in-game economy is operated according to free-market principles, through commodity trading (NFTs). Each player is the owner and publisher of the NFT through gaming. Each NFT is unique and valued by the player.
$GEAR is the main currency in the MetaGear ecosystem, used to trade NFTs throughout the economy.
Further information about the company and the project can be found at:
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