The gaming industry is one of the fastest growing markets in the world, but it can be difficult to keep up with all of the new game releases and technology advancements. That’s why we’ve created this guide to help you learn more about GameFi and how it compares to Metaverse, another game-related cryptocurrency project.
By understanding both projects, you’ll be equipped with the knowledge you need to decide whether or not investing in either (or both) makes sense for your portfolio.
GameFi Vs. Metaverse: What Are The Differences?
The main difference between them is that Metaverse is a blockchain-based virtual world where you can buy, sell and trade digital assets, while GameFi is a blockchain-based gaming platform where you can play games and earn rewards.
Metaverse is an open-source blockchain that aims to create an interconnected world of value by building decentralized applications (dApps) on its platform. It was founded by Eric Gu in 2016 as an Ethereum-derived smart contract protocol with the goal of creating a digital space wherein users can create new value through their imagination and creativity.
As such, it allows for the digitization of physical items such as homes or cars using its stable currency called ETPs (Esther Token).
What is GameFi
GameFi is a mobile gaming platform that allows players to connect their smartphones to any game console. Using GameFi, gamers can bring all of their favorite games with them wherever they go.
The GameFi ecosystem is composed of three unique components:
- A mobile app that uses peer-to-peer technology to connect your phone to any video game console and display the content on your phone screen in real time;
- A blockchain component that allows users to play games without being charged fees by third parties; and
- Software development kits (SDKs) which allow developers around the world who are building games for iOS or Android platforms (or both) to integrate with the GameFi ecosystem at no cost so long as they share ad revenue generated from users viewing ads displayed within those apps’ interfaces during gameplay sessions.”
What is Metaverse
Metaverse is a decentralized network of digital assets, including avatars, identity information, and cryptocurrency.
The platform was developed by the Metaverse Foundation in 2017 as an open-source blockchain platform based on the Ethereum protocol.
This means that anyone with access to the internet can use Metaverse to create and manage virtual identities and their corresponding value tokens.
What came first, Metaverse or GameFi?
Metaverse is a blockchain platform that allows users to create and trade digital assets. The platform was created in 2017, with its native token (ETP) being launched in December of the same year.
The GameFi ecosystem has been designed specifically for gamers who wish to play their favorite games using cryptocurrency. Users are able to buy games, earn rewards from developers and also participate in tournaments on the platform which gives them access to exclusive content as well as rewards.
Is GameFi Part of the Metaverse?
The term “Metaverse” is actually a property of the company Metaverse, which developed a blockchain-based virtual reality platform. The Metaverse project began in 2016 and has been slowly growing ever since. The goal of this platform is to create a decentralized network where all digital assets are stored in their own blockchains (similar to Bitcoin).
It also allows users to interact with other users through their avatars and create communities on the platform where they can share content and connect with others who share similar interests. The metaverse is considered by some people to be synonymous with the entire universe but others use it as an umbrella term for all virtual reality platforms like GameFi or Facebook Spaces (which is owned by Facebook).
Why GameFi & the Metaverse are Co-Dependent
The relationship between GameFi and Metaverse is a symbiotic one.
Both projects are dependent on each other for their success.
Users can create 3D characters with customizable outfits and accessories and interact with others using chat features such as emoji icons or avatars. This is all possible because it’s built on top of Ethereum, one of the most popular public blockchains today.
How to Invest in GameFi?
There are multiple ways to buy GameFi coins. You can buy them using fiat money, cryptocurrency or PayPal.
- If you want to purchase GameFi with fiat currency, you need to go through an exchange platform like KuCoin. Users can deposit USD on their exchange account and then transfer it to another exchange platform like Poloniex which supports XRP as well as ETH and USDT trading pairs like VRA USDT and ALBT USDT.
From there, they can trade BTC for ETH and finally use ETH in order to make a purchase of GameFic tokens by sending them from KuCoin (an ERC20 compatible wallet) into their personal wallet address at Poloniex (ERC20 compatible wallet).
- If you want to purchase GameFi with cryptocurrency such as BTC or LTC, then the process is very similar except that the user must first convert their fiat currency into either BTC or LTC before depositing it into an exchange where they will be able to trade directly into Etherum based tokens (ERC20).