Mar 12, 2022

GameFi – The Place of Gaming and Finance in Blockchain

As the first platform in the world that is IDShare-based, and a pioneer with new blockchain technology, Welups brings an entirely new revolution to the Blockchain Identity Management and NFT and digital asset management. This is for the creation of a truly decentralized internet, ecommerce and life services. 

$WELUPS links its entire ecosystem with many applications powering transactions and applications on the blockchain. It is a crypto that has been designed to provide a more reliable solution for cross border payments for the convenience of banks and other payment providers. As part of its efforts towards embracing GameFi, Welups has created the Moongle platform on its blockchain. 

Welups’ Moongle platform was designed with the intention that it becomes encrypted for the storage of every kind of NFT assets on Welups Blockchain. Together, the two platforms are poised to become an ecosystem with very huge potential for every startup to develop their DApps such as NFT, GameFi, DeFi, and Marketplace among other provisions. 

The Place of Gaming and Finance in Blockchain

The gaming industry is continuously changing. For instance, even if you are not a video game enthusiast, the evolution of graphics in the gaming space is huge. This and many other reasons position blockchain as the potential next big evolution of the gaming industry. This is popular opinion among experts, who support that with reasons centered on its liquidity score and the fact that gamers are used to implementing blockchain in gaming (tokenization). 

Additionally, with more games allowing players to purchase game-based products with virtual as well as fiat currency, experts insist that blockchain is one of the most effective means to regulating this kind of trading. This adds to the endless list of opportunities for blockchain as a moving force in the gaming ecosystem.

Blockchain as a source for opportunities and rewards

Safety in gaming: As gaming is a lucrative world, it is expected that the industry is a target for fraud. From fraudulent sites to account takeovers, security is a huge factor for consideration. Similar to blockchain-based trading, blockchain gaming can guarantee a safer experience. At the same time, it is commonplace that blockchain technology is almost immune to hacking. With blockchain offering high security levels, an increasing number of gamers and developers are open to exploring its potential in the gaming ecosystem. 

Blockchain being decentralized offers a lot of transparency. In the absence of a centralized authority, developers and gamers alike can be able to track data, an action that will lead to increased levels of trust and customer loyalty. 

More control and satisfaction in gaming: With higher levels of safety and transparency, users will demonstrate more openness for adapting to the world of blockchain in gaming. At the same time, the presence of more gamers will increase the value of blockchain technology, which will in turn benefit crypto trading. 

The advent of smart contracts will further enhance safety, satisfaction by users, and most importantly give users a sense of control. Gamers will have control of their personal as well as financial data, something that is held in high regard in a tech-driven era.

Changing the nature of in-game assets: As there is more control and regulation in the gaming ecosystem, blockchain technology has transcended into in-game asset ownership. Users are able to trade rare assets as well as make sizable profits credit to true digital ownership. This is one of the most valuable features of blockchain enabled gaming. 

Blockchain is an assurance of transparency which means there is no trading in the grey space. The technology also reserves the potential for increasing purchases by making it possible to transfer assets from one game to the next. 

Research reveals that up to 84% of developers would develop in-game products if the products are transferable. Other studies suggest that 62% of gamers would invest in transferable products. Interestingly, blockchain technology makes it possible to buy as well as store assets in the crypto wallet

Supporting interoperability profiles for gamers: There are many reasons behind the witnessed growth in blockchain technology. It has the potential for making cross-platform transactions where users can take their public address from one game and use it in the next.

About Welups:

Welups is a Dubai-based organization and the first blockchain-based Identity platform in the digital world for identity verified social media applications, digital banking, credit services, entertainment and all of the other key services for a future society in the digital world. The platform has been designed and structured to be compatible with a broad variety of other technical solutions.

Welups is specializing in innovations in the area of Blockchain Identity Management, NFT, and digital asset management. This is due to the project’s commitment to enabling the establishment of a totally decentralized internet, e-commerce, and life services.

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