Among the trending elements in the crypto ecosystem today is GameFi, bringing forth a unique mix of the old-fashioned thrill associated with winning prizes, and the modern day advancements in crypto called DeFi. GameFi positions players to be able to trade, lend or rent out their winnings while at the same time reserving the ability to use them as collateral for borrowing.
Blockchain technology is a hot topic today, serving as an open distributed ledger guaranteeing security as well as transparency. The technology is the foundation of most crypto projects and reserves the potential to transform the trading space and the whole world in the process. The gaming industry is among the spaces where blockchain can deliver real changes alongside other value adding innovations.
GameFi and its relationship to decentralized finance (DeFi)
As a field, decentralized finance is a space where token-based transactions such as lending and borrowing occur on the blockchain. In its most common use, GameFi, short for Gaming Finance, refers to decentralized applications (dapps) that have economic incentives. They generally entail tokens that are given as rewards for the performance of tasks related to the game like victory in battle, mining valuable resources or successfully growing digital crops.
GameFi is also synonymous with play-to-earn, and in most GameFi apps, users can earn money passively by allowing others to mine their digital lands. It is also possible to earn interest through other DeFi-developed techniques. Other applications for DeFi include what has been used by Welups blockchain to develop users’ individual digital identities.
The potential for gaming and finance to converge significantly hinges on the video gaming space. While the global video game industry recorded $178 billion in 2021, pundits say that by 2025 the video gaming industry will attain a value of almost $268 billion.
The notable potential for profit in the online gaming space stands as the primary reason for the popularity of concepts such as GameFi. There have been many DeFi projects like the Welups project, which have been able to turn the tide around through the introduction of decentralization in social media.
Moreover, Welups is an identity blockchain platform for digital citizens. $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.
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.