What is NFT?
NFT is short for Non-Fungible Token, a unique and non-interchangeable unit of data stored on a blockchain. Because of these features, NFTs have been applied in many areas in real life, such as in-game asset, digital art and ticket. In addition, NFT has great value for collection, high liquidity and great potential to appreciate in value, which make it very popular in marketplaces. Besides, in-game NFT props have a longer lifetime and deliver a great gaming experience.
To put it simply:
When NFT is used in games, its biggest difference from props in traditional games lies in that NFTs offer permanent ownership.
In traditional games, game companies and publishers take ownership. In-game assets are easily influenced by the decision of specific organizations or get lost due to server suspension and ban. Moreover, the price of NFT is determined by publishers instead of the market.
While in blockchain games, NFTs are unique and their data is stored on the chain. The price of NFT is determined by the market, without the interference of centralized organizations.
GameFi — also known as “Play-to-Earn” — is the marriage of gaming and blockchain-powered financialization. It introduces decentralized financial products in games, applies DeFi rules in games, and makes in-game props NFTs. Generally speaking, the props in blockchain games are assets and players can take advantage of them to get revenue.
SocialFi is the combination of Social and Finance. The fusion of two turns social behaviors into money. SocialFi decentralizes social economy and allows publishers to directly connect with users by tokens. In turn, users can get what they deserve through the financialization and tokenization of their social influence. GameFi is designed to attract people to metaverse, while SocialFi enriches the parallel world for users to generate, play and socialize, accelerating the development of metaverse. The rise of new social networks and their SocialFi integration is probably one of the best uses of blockchain technology and could be at the helm of mass adoption.
As mentioned above, GameFi refreshes our understanding of games and online games have been given with new significance. Today, the integration of DeFi, GameFi and SocialFi has given birth to a new concept "Fi+“, getting closer to the ideal metaverse games. With Web 3.0, more and more newcomers will be attracted to this parallel world by transparent system rules, balanced resources allocation, decentralized data management, real interaction in virtual world, and social entertainment in the game. You would travel the vast interstellar space with many players, finding pleasure in BovineVerse.
The combination of DeFi, GameFi and SocialFi is bound to create a new wave of innovation for the metaverse.