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  • What Is Gamefi And How Will It Evolve In The Gaming Industry?

    Published on July 1, 2022

    Gamefi is essentially the combination of Gaming and Finance. The phrase has become a popular term in the crypto space. It is a way to describe the gamification of the working system creating profit from playing play-to-earn crypto games.

    GameFi projects operate on the blockchain. Most in-game objects in the Gamefi are NFTs.

    Having NFT’s enables players to have certifiable ownership of their in-game items. In contrast to traditional games where users play to win, Gamefi adopts a play-to-earn model. Items such as plots of land, costumes, avatars, weapons, and gold bars. When players accumulate items during gameplay, Gamers can trade these in digital marketplaces for different NFTs or sell them in exchange for cryptocurrency.

    Depending on the game played, users can increase their earnings by dedicating time to levelling up and improving their characters, creating monetised structures on their land that other gamers can pay to use, or competing against others in tournaments. To keep a record of player ownership all cryptocurrency transaction data is stored on a public blockchain.

    Some Gamefi projects include Defi elements, staking where players can lock away tokens to earn interest and other rewards. They can also save to purchase other in-game items and unlock new game content.

    The Xchange Monster (MXCH) effect

    Xchange Monster is making strides to increase the adoption of Gamefi. The platform is helping the gaming community understand crypto by improving the communication between game developers and players while making the blockchain gaming user experience more enticing. The objective is to enable simple trading of in-game assets to give gamers added reassurance.

    Xchange Monster aims to revolutionise the gaming industry, bringing added value to blockchain gaming and focusing on improving the gaming experience. With Gamefi still in its infancy, there are many aspects of the sector that need improving. Xchange Monster is working on closing the gap between the gameplay of traditional games without letting go of the desired traits of Gamefi.

    The combination of the gaming community and the web 3.0 revolution has the potential to unlock the gaming community. The platform will be another way to educate and inspire players to monetise gaming.

    Xchange Monster (MXCH)has a DOXXED team. They are open to the public eye, so it can be proven that they are experienced individuals. The team possess high-quality experience, working for blue-chip companies such as AWS, Siemens, and Microsoft. The CEO, Felix Honigwachs, is an entrepreneur with a background in software engineering and product management. He states in the company whitepaper that he aims to “guide the global organisation through conscious leadership”.

    Xchange Monster also benefits from being a fully-regulated platform by the most trusted and recognised regulators in Switzerland. They currently have a membership with the VQF, which is under the supervision of The Swiss Financial Authority. A well-secured crypto ecosystem allows the project to tap into the Gamefi market and promote its growth and development.

    It’s easy to see how Gamefi will attract gamers by combining financial incentives with entertainment. As the popularity of blockchain games increases, we are likely to see an increasing number of traditional gamers migrate to the cryptocurrency space. Xchange Monster seems to have a service that will significantly improve the current capabilities of the crypto-gaming industry.

    Presale: https://xchangemonster.boostx.finance/register

    Website: https://xchangemonster.com/

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