Understanding GameFi: An introduction to the P2E universe and UFO Gaming
The term GameFi is a combination of two words: gaming and decentralized finance (DeFi). More popularly referred to as play-to-earn (P2E) gaming, the term was first used by DeFi founder Andre Cronje in 2020 and has caught on quickly. UFO Gaming is just one example of GameFi’s infinite potential.
The basic principles of GameFi allow its users to earn cryptocurrency and non-fungible tokens (NFTs), all while playing online games. Its use case has proved to be profound: a growing market of players worldwide now rely on these games to earn their full-time living wages.
GameFi Success Case Study: UFO Gaming
Audited by Hacken, UFO Gaming is a fully decentralized social gaming platform built on the Ethereum blockchain but utilizing a multichain ecosystem for its in-house games. Its gameplay places players within the ‘Dark Metaverse’, a closed-loop ecosystem consisting of different P2E games.
Super Galactic is their first launch – gamers can form clans, mint characters, and complete quests in an RPG-style space game. UFO Gaming has received a lot of interest as a blockchain project because, unlike other models, the Dark Metaverse is not confined to just one chain.
Dubbing it ‘chain agnosticism’, UFO will cover a broad genre of games and different niches of L1 and L2s. The UFO ($UFO) token has a number of uses within the Dark Metaverse ecosystem. It is the main token used to reward players for their success and in-game engagement.
$UFO entitles players to earn Plasma Points, redeem Genesis UFOeps, which are required to play Super Galactic, and earn UAP, which can be used to purchase, trade, and fuse (breed) NFTs inside of the game. UFO is also used to participate in the game’s governance via the UFO decentralized autonomous organization (DAO).
How Does UFO Gaming Work?
While UFO Gaming might contain some blockchain elements, its primary mission is to provide a gaming universe that taps into the true potential of the P2E industry. It is supported through a range of DeFi applications, which include staking and farming opportunities.
Players can roam the Dark Metaverse, generate in-game assets such as skins, armor, and weapons, which can then be used in-game to complete different quests. Gamers can purchase Virtual Land, treated as NFTs in the game, staked to earn rewards from the game’s revenue.
The largest landowners of each planet within the Dark Metaverse are known as the ‘Eternals’, and have voting rights for metaverse direction and earn the largest share of rewards per land plot.
What Makes UFO Gaming Unique?
Unlike most GameFi platforms, UFO Gaming is looking to build a 3D virtual world with a play-to-earn economy that will comprise multiple different P2E games within its universe. UFO Gaming offers players a complex and visually engaging alternative from the typical P2E offering as a collaborative ecosystem.
Unlike traditional games, no centralized authority governs the GameFi ecosystem. It operates using low-fee transactions, redefining the concept of ownership and empowering the users who keep the platform running.
GameFi is redefining the way we think of blockchain today, and UFO Gaming is helping move along with the revolution. Bring on the Dark Metaverse.