GameFi
GameFi as the combination of video games (Gaming) and decentralized finance (DeFi). The technology used for this type of video game is blockchain technology, which allows players to be the sole and verified owners of the virtual elements of the game.
In traditional video games, the predominant model is “pay-to-win”, in which players must pay in order to gain an advantage, such as upgrading, reducing waiting time or buying a virtual object.
GameFi, on the other hand, introduces the “play-to-earn” model. In this case, players are the ones who make money thanks to their knowledge or the time invested.
It is important to highlight that in GameFi games users need more than just luck in order to win. The activities that generate rewards vary depending on the game, but in general they reward skills and require strategy.
GameFi is not gambling. The games we consider part of this emerging sector require players to leverage a mix of skill and strategy to generate income. Although luck may be a part of these games, it is not the predominant factor in determining who wins or is eligible for financial reward.
GameFi with DAOs
Typically, video game development has been highly centralized. A studio will design, produce and publish a title, taking sole responsibility for any future updates. However, many GameFi projects seek to extend decision-making to the players themselves.
The mechanism by which they achieve this is known as a decentralized autonomous organization. In a DAO, token holders can produce and vote on project update proposals. Often these proposals will have a direct impact on the title’s monetary features. For example, the DAO may vote to increase the reward for a certain action within the game as a means of promotion.
To join a GameFi DAO, you must first own a project’s governance token. Often, the number of tokens held is directly proportional to a member’s voting power. Essentially, the largest stakeholders have the loudest voices when it comes to steering a project’s direction.
‘woma city’ aim to be the leading NFT token out there, as much as the world is interested in playing video games and earning tokens at the same time, holders of NFT will be able to play 3D reality virtual games and still earn with it .
