Short for 'Game Finance', GameFi refers to the integration of blockchain technology and decentralized finance (DeFi) with gaming. GameFi combines the principles of cryptocurrency and blockchain with gaming, creating a new type of gaming experience that allows players to earn real-world value from their gaming activities.
In GameFi, players can earn digital assets such as non-fungible tokens (NFTs) or cryptocurrency by participating in games or completing various in-game challenges. These digital assets can be traded on cryptocurrency exchanges or used to purchase in-game items or services. GameFi also offers players a more decentralized and transparent gaming experience, where ownership and control of the game assets are distributed among the players rather than being controlled by a centralized entity.