Two words: gaming and decentralized finance make up the acronym GameFi (DeFi). Play-to-earn (P2E) games are another term for this type of game.
There are a number of decentralized financial products, such as non-fungible tokens (NFTs), yield farming, borrowing and lending, algorithmic stablecoins, etc. that make up the GameFi concept.
On September 10th, 2020, Andre Conje, the father of DeFi, tweeted the term “GameFi.” It is now possible for gamers to earn money while they play, which has opened the crypto space to new players and revolutionized traditional gaming.
The concept of GameFi has shown the world a new use case for cryptocurrencies by developing an economic model for making money while playing. The absence of a centralized authority in the GameFi ecosystem is a major factor in its popularity. Because of this, players can buy, sell, and trade digital assets with no additional fees thanks to the underlying blockchain technology.