GameFi brings decentralized finances to the gaming world, rewarding player engagement with NFTs or crypto prizes.
GameFi is divided into three components - Play to Earn, Real Asset Ownership, and Rewards through DeFi.
This article will look at how GameFi works and the various ways you can use it to sell gaming NFTs and cash out crypto in fiat.
In the crypto world, GameFi is a new direction that integrates decentralized finance and the best parts of gaming. The concept is simple; Players engage with their game and, in return, receive cryptocurrency rewards and NFT that they can cash out for profit. The more you play, the more tips you will get.
Over the past year, several GameFi projects and protocols have broken records and reached new levels in the market. The big crypto exchanges have also taken notice. For example, XANALIA NFT Marketplace recently launched its gaming initiative, including core in-game assets for many top gaming projects.
How Do GameFi Games Work?
GameFi is full of gamer-familiar mechanisms, such as gathering resources, unlocking achievements, and smoothing out character. In GameFi, players are rewarded with NFTs or game cryptocurrencies that they can use to upgrade their avatars and assets or be exchanged and sold with other players. However, there are three concepts that all game fi games rely on - Play to Earn, Asset Ownership, and D-Fi Rewards.
Play-to-Earn
Play to Earn is a new way of engaging Bootstrap Players, allowing players to earn real money by unlocking achievements and creating content. For more information about Play to Earn, you can read our complete guide (How to Use Play to Earn Games to Get Crypto and NFTs). The basic concept of Play to Earn empowers gamers and rewards them with NFTs or cryptocurrencies to complete game activities.
True Asset Ownership
Players can unlock 100% ownership of in-game NFT items, unlike traditional gaming. The use of NFTs makes property rights unchangeable, meaning everything is rare and unique. Players can sell their NFT items and even their NFT characters on secondary NFT markets such as XANALIA Marketplace for crypto.
Rewards Via DeFi
Some GameFi games also include DeFi reward mechanisms, such as production farming, liquidity mining, and stacking, which can generate passive income from playing games. For example, players can rent in-game NFTs to other players or participate in local blockchain in exchange for in-game crypto rewards.
Selling In-game NFTs and Cashing out Earnings
Selling NFTs within the game is different from selling any other digital asset. The only difference is that you have to deal with your NFTs first and convert your crypto into fiat.
Step 1: Open the NFT Asset page at XANALIA NFT Marketplace. Make sure you look at the collection section and click on the required NFT list. Next, click List NFT to select listing options for your NFT sale.
Step 2: Select the auction or set the price.
To auction, click on the highest bid option and set the minimum bid for your sale. Then, on the right, you can choose the cryptocurrency you want as payment.
For an instant sale, click Set Price. There is no bid for this option, which means you are setting a final price. On the right, you can choose the cryptocurrency you want as payment.
Step 3: Specify the date and time when your auction or sale of the fixed price will end, not limited to more than seven days from the listing time.
Step 4: Click Submit. The XANALIA team will manually review each NFT list to meet our standards. This process usually takes 4-8 hours.
PS Users who want to collect NFTs from an external platform like Ethereum can follow our step-by-step guide. Deposits are only possible for XANALIA NFT-approved smart contract addresses. Interested users can view the complete list.
Step 5: After your NFT is sold at XANALIA NFT Marketplace, you will receive crypto according to your set requirement it can be either BUSD, BNB, or ETH.
Step 6: You can trade your BUSD, BNB, or ETH in available Fiat pairs to cash out.
Step 7: After trading, you can immediately go to your Wallet> Fiat and Spot> Withdraw and select the available fiat withdrawal channels to cash out your earnings back to your bank accounts, etc.
Depending on your location, you will choose different Fiat withdrawal channels, such as card withdrawal, bank transfer, and third-party wallets.
Conclusion
With the recent announcement of Facebook's Metaverse, GameFi will continue to grow in popularity and adoption. If you want to get into GameFi, you can start accumulating assets in the game from XANALIA NFT's weekly IGO launches. Then, use your in-game purchases on different gaming platforms and cash out your GameFi rewards on balance.