FAQ

FREQUENTLY ASKED QUESTIONS

What is GameFi‌?

GameFi is a combination of the words Game and Finance. It refers to play-to-earn blockchain games that provide economic incentives to players. The GameFi ecosystem uses cryptocurrency, non-fungible tokens (NFTs) and blockchain technology to create a virtual gaming environment. Typically, players can earn in-game rewards by completing tasks, battling with other players or progressing through various game.

What is an NFT?

An NFT is a unique, immutable, and verifiable representation of a physical or digital item on a blockchain. This technology allows important concepts of physical ownership, such as provenance and authentication, to be transferred digitally. In video games, NFTs also open up the potential for in-game assets to be interoperable with a range of different games and platforms.

What is the Metaverse?

The Metaverse refers to an expansive, interconnected virtual world wherein people can recreate many of the things they do in real life and more. These activities include building, buying, selling, owning, socializing, entertaining, working, learning, and so on. The Metaverse is available to anyone who would want to enter it, which can open up opportunities to people from all parts of the world regardless of race, gender, and socio-economic status.

What is a DAO?

A decentralized autonomous organization, or DAO, is a blockchain-based protocol with rules enforced by smart contracts, which are programs stored on a blockchain that run when predetermined conditions are met. DAOs can have several purposes, but their main function is to provide an automated way to carry out governance decisions voted on by its members using a governance token. A DAO’s activities are borderless and entirely transparent through the blockchain.

What is Play-to-Earn?

Play-to-earn is a new category in video gaming that rewards players for winning battles and completing tasks with tokens or other cryptocurrency-based rewards, which they are free to use in-game or trade on an open market. This represents an important shift in the gaming world, which has traditionally kept in-game assets confined to centralized platforms that did not allow transferring those assets externally.