THINGS YOU MAY NOT KNOW ABOUT “GAMEFI”

Play Bingo Family Game for a long time but you might not notice the slogan “Let’s Bingo Family and Earn”. It comes from the term “GameFi” below. So what does it mean? Let’s talk about it:

Things you may not know about GameFi. Design by Bingo F. team

WHAT IS GAMEFI?

The term GameFi is a combination of Game and DeFi, which is a gamified financial sector where users can make profits by playing games. Part of it is “gaming”, but at its core, “finance” is the most important thing for users.

GAMEFI TERMS

• COIN AND TOKEN: Coin is a cryptocurrency that has its own blockchain, the token must depend on the blockchain of another coin. In GameFi, there are usually 2 types of tokens: Admin tokens used to perform trading and exchange activities and a type of token used as in-game currency.
• NFT (Non-Fungible Token): NFT (Non-fungible token) is a non-fungible token. In GameFi it is used to represent unique items in the game.
• Free to play/F2P: No money to join the game.
• Pay to play/Pay to win/P2W: Losing money to be able to join the game.
• Play to earn: Play to earn money.
• AMA (Ask me Anything): An online event where the community will ask questions and the publisher will answer. It can be livestream on Youtube, Facebook or live via Telegram/Discord.
• DAO (Decentralized Autonomous Organization): Is an organization operated by members based on a set of rules coded in code (this set of rules can be consensus or smart contract). All members have the right to vote on important decisions of the DAOs. In return, members participating in DAOs must have a reward for participating in the operation of DAOs.
• RELEASE DATE/GAME RELEASE: The date the game was officially released.
• METAVERSE: Metaverse is a virtual world created from the Internet and augmented reality tools (such as VR, AR or other devices), to help users get the most realistic experiences.
• GAMEPLAY: The gameplay of the game, depending on the genre and characteristics of each game.
• GAMEFLOW: A loop of activities that players must perform during play, in order to optimize play time for the most effective.
• ASSETS/COLLECTIBLES: Asset/Collectibles in GameFi are used to refer to assets that are valuable and exchangeable.
• MARKET (Market): a place where players buy and sell, exchange assets with each other.
• QUESTS/MISSIONS: These are the tasks that players must do in the game to receive rewards. In a GameFi environment it is usually tokens.
• PvP (Player versus Player): Basically a player versus a player, popularly known as PK. Depending on the game, the form of PvP may vary.
• PvE (Player versus Environment): Players will play against the machine.
• TOURNAMENT: Tournaments are held in the game.
• EVENT: An event players can participate in to receive rewards, events can appear in the game or outside the game.
• PUBLIC SALE: Public token sale round, players can participate in buying game tokens in this round.
• PRIVATE SALE: Secret token sale, only for backers or those who directly support the project.
• STRATEGIC PARTNERSHIP: Strategic partners of the project.
• TEAM AND ADVISORS: Game development team and advisor.
• PLAY TO EARN REWARD: Rewards for activity Play to earn.
• BUSINESS MODEL: The business model of the project.
• ROADMAP: The project’s development roadmap.
• SOCIAL: Social networks that developers use to interact with the community.
• TECHNICAL: The technologies and techniques used in the project.
• INSIDER INFORMATION: Confidential information, not publicly available and provided by people involved in the project.
• USE OF FUNDS: How the developer will use the funds.
• AIRDROP: give away free tokens to users through certain forms (such as doing required tasks in the game, for example).

Above are some useful information for you, follow us to update other interesting information!

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