What is GameFi? Why is GameFi popular?

4 min readSep 25, 2021

What is GameFi?

GameFi is the integration of Game, DeFi (Decentralized Finance) and NFT (Non-fungible Token), or simply known as “gaming finance with in-game asset NFT”.

GameFi is the continuation of DeFi and NFT trends. That is the reason why this integration of all three trends is taking the Crypto Market by storm.

GameFi value is based on the Play To Earn ecosystem, which creates favorable conditions for participants to enjoy entertainment gaming experiences and can reap great benefits from it. In the early stages of this explosion, the market value did not match with the actual value of the game, which gave rise to the failure to retention of participants who would participate in the Game with the desire to engage for a long time. As a result, GameFi is innovated with a mission to bring more refined experiences to players, creating an intersection for the two giant Gaming and Crypto communities.

Binemon game is built on the “Play to earn” model, which is the synthesis of a role-playing game (RPG), NFT (Mons), associated with the DeFi system. Binemon creates an ideal environment where gamers can create their own NFTs, and generate income from their assets through DeFi elements like liquidity pools and staking. Binemon could have enough efforts to gain a competitive edge over other GameFi projects thanks to the easily addictive gameplay with astounding 3D graphics of meme NFT style in the Crypto world.

Why is GameFi popular?

The innovation of Game — Play To Earn model:

The game was created as the successor of the quintessence of technology, but the game is purely entertainment, players need to spend money to pay for their entertainment needs. What’s more attractive than the Play To Earn model, in which players can earn real money during Game time. Therefore, the Play To Earn model creates an unbelievable attraction for players because Earn Money while playing games is an ideal scenario for users of all gaming worlds. After all, GameFi is innovation, a higher level for the combination of technology and investment.

Realizing such great potential, Binemon built an extremely attractive reward mechanism for users when participating in the Game. In particular:

PVP Daily Reward and PVP Battle Reward
PVE Campaign, PVE Tower, PVE Dungeon, PVE Boss
AFK Reward: Mons (NFTs) staking
Tournament
GVG (Guild) Rewards
BineLand: Land growth in value, Farming Reward, Building and Trading
BineAds: Reward from advertising

GameFi — The foundation of Metaverse — High necessity for Internet promotion

Metaverse is the next version of the Internet. When human beings totally immerse themselves in the Internet world, when the era of Metaverse begins, when the Internet world and the real world integrate, we will have to change our mindset about Game Industry. Because this innovation will create a new integration: entertainment with earning money. This integration naturally satisfies the needs of all humans, creating very normal behaviors, the same as how we make money in the entertainment industry.

What could be more interesting is when Metaverse is interwoven with GameFi like A smart economics. Binemon is designed from scratch to deliver A Smart Economics System, which is ready for the above criteria and expansion of its beautiful world.

Token acts as gaming currency and rewards for players in GameFi

There is no need to provide liquidity for GameFi. What players need to start with GameFi is virtual props and a certain amount of time and energy to play the Game, then reap attractive rewards with the corresponding token. Tokens can be considered as achievements, the initial equity of the game company. In essence, it is a currency to pledge your assets, then provide you with exciting in-game experiences and deserving benefits. You can completely liquidate or speculate on digital assets through Marketplaces. BIN token is the key for beginners to open the door to Binemon Game and Binemon Metaverse.

With the following advantages and global coverage, GameFi deserves to be the next generation of the Gaming and Crypto industry. Binemon incessantly develops and perfects its own products to be the leading GameFi project.

About Binemon:

Binemon is the association of GameFi, NFT World and Metaverse where players can earn huge rewards for real money while participating in attractive gameplay and immerse themselves in exhilarating experiences. The business model is also known as “play-to-earn” in the Gaming industry.