What is the relationship between Metaverse, NFT & GameFi?
If DeFi is a fundamental transition of Blockchain to the financial system, Metaverse is the next level of blockchain after the upgrade of decentralized finance. In terms of scale and importance, Metaverse is far superior to DeFi, and both are not even two comparable concepts.
Binemon will simplify the concepts to help you have a better understanding of the interwoven relationship between NFT, GameFi and Metaverse.
Basics of NFT, GameFi, Metaverse
What is NFT?
NFT stands for “Non Fungible Tokens”, which means the token has its own uniqueness, no duplicates. It is an encrypted digital asset verified by blockchain technology. NFT can format virtual items and any data contained on the chain through links, turning NFT into a property “entity” of the data content, thereby realizing the flow value of data content. NFT can become the realization of Metaverse rights, just like a physical key.
Binemon Game implements Gacha mechanic into Egg (NFTs) hatching, so Race and Stat of Mons are entirely random. The new mechanism in Fusion result ensures that every Mons (NFTs) will be valued and not a single Mon is left behind in Binemon Game.
GameFi Economy?
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 games often use each project’s own token for transactions between players. Investors can also purchase NFTs (non-fungible tokens) in-game, including customizable artwork or characters, and resell as their value increases to Marketplace.
When joining Binemon, participants use $BIN token and $DRK coin as the currencies on the Binemon platform and can simply sell virtual props, virtual items, Mons (NFTs) on Binemon Marketplace.
What is Metaverse?
To put it simply, Metaverse acts as virtual reality and virtual space based on the future Internet, which acts as a lifeline of civilization. Its coverage will also expand from Entertainment to every corner of the Internet World. However, the current stage of Metaverse development is in its super infancy, which means Metaverse needs a long period of time to go further.
Metaverse is a game world in which players can experience an ever-expanding and changing digital environment. Thanks to the association with the next generation of virtual reality, the game can also be used as a large-scale social network, followed by revolutionary changes.
Metaverse refers to a virtual world parallel to the real world powered by AR, VR, blockchain and other technologies. Simply put, Metaverse is a reference system when human beings and objectives in the real world onto the whole chain. Therefore, Metaverse opens the door for human beings to do anything we can do in the real world and we can also do things we can not do in the real world.
In general, Metaverse is seen as the next generation of the Internet, which is the concrete performance of the future. In the future, a virtual world that unites all consciousnesses of life- “Metaverse” will be created to energy Metaverse’s operation associated with every planet.
What is the relationship between Metaverse, NFT & GameFi?
Metaverse and GameFi
Simply put, the importance of GameFi is being emphasized and global coverage so we can use GameFi to decipher Metaverse.
GameFi is currently a very visual window for users to understand the Metaverse, it has its origin in the Gaming industry. In the future, GameFi will exert a deeper effect on all aspects of human social life such as financial and social interactions.
From this perspective, GameFi is a worthy window into Metaverse. The incessant development of GameFi will enhance our Metaverse knowledge.
Metaverse and NFT
NFT will become a key infrastructure of Metaverse, and Metaverse will become the most prominent application of NFT.
The uniqueness and fungibility of NFT will provide a reliable basis for human beings in the real world to immerse into Metaverse.
Metaverse is the integration of the online and offline world, integrating physical and electronic methods. Metaverse paves the way for the virtual world to penetrate into the real world, whether it is from virtual to real, or from real to virtual, committed to providing users with a more realistic experience.
Binemon has the ambition to become a metaverse with its capability to create guild life, purchase land and even build houses powered by NFT and blockchain technology. Players have ownership rights thanks to NFTs and are able to exchange those assets for money.
The complete economics within Binemon Metaverse requires three main elements: Consumption, Production and Distribution. Binemon is designed from scratch to deliver a Smart Economics System, which is ready for the above criteria and expansion of its beautiful world.
+ The Consumption: The development team of Binemon decides that the property system will help the participants balance between their demand and supply of NFT assets (Characters, Items, Lands) as the commodities in this world. Moreover, commodities might be utilized as financial instruments to generate income.
+ The Production: Players embody the Binemon characters and finish the mission and task to gain the prize as the earning in Binemon Economics. Further, other production activities will be implemented in such coming time like Tournament, Land Farming, Building on land and Marketing activities. The prize and reward mechanism fuels the whirlpool economy and produces the mass adoption of Binemon into the daily life of people.
+ The Distribution: Last but not least, Binemon introduces the Marketplace at the backbone of the Smart Economics System. Every player in the Metaverse can join and trade their NFT items to earn real money and support for other activities. Or they can use the idle cash to join the staking program as a decentralized banking system to earn yearly interest.
GameFi and NFT
The integration of NFT and GameFi has shown early results and will continue to exert a profound macro and micro-level impact on the gaming industry business model and virtual asset validation in the game. GameFi changed the de facto multi-party fragmentation of the traditional game, connecting each participant with each other, and based on NFT, it clarified the ownership of virtual assets between the parties. and establish the preliminary structure of a value-sharing network.
Conclusion:
Although the development of Metaverse is still in its infancy, GameFi creates an open window for us to see the open interconnection, share value and many other fascinating aspects of the world. Thanks to the appearance of NFT, Metaverse will continue and develop incessantly with human beings for what worths. Let’s work together to accelerate the process of Metaverse.
