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The relationship between Metaverse, NFT and GameFi?

If DeFi is the fundamental transition from blockchain to financial system, then Metaverse is the next blockchain after the upgrade of decentralized finance. In terms of scale and importance, Metaverse is far superior to DeFi, and the two are not even comparable concepts.

Basic knowledge of NFT, GameFi, and Metaverse

What is NFT?

NFT stands for “Non Fungible Tokens”, which means that the token has its own uniqueness without repetition. NFTs can format virtual items and any data contained on the chain through links, turning NFTs into attribute “entities” of data content, thereby realizing the liquid value of data content. NFTs can become the realization of Metaverse rights, like a physical key. Game implements the Gacha mechanic into egg (NFT) hatching, so race and Mons stats are completely random. New mechanics in the Fusion results ensure that every Mons (NFTs) are valued and that no Mon is left in the Binemon Game.

GameFi economy?

GameFi is the integration of Game, DeFi (decentralized finance) and NFT (Non-fungible Token), or simply referred to as “game finance for in-game assets NFT”. gamefi games often use each item’s own token for player-to-player transactions. Investors can also purchase NFTs (non-fungible tokens) in-game, including customizable artwork or characters, and resell them to the Marketplace as their value increases.

What is Metaverse?

Simply put, the Metaverse is the future Internet-based virtual reality and space, the lifeline of civilization. Its scope extends from entertainment to every corner of the Internet world. However, the development of the Metaverse is currently in the very early stages, which means that it will take a long time for the Metaverse to go further. Metaverse is a game world where players experience an expanding and changing digital environment. Thanks to its link to next-generation virtual reality, games also act as large-scale social networks, with revolutionary change. The metaverse is a virtual world parallel to the real world driven by technologies such as AR, VR, and blockchain. Simply put, the Metaverse is a reference system that places people and goals in the real world along a chain. In this way, the Metaverse will be able to do anything that humans can do in the real world, and will be able to do what they cannot do in the real world.

In general, Metaverse is seen as the next generation of the Internet, which is a concrete manifestation of the future. In the future, a virtual world that unifies the consciousness of all life – “Metaverse” will be created to provide energy for the operation of the metaverse associated with each planet.

Metaverse and GameFi

In short, the importance of GameFi is being emphasized and covered globally, so we can use GameFi to decipher the Metaverse. GameFi is currently a very intuitive window for users to understand Metaverse, which originated in the game industry. In the future, GameFi will have a deeper impact on all aspects of human social life such as finance and social interaction. From this perspective, GameFi is a valuable window into Metaverse. The continuous development of GameFi will enhance our Metaverse knowledge.

Metaverse and NFTs

NFTs will be Metaverse’s main infrastructure, and Metaverse will be NFT’s most prominent application. The uniqueness and substitutability of NFTs provides a solid foundation for humans to immerse themselves in the real-world metaverse. Metaverse is a fusion of online and offline worlds, merging physical and electronic means. Metaverse paves the way for the virtual world to penetrate into the real world, and is committed to providing users with a more realistic experience. Complete economics within the Metaverse requires three main elements: consumption, production, and distribution. It was designed from the ground up to provide a smart economic system that is ready for the aforementioned standards and expanding its beautiful world.

Consumption

The development team decided that the property system will help participants balance the demand and supply of their NFT assets (characters, items, land) as commodities in this world. In addition, commodities may be used as financial instruments to generate income.

Crafting

Players embody characters and complete quests and quests to be rewarded with economic income. In addition, other production activities such as championships, land cultivation, land construction and marketing activities will be implemented in the coming period. Rewards and reward mechanisms drive the whirlpool economy and enable mass adoption of Binemon into people’s daily lives.

Distribution

Last but not least, Binemon brings the market into the backbone of the smart economic system. Every player in the metaverse can join and trade their NFT items to earn real money and support other activities. Or they can join the staking program using their idle cash as a decentralized banking system to earn annual interest. GameFi and NFTs. The integration of NFTs and GameFi has achieved initial results and will continue to have a profound macro- and micro-level impact on the business model of the gaming industry and the verification of virtual assets in games. GameFi changes the de facto multi-party fragmentation of traditional games, connects each participant with each other, and clarifies the ownership of virtual assets between parties based on NFT. Preliminary establishment of a value sharing network architecture.

Conclusion:

Although the development of Metaverse is still in its infancy, GameFi has created an open window for us to see many fascinating aspects of the world’s open interconnection, shared value, and more. Thanks to the emergence of NFTs, Metaverse will continue to develop together with humanity in order to be worthwhile. Let’s accelerate the progress of Metaverse together.

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