GameFi is the abbreviation of Game Finance, first proposed by MixMarvel CSO Mary Ma in 2019, and its underlying technology blockchain first appeared during the 2008 financial crisis. GameFi applies the characteristics of blockchain decentralization and non-tamperability, allowing the game industry to develop unlimited business models, and even allows players to experience the "Play to Earn" game experience, making players earn income while playing games, and they can also feel the contribution to the output of the game ecosystem.
GameFi combines the game industry and blockchain technology to reconstruct the appearance of the game industry, making players earn substantial income while playing games. Take Axie Infinity developed by the Vietnam Sky Mavis team as an example. This is a blockchain game that combines pet development and role-playing. Players can earn tokens by playing in the game, and can directly convert tokens into fiat currency. The current token market value of Axie Infinity is shown as following.
It is about 8.2 billion U.S. dollars, and the highest has reached nearly 10 billion U.S. dollars.