Some regions prohibit gambling, including lotteries, which are quite common among players in the GameFi ecosystem.
GameFi may also face restrictions due to its reliance on virtual currency businesses such as cryptocurrency wallets, token exchanges and trading.
On the other hand, many countries have imposed tax on the transfer of virtual digital assets. Consequently, GameFi members may be required to pay taxes for making in-app purchases, converting/transferring their tokens, or receiving in-game tokens as rewards.
As the blockchain technology that defines what crypto-gaming is continues to evolve, GameFi’s growth trend is expected to continue at a rapid pace. The ability to own in-game assets and earn money from games makes GameFi very attractive, especially in developing countries. Although there was a lot of interest in GameFi until last year, the crypto-winter and many other factors seem to have slowed down its growth.
However, this definitely won’t be the end of GameFi. Gaming continues to evolve, with new games emerging that are not copies of existing games, but exciting projects in their own right. Without proper investment, though, it’s difficult to develop such projects. Fortunately, there is enough capital to grow the industry.
Overall, GameFi seems promising. What are cryptogames for the gaming industry? Their huge potential could irreversibly change the industry. The P2E model actively attracts new players, giving them the opportunity to manage and profit from freely obtained assets. Moreover, there are other ways to get cryptocurrency besides NFT trading.
But is it worth it in the end? It may not be a worthy experience if you’re looking for unique games, but it’s a great choice if you want to use it as a way to profit wherever you are, as there are even crypto games for Android and iOS phones.