The new perspective of making money by playing – Blockchain-based gaming platforms are rapidly gaining popularity.
Translated, GameFi is made up of two words Game and Finance. The first games of this type appeared in 2013.
How do they work?
In blockchain games, characters are non-fungible tokens. Players will have the opportunity to create, upgrade, sell or buy the new unique characters.
What is the direction taken by the GameFi industry?
In some games, you can bet on the outcome of the battles. Popular gaming domestic tokens have already moved beyond their platforms and are traded on cryptocurrency exchanges.
Advanced players have long been earning money by selling characters, weapons, etc. However, in the past, third-party platforms were used for this.
The world of cryptocurrencies is constantly expanding. More and more cryptocurrencies are introduced and, at the same time, alternative methods to generate income with their tokens. One of the most interesting is the English term crypto staking. Without too much imagination, this product is called Staking. There are two possible uses:
- Staking blocked: this is a sort of restricted deposit in which the amount of crypto to be staked remains blocked for a predetermined duration. This allows you to obtain higher earnings than the unrestricted forms;
- Staking Defi: in this case, Decentralized Finance (Defi) applications are used, which, by operating through smart contracts, allow you to obtain very interesting returns. Compared to the first category, they are a little riskier,
Advantages of crypto staking
What are the benefits that derive from using this technique?
First of all, we specify that crypto staking allows you to generate a passive income, like a restricted deposit account. You don’t have to do anything; buy a certain cryptocurrency, and time will do the rest.
Compared to mining, cryptocurrency staking has the advantage of not purchasing the equipment or spending electricity to make it work. In this sense, it is a much simpler and more immediate technique.
Crypto Staking: Risks
Here are the main problems associated with the Staking of cryptocurrencies:
- Coin volatility: When you decide to buy and hold cryptocurrencies, you automatically take charge that they have a value that is not stable against any fiat currency, such as the euro (except for stable coins). Having great volatility, you may see your earnings squeeze due to their collapse.
- Fees applied: pay attention to the fees applied by the platform on which you decide to use the Staking. In this sense, inform yourself sufficiently before proceeding with the purchase. The costs are related to the accumulation operation and the purchase and sale of cryptocurrency. These are fees, which must be carefully evaluated and are often inevitable.
For all the details, refer to the official website, which you can find at this link: www.smart-trading.ph/make-money-online