How are NFTs used in GameFi?

NFTs serve as assets or characters that can be traded or transformed into rarer NFTs in GameFi, and they are a significant means of earning for players.

In 2021, the in-game trading volume of NFTs hit an all-time high, contributing to the blockchain gaming industry raising over a billion dollars in investments. NFTs have become essential to the future of the metaverse, as players can use them to buy properties, artwork, and music videos on metaverse platforms.

The connection between NFTs, GameFi, and the Metaverse is evident since players can earn NFTs from GameFi’s P2E and use them to purchase other digital assets in the metaverse.