In traditional video games, wins are rewarded with ranking points, credits, or in-game currencies. These give players a sense of victory while mentally stimulating them to keep playing to achieve that “big triumph feeling”. However, these rewards have no use or value outside the game.
The term “GameFi” combines two words: game + finance. First coined in 2020 by Andre Cronje, CEO of Yearn Finance, and based on blockchain technology, this gaming system offers players (real) economic incentives like digital currencies, a.k.a. cryptocurrencies, or non-fungible tokens (NFTs) for completing in-game tasks.
MOOVing from theory to practice
dotmoovs is a Move & Earn sports app that has a GameFi component. This means that people have fun moving around and exercising, with the bonus of earning while they’re at it.
In the dotmoovs sports arena, athletes are rewarded in MOOVs, which can be converted outside the game. So whether you MOOV to juggle or MOOV to dance, the better you perform, the greater rewards you’ll reap.
For those wondering what to do with their haul of MOOVs, you can spend them on dotmoovs’ marketplace to buy or rent sport-specific equipment to play the game: soccer balls for freestyle football and sneakers for dance. These equipment are an example of the above-mentioned NFTs, which, simply put, are a digital representation of real sports gear. In reality, it’s more than that! It’s a way for you to express yourself in the game.
Since its launch, dotmoovs has offered its players almost 4.5M MOOVs in rewards. The latter include challenge and tournament prizes and bonuses for ALMOST everything you do in the app: first-time sign-up, email verification, and personal account updates-related incentives — in our ecosystem we value every player’s move, especially when it is data-related. Our goal is to provide you and our community a chance to earn sustainably, which will allow us to continue to MOOV with you.
The benefits of GameFi in the dotmoovs arena
The GameFi ecosystem has attracted millions of people over the past couple of years due to the benefits it provides. Digital asset trading is one of such perks, and dotmoovs players can easily trade their sports equipment for some form of currency. Another advantage is earning without MOOVing by resorting to virtual sports gear renting. When you don’t feel like playing, or if you’re more of a watcher than a doer and wish to have a form of passive income, you can always rent your sports equipment to other players and share their earnings.