The biggest GameFi-related news of the past fortnight has most certainly been the cross-chain bridging hack that saw more than US$550 million worth of funds drained from the Axie Infinity project and ecosystem via the Ronin blockchain. To get his quick take on it, we caught up again with Sergei Sergienko, the Sydney-based co-founder of gaming guild Crypto Gaming United (CGU)
How does GameFi work?In GameFi, the reward can come in different forms, such as cryptocurrencies or in-game assets like virtual land, avatars, weapons, and costumes. Each GameFi project will adopt a different model and game economy. In most cases, the in-game assets are NFTs running on the blockchain, meaning they can be traded on NFT marketplaces. In other cases, however, the in-game assets need to be converted into an NFT before players can trade or sell them.
The biggest GameFi-related news of the past fortnight has most certainly been the cross-chain bridging hack that saw more than US$550 million worth of funds drained from the Axie Infinity project and ecosystem via the Ronin blockchain. To get his quick take on it, we caught up again with Sergei Sergienko, the Sydney-based co-founder of gaming guild Crypto Gaming United (CGU)
