While the COVID-19 pandemic has caused job loss for many, it has also hastened the rise of technology and the transition to the era of the Fourth Industrial Revolution. In this wave of innovation, blockchain technology in the crypto economy has introduced new forms of work.

In the world of crypto, smart contracts play a crucial role. They enable the creation of new models such as "Learn to Earn & Participate to Earn," where users get paid simply by using a specific protocol. Another model is "Create to Earn," which allows users to earn tokens by creating artwork or music playlists through NFTs. Lastly, there's "Play to Earn" or GameFi, which is currently the most lucrative way to make money. It enables players to participate in game development and earn money while playing.

Interestingly, during the pandemic in the Philippines, many people in Cabanatuan city turned to GameFi as a means to make ends meet while under lockdown. College students unable to find jobs, unemployed drivers, and elderly individuals whose businesses suffered due to the epidemic all found solace in GameFi.

But what exactly is GameFi? Traditional game business models typically funnel all revenues to the publisher, but GameFi takes a different approach. It aims to build game universes owned by players, granting them freedom and the ability to earn money. GameFi creates a player-owned economy, allowing trading of in-game items and more earnings through gameplay.

Developing countries find GameFi particularly attractive due to its potential economic benefits. Fairy Cat serves as a prime example—a blockchain-based game where players adopt magical cats called Fairy Cats and collect treasures. Completing daily quests in Fairy Cat earns players an in-game currency called Gold Diamond (GD), which can be exchanged for USDT coin. This innovative business model shares revenue with players, giving developers an incentive to widely adopt the game.

GameFi presents a compelling opportunity for unemployed individuals and those with fewer skills. Younger people, in particular, can leverage their time and technology skills to gain an advantage over more experienced individuals. Moreover, GameFi allows anyone to convert idle time into income with relative ease. Instead of passively scrolling through social media, playing games becomes a productive way to earn money. What are your thoughts on this new avenue for making money? Share your comments below to join the discussion!