The goal of the GameX DeFi ecosystem is to transition into a fully self-governing protocol where the community charts the course of the platform development.
GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.
Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development. As one of its central goals, GameX’s mission is to provide gaming-related products of high quality and become one of the most important gaming stores in the world.
Besides its traditional Automated Market Maker (AMM) platform, the GameXchange, Here are some of the central offerings from the GameX DeFi protocol.
Gamex NFT Marketplace
GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.
The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.
According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”
GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold. There are other advantages that the marketplace will bring and these include the cheaper costs of minting when compared to other blockchains and the added utilities that are on track to be added in the near future.
The XGAMEX is a token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.
Over the next months, the platform is set to release a play-to-earn racing game in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.
GameX is planning to add enough liquidity for the XGAMEX token in the coming weeks, bringing robust functionality into the entire ecosystem. GameX is a Lebanese startup and has a number of corporate social responsibility plans on its sleeves. At the core is the plans some proceeds from its marketplace and swap engine to non-profit charity organizations including those responsible for children with cancer.
The platform is also exploring avenues to educate the Lebanese populace on Bitcoin and cryptocurrencies. This will help reduce the rate at which people are exploited of their hard-earned money, a trend that is currently growing at an alarming rate.
Ultimately, the goal of the GameX DeFi ecosystem is to transition into a fully self-governing protocol where the community charts the course of the platform development. For contributing to the protocol, there is a viable reward scheme.
Elie Ziedeh is the CEO of GAMEX and CBP. GAMEX is a project built by enthusiastic people in Lebanon.