KIP Engine

FAQ / Glossary

What is Web3?

As per Wikipedia.. an idea for a new iteration of the World Wide Web based on the blockchain, which incorporates concepts including decentralization and token-based economics.

What is Gamefi

GameFi — also known as “play-to-earn” — is the marriage of gaming and blockchain-powered financialization. Whether through quests, trading, or other mechanisms, GameFi allows gamers to earn digital assets for their in-game efforts. While traditional games have allowed players to accrue and trade digital assets for decades, they could lose their investment at any time if the publisher shut the game down or went out of business. GameFi games, on the other hand, keep their assets stored on a distributed network. These operate independently of any single organization, substantially derisking the digital assets. (source)

What is the metaverse?

This word was first coined over 30 years ago in Neal Stephenson's Snow Crash, a science fiction novel about humans who are in a massive multiplayer virtual world.
The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the Internet. - Wikipedia