How to play to earn games is revolutionizing the economy

How to play to earn games is revolutionizing the economy

by with No Comment Earning GamesGameFi

The gaming industry is undergoing the most profound transformation in its history as a result of the introduction of a new genre known as Play to earn games. In the Philippines, play to earn games, also known as NFT play to earn games, leverage blockchain technology to instill a tangible sense of ownership in players regarding in-game products and collectibles. Generally, these items can be traded with other players for cryptocurrency or cash, making them an excellent source of revenue.

What is the difference between blockchain and non-volatile memory?

Simply put, an NFT is a media file (for example, a picture, GIF, or video) that is unique to and associated with a single entity. Blockchains enable the tracking of these owners and the sale and exchange of these assets between users. In the Philippines and elsewhere, developers of play to earn games create a limited number of NFTs that represent in-game items that players can later acquire. This scarcity increases demand for NFTs, which in some cases can cost more than a million dollars. Visit https://bltzr.gg/play-to-earn/ to read more about NFT play-to-earn games.

Earning Money Via Play to earn games

Creating revenue streams from video play to earn games is not a new concept. For an extended period of time, players from a variety of platforms congregated on unofficial markets to sell their in-game items. The problem with this strategy is that it has evolved into a violation of numerous game laws and is frequently populated by fraudsters.

With play-to-earn games, the sales scenario is quite different. There are designated markets for the trading of NFTs. Another innovation on the blockchain is smart contracts, which are used to ensure the legitimacy and efficiency of transactions. This makes play-to-earn games a safe and effective method of making money in the Philippines’ Play-to-Earn industry.

Additionally, traditional gamers might make money by becoming streamers on prominent video-sharing platforms such as YouTube or Twitch. To earn a living, they needed to be experts at the game and cultivate a sizable following on these platforms. In the Philippines, play-to-earn games are often easy to master and provide a means of earning money for everyone.

Certain play-to-earn games, such as Axie Infinity, have developed their own in-game tokens (called smooth love potion, or ‘SLP’) that may be earned in combination with the acquisition of their NFTs. This means that users are not limited to acquiring and selling NFTs, but may also participate in the game and earn bitcoin directly to their wallets.

Players whose entry barrier is the purchase of the NFTs may still earn by selection as a scholar in a play-to-earn games guild. Crypto Gaming United is one of the country’s largest play-to-earn guilds (CGU). Guilds such as CGU provide their scholars with the NFT assets necessary to begin playing and earning immediately in exchange for a portion of the in-game tokens earned.

Gaming’s future is play to earn

While play to earn games are still a relatively new segment of the gaming industry, knowledge of their profitability is swiftly spreading across gaming organizations. This is understandable considering the scope of their offerings and the distinct experience they provide. As a result of the nature of NFTs, in-game assets are no longer bound to a particular game. This allows players to share their progress across much cooperative play to earn games, so creating a shared universe. Indeed, this is unprecedented in the Philippines and piques interest in the worlds of bitcoin, NFTs, and Play-to-Earn.

It’s crucial to note that the approach of “play to earn games” is not novel. Numerous online role-playing play to earn games have auction houses or markets operated by gold farmers using fiat currency.

On the other hand, cryptocurrency game assets are stored on a blockchain. This indicates that establishing ownership and legality is easy. Additionally, the security of a blockchain network eliminates the possibility of assets being duplicated, hacked, or exploited in the way that traditional play to earn games do.

Perhaps most importantly, scarcity in blockchain play to earn games raises the value of in-game assets. When items are connected to the blockchain, they become impossible to copy, reducing the item’s value.

• The play-to-earn model is a business model that enables gamers to harvest or collect cryptocurrencies and non-fungible tokens (NFTs) for resale. Due to the fact that users are compensated monetarily for playing play to earn games, this method represents a paradigm change in the gaming industry.

• To earn money through the play to earn games, players must either earn or exchange NFTs or bitcoin in-game or stake these assets in smart contracts.

• The concept of play to earn games is not new in gaming; it has been used for years in online role-playing play to earn games. However, blockchain-based play to earn games are immune to hacking and exploiting, and the scarcity of in-game items prevents them from being replicated. You can read about How centralized in GameFi? by clicking here.

In the bitcoin gambling sector, liquidity is critical.

Given how dependent crypto play to earn games are on the gaming market, it is also vital to control market liquidity. In the simplest terms, liquidity refers to the maximum number of assets that can be purchased and sold in the game market at any given time. Liquidity is a significant indicator of the health of a market; hence, liquidity is a strong indicator of the health of any marketplace.

To increase liquidity, the crypto gaming market may incorporate both NFT and FT assets. While FT assets may be scaled to have enormous liquidity markets and therefore be utilized as utility/consumables assets in the game, NFT assets can be used for their uniqueness, which often involves high-value but low-volume transactions.

Going forward

I’ve always been interested in gaming, starting with my very early design of counter strike maps. I’ve always been a gamer with a fervent ambition to work in the video game business. With the crypto play to earn games gaming business soaring to new heights, I am ecstatic about the opportunities it presents and really excited to partner with new gaming ventures and entrepreneurs.

With rising investment, there is no doubt that cryptocurrency gaming is on pace to become a self-contained sector. Numerous studies have also gotten on the bitcoin game bandwagon, hoping to profit from the new trend.

Having said that, it’s logical for crypto gaming to seek to profit from the growth of the online gaming industry since it obviously benefits both players and developers. From income opportunities to transaction simplicity, mobility, and higher levels of safety and security, cryptocurrency gaming improves the whole game experience for players while also providing new revenue streams for developers. Let us have some amusement.

How centralized in GameFi?

How centralized in GameFi?

by with No Comment Earning GamesGameFiPlay to Earn

GameFi cannot avoid some type of centralization because of the need of developing and designing characters, write a story and rules, and generally structure a game world. However, many play to earn games is increasingly attempting to integrate greater player interaction. This might include voting on possible character stories, new NFTs, or regulations. As a result, players that own a greater number of tokens will have a greater voting power than others, which, although not democratic, does contribute to the creation of a more decentralized game experience.

The concept of providing other narratives is also quite popular in the entertainment business. Numerous television programs, for example, have effectively included plots with various endings into their shows – most notably, the television series Black Mirror’s Bandersnatch. While there may not be various possibilities for GameFi users, in the end, the active engagement in determining which tale will be told is certain to attract more players to the platforms.

To improve decentralization, GameFi apps make use of decentralized autonomous groups (DAOs). However, the use of DAOs to decentralize GameFi is still regarded to be a developing technology.

Can GameFi’s Online Universes Support a Self-Sustaining Economy?

There is considerable potential for digital economies to become self-sustaining and profitable. There are many explanations for this possibility:

  • GameFi’s value and user base continue to grow, producing more revenue. In August 2021, Axie Infinity, a popular NFT GameFi platform, became the first blockchain game to sell over $1 billion in total tokens and has over 1 million daily players.
  • As game worlds develop, they begin to contain legitimate revenue-generating assets. For instance, a player may use cryptocurrency tokens to purchase land in a virtual environment and construct a casino where other players can wager. Additionally, by using blockchains that allow DApps, GameFi apps have opened up an infinite number of opportunities for development.
  • The addition of new assets and functionality to these play to earn games has necessitated the employment of actual humans as characters inside the game. This may sound unusual, but when we consider how many people engage with others more in play to earn games than in the real world, we can understand its use and future expansion. 

To this aim, positions such as metahuman physicians, smart contract attorneys, fashion designers for avatars, and travel agents for the gaming world (to mention a few) will begin to develop, all of which will be filled by actual people. Along with professions inside the game world, GameFi has produced a plethora of opportunities for designers (costume, the universe, and NFT design, for example), software developers, and management.

Who Is the Founder of GameFi.org?

Hai Duong, a Vietnamese cyber security expert at the top of his profession, leads the team behind GameFi’s official yield guild. The “official” platform is marketed as a central location for all GameFi play to earn games and their associated requirements.

To maximize the benefits to its players and investors, GameFi established an environment in which players may collaborate across play to earn games:

  • Gaming aggregator: Provides a repository for users’ in-game assets and NFTs, as well as the ability to rent, trade, and sell them across all play to earn games.
  • Accelerator for gaming: Includes built-in tools and templates for creating on the blockchain. Additionally, it enables factory contracts for Non-Financial Transactions (NFTs) and Play2Earn methods.
  • Yield guild and scholarship: Provides passive revenue potential through staking, yield guilds, and profitably renting out stuff to other players. Additionally, early access to freshly published projects and play to earn games is provided.
  • Launchpad for play to earn games and Early Game Offerings: Provides a platform for initial game offerings (IGOs).
  • Multi-chain NFT marketplace and NFT auction house: Similar to ECOMI, this GameFi platform enables users to purchase and sell NFTs.
  • GAFI token: On September 10, 2021, the ecosystem’s native token (GAFI) was created with the goal of increasing the platform’s value and visibility. It will be utilized for a variety of purposes, including fees, governance, staking, and liquidity support for GameFi.

The Origins of GameFi

GameFi-like concepts have existed for years, with World of Warcraft, SIMS, and FIFA all including the purchase of in-game tokens, and CryptoKitties using blockchain technology in 2017. However, the word GameFi was popularized in 2020 by Andre Cronje, creator of Yearn.finance, and the cryptocurrency market quickly adopted it. From simple in-game tokens to complete integration of DeFi, the idea progressed. With its rapid growth and popularity, GameFi is demonstrating that DeFi is capable of more than merely renaming current financial ventures as crypto, demonstrating that it can be implemented in a variety of areas.

What Does the Future of GameFi Look Like?

GameFi provides a means of profiting in the cryptocurrency realm while simultaneously providing entertainment, which is a selling feature in and of itself. Add to that gaming’s addictive nature, as shown by research on dopamine release while gaming and the sheer amount of online players, and it is sure to continue expanding. Additionally, by diversifying into other fast-growing industries, such as DeFi and NFTs, it positions itself to gain from its triumphs. NFTs, in particular, are intended to be seen as visual collections. Thus, if a player can integrate a rare NFT into a game, garnering visibility, profit, and praise in the process, they are also more inclined to participate.

Another factor that may indicate further development is the game’s future decentralization, in which anyone will be able to influence how play to earn games are played, therefore promoting more involvement. Click here to read about How to play to earn games is revolutionizing the economy.

Finally, an intriguing concept is the possibility of future occupations on GameFi. With the globe experiencing a more insular and digital lifestyle in recent years as a result of Covid, things like consulting a doctor through virtual reality have become more feasible. Other possible uses range from legal consultation to fashion exhibitions. Mark Zuckerberg, for example, has indicated support for a metaverse, or digital reality, that incorporates such principles. This may also appeal to those who suffer from anxiety, agoraphobia, or just prefer to remain at home for a particular activity.

Without a doubt, there will be significant movement and change inside GameFi. With its capacity to diversify in response to market trends and implement new DeFi and DAO initiatives, it is well-positioned to grow profitably.