Month: December 2021

16December2021

DeFi and Play to earn games

Written By Harrison Ruwolt

To reward players, several GameFi initiatives use principles from the DeFi industry. Yield farming, liquidity mining, and staking are all concepts that are known to anybody with DeFi expertise and may be used to create passive revenue from blockchain play to earn games. If you’re unfamiliar with DeFi, you may read about it and the principles that overlap with GameFi in our introduction.

Axie Infinity and Top GameFi protocols are two examples of blockchain play to earn games that make use of capabilities more often seen in DeFi.

Although the original GameFi products used the Bitcoin blockchain, the majority of contemporary blockchain play to earn games are hosted on networks that support smart contracts. Ethereum was the first of these and continues to be the most popular with developers and players alike.

Ethereum, on the other hand, prioritizes decentralization and security above speed. Due to the restricted amount of Ethereum’s block space, those desiring the quickest settlement times must encourage miners to include their transactions. When demand exceeds the amount of accessible block space, the cost of transacting rapidly increases, effectively pricing certain users out. This offers a challenge for creators of blockchain play to earn games. If the majority of the activities a player makes demand an excessive transaction charge, the game will simply never achieve the user base of popular play to earn games.

As a result, many developers are abandoning Ethereum’s basic layer in favor of quicker, higher-capacity networks. Several examples include the following: 

  • Polygon Network 
  • Solana 
  • Wax 
  • Polkadot 
  • BSC

How to begin playing blockchain-based play to earn games

Each blockchain-based game is unique. As a result, we can only provide broad instructions on how to get started with GameFi. For more sophisticated assistance, we suggest reviewing the manual for the appropriate game.

To begin, develop a web 3.0 wallet.

In contrast to many of today’s most popular online apps, the majority of blockchain play-to-earn games do not use a standard username/password login method. Rather than that, a user authenticates with the game using a Web 3.0 wallet.

The wallet needed to play the game will vary according to the network on which it is hosted. To play Axie Infinity, for example, you’ll need an Ethereum-compatible Web 3.0 wallet, such as OKEx Wallet or Metamask.

Acquire any necessary goods to play

Numerous blockchain play-to-earn games need you to possess one or more in-game assets in order to play. To play Axie Infinity, for example, you must have a minimum of three Axies in your Web 3.0 wallet.

Other titles may need the purchase of a digital currency used in-game. In many circumstances, you may purchase these currencies through or inside the game.

Log in with your Web 3.0 wallet information.

The majority of today’s popular GameFi play-to-earn games are accessible via your browser. As a result, you’ll need to join the activity by logging in with the Web 3.0 wallet you generated previously.

To do so, go to the game’s website and seek a link to your wallet. Your wallet will prompt you to confirm the activity by verifying a message from the site with your signature. The wallet generates the signature automatically, which you may confirm by clicking the Sign button.

As previously stated, your Web 3.0 wallet will serve as your account, with any progress made being kept through your wallet. Additionally, it acts as an inventory for your items and depending on their compatibility, any assets kept may be utilized to play the game. You can read about Core business aspects of NFT play to earn games by visiting http://ps3addict.net/core-business-aspects-of-nft-play-to-earn-games/

Using DAOs to decentralize GameFi

Historically, the creation of video play to earn games has been heavily centralized. A studio will create, develop, and distribute a game, while also being solely responsible for future upgrades. Numerous GameFi initiatives, on the other hand, strive to empower players with decision-making authority.

This is accomplished via the use of a decentralized autonomous organization. Token holders may create and vote on project update proposals in a DAO. Often, these recommendations will have a direct effect on the financial aspects of the title. For instance, the DAO may decide to boost the reward for doing a certain activity inside the game as a promotional measure.

To join a GameFi DAO, you must first acquire the governance token for the project. Frequently, the quantity of tokens owned is directly proportionate to the voting power of a member. Essentially, when it comes to directing a project’s course, the biggest stakeholders have the loudest voices.

Certain play-to-earn games have their own built-in DAOs. Alien Worlds is a nice example of a multichain videogame. The science fiction massively multiplayer online role-playing game has six DAOs, each representing a distinct planet (aka MMORPG).

Interestingly, certain GameFi DAOs are not title-specific. Yield Guild Play to earn games and similar projects strive to monetize different play-to-earn blockchain play to earn games for the benefit of its participants. YGG’s main DAO and its title-specific sub-DAOs pool in-game assets, allowing players to incorporate them into other play to earn games and earn revenue for the collective.

GameFi’s future

Despite its origins dating all the way back to the dawn of cryptocurrencies, GameFi is just now gaining broad appeal. The success of one of the niche’s flagship play-to-earn games, Axie Infinity, effectively demonstrates the niche’s rise. Axie Infinity became the first blockchain game to reach $1 billion in cumulative token sales in August 2021 — one-fifth of which happened in a single week — and now boasts over a million daily active players. Click here to read about 10 Important Cryptocurrencies Other than Bitcoin.

While early blockchain play-to-earn games failed to gain widespread popularity, the technology behind them and our knowledge of it has advanced to the point where new GameFi products are gaining a huge following. Gaming, according to some industry observers, is the most probable path to mainstream blockchain adoption.

Over a billion video gamers are already intimately aware of the concepts of limited digital commodities, tokenization, and in-game currency. Meanwhile, blockchain technology empowers these players in ways that are clearly beneficial – both monetarily and for the development of a title. As a result, it’s not difficult to see GameFi encroaching on the $175 billion worldwide video game business.

Indeed, the Blockchain Game Alliance, a non-profit organization dedicated to raising awareness of GameFi, already has a remarkable roster of members, including popular game studio Ubisoft and chipmaker AMD. Indeed, Ubisoft announced in May 2021 that GameFi will be the topic of its sixth Entrepreneurs Lab event.

Given the popularity of Axie Infinity and the growing number of blockchain players to earn games now under development on a variety of different blockchain protocols, GameFi clearly has a bright future ahead of it. However, it is impossible to anticipate how this future will evolve. While many of the elements covered in this article will undoubtedly stay prominent in future GameFi releases, the rapid evolution of blockchain technology today means that fresh advancements are regular. Numerous innovations will undoubtedly find their way into video play to earn games, bringing with them novel and interesting methods of monetizing new experiences.

16December2021

Core business aspects of NFT play to earn games

Written By Harrison Ruwolt

As cryptos continue to grow in popularity, companies worldwide are exploring new ways to integrate this really innovative technology into their core goods and services. Online gaming, in particular, has become a hotbed of innovative technology in this field. Play-to-earn games are constantly devising new ways to use cryptocurrency to buy and sell in-game merchandise, cosmetics, and unlock characters, among other things. The fusion of the virtual and physical worlds — our metaverse – has never looked better.

best play-to-earn games have changed significantly over the last several decades. Indeed, the worldwide gaming industry, which was worth USD 173.70 billion in 2020, is expected to grow to USD 314.40 billion by 2026, growing at a 9.64 percent compound annual growth rate between 2021 and 2026. Sony, Tencent, Nintendo, and Microsoft are some of the largest video game firms, with each generating over ten billion dollars in gaming revenue. Sony is the market leader, with over $25 billion in sales. Electronic Arts (EA Games), Sega Games, Konami Holdings Corporations, and Gameloft are just a few of the world’s most well-known video game developers.

While numerous economies succumbed to the Covid-19 epidemic in 2020, the video gaming industry was one of the only industries to see an unexpected surge. With numerous countries implementing statewide curfews, citizens instinctively sought amusement inside their own homes throughout subsequent rounds of restrictions.

Several large game makers, like Activision Blizzard, Epic Games, and Electronic Arts, forecast an enormous increase in income from sales and active user base in 2020. Increased in-game purchases corresponded to the rise of inactive users.

The exponential expansion of cryptocurrency gaming

With developments in PC and mobile gaming, the gaming industry’s interest in cryptos has increased significantly. Crypto play-to-earn games, without a doubt, are upsetting the conventional gaming business by enabling players to earn money as they play, therefore compensating them for their time and effort.

According to research issued by the Worldwide Asset Exchange, over 75% of online gamers desired the ability to trade their virtual assets for money that could be utilized across different platforms. Crypto gaming has increased in popularity in part because it enables users to gather and trade virtual assets that can be swapped and sold globally. Additionally, it has proved to be a safe and straightforward method for the gaming business to generate money.

How does cryptocurrency gambling operate?

It is a well-known truth that cryptos may be purchased and sold simply using digital wallets and crypto exchanges. Therefore, how does cryptography operate in the area of online gaming? This is how.

In conventional online gaming, affiliate marketing, in-app purchases, and in-app advertising are all common monetization methods. Additionally, gamers are highly acquainted with in-game coins, such as those seen in Monopoly or mobile play to earn games such as CandyCrush. However, for so long, these coins had no worth outside of the framework of the game, which is horrifying.

This is where cryptocurrency gaming differentiates itself since it enables consumers to add value to their purchases. In crypto play to earn games, store tokens, such as in-game merchandise, are often held on a distributed ledger atop a crypto network. This distributed database, dubbed the blockchain, enables the exchange of gaming items for cryptocurrency, which may then be converted to real money. You can read about DeFi and Play to earn games by clicking here.

Through in-app purchases, players may purchase stuff like money, additional lives, custom characters, clothes, and accessories straight inside the game. When applied to crypto gaming, in-app transactions occur when users purchase products with cryptocurrency or acquire cryptocurrency itself. In contrast, in conventional play-to-earn games, assets are often purchased through a single developer-owned shop, benefiting the creators rather than the gamers.

Additionally, players cannot affect the game’s life cycle in conventional play to earn games. When the server is shut off, the operator will remove any unused virtual properties, and the player will lose access to them. The game operator retains ownership of all products included in the game, not the player.

While digital ownership is present in current play-to-earn games, it lacks the value and risks associated with crypto play-to-earn games. While you may hold in-game assets, you are not permitted to sell them to other players. In comparison, the whole notion of crypto play to earn games is fundamentally different, from the ownership of virtual assets to their decentralized functioning and the fact that players’ assets are worldwide dispersed and not restricted to gaming objectives.

Earn money with cryptocurrency gaming

In essence, crypto play-to-earn games are video games that operate on a cryptocurrency network and have a fully or partly distributed ledger architecture, granting players verifiable ownership of the game’s virtual goods. As a consequence, users may exchange virtual goods for bitcoin that can be converted into real money.

Throughout this time period, only the game’s producers or game studios profited from the virtual coins sold to players or users, since these assets had no intrinsic worth. This meant that practically everything you could purchase in a game (e.g., skins, armor, and upgrades) had a finite worth, despite the fact that customers paid real money for them.

However, with the advent of crypto play to earn games, the status quo is changing. While traditional play-to-earn games have always been primarily about amusement, crypto play-to-earn games combine enjoyment with the possibility of earning actual money while playing. Each time a player purchases an object, they indirectly contribute to the game’s economy’s worth. Axie Infinity, CropBytes, and Gods Unchained are just a handful of the most popular cryptocurrency play-to-earn games that enable players to earn money by completing in-game goals using virtual items.

CropBytes, a homemade crypto game, is a good example. Players may expand their portfolios of assets in this farm simulation game by using NFTs and cryptos on their own farms. This crypto game, which is a favorite of over 80,000 CropBytes members, enables players to use the power of cryptocurrency in order to make money while playing.

NFT Games

With the popularity of crypto play to earn games increasing, so has the NFT gaming industry. Crypto gaming received an update in the first quarter of 2021 with the introduction of NFT play to earn games, which evolved from Play to Earn games to collectible games based on the Pay to Earn premise. The gaming business has always been driven by trends, and the newest trend in NFTs is no exception. While it is no secret that the NFT sector has grown to be a billion-dollar industry, play-to-earn games are unquestionably one of the strongest applications for NFTs. Much of the NFT sector is now centered on gaming, which offers a great opportunity for players to accumulate unique in-game items.