Play-to-earn provide gamers with a digital identity

4 Min Read

Metaverse News believes that in five years, all new game releases will have some version of Playtoearn, GameFi, or NFT build in. As a result, we’ve put in a lot of time and resources to cover this topic —you can find an entire section dedicated to GameFi here.

Every day, we conduct market research and speak with game developers. You can read our interview with the people of Chordus Arena NFT, among other things, here.

But now we want to talk a little bit about why it is the future and what it actually does:

Individuals must first have faith in their digital presence and commodities, as well as their financial sustainability before they can spend significant time, attention, and personal resources to digital environments. There is evidence from early deployments that blockchain technology can enable digital trust and decentralized value storage through encryption.

Video games, as well as the financial and art industries, are already implementing blockchain technology. Games that use play-to-earn mechanics build value through the use of blockchain and non-fungible tokens. Ownership of a digital asset can only be claimed through the use of an NFT. Non-Fictional Objects (NFTs) might be anything from characters, items, terrain, or even digital apparel. The most valuable items can be obtained through smart play and sold at any moment for real money.

The traditional proprietary, custodial ownership and discretion of a company or even the government can now be transcended by decentralized integrity and security of digital products. Without the permission or limits of publishers or other third parties, in-game materials from play-to-earn games can be sold.

Play-to-earn game communities promoting the creation of a new economy have lately sprouted. It is notable that ‘Axie Infinity‘ shows that this is not merely a pipe fantasy. There has been a dramatic increase in the number of daily active users of the popular play-to-earn environment in the Philippines and Venezuela. Gamers can make more money in the virtual world than they do in their home town.

Other’scholarship platforms’ like Yield Guild Games, which empower and educate gamers in emerging nations to play-to-earn games, have received major investment and become billion-dollar enterprises in just a few months, exceeding many of the most popular video games in their worth. Play-to-earn games and the platforms that support them show how meritocracy and economic opportunity may coexist in different parts of the world. Flatter than ever, the world appears in 2021.

Play-to-earn games, for the time being, still require the publisher’s ability to generate, issue, and control the NFT asset. Players must convert their digital time, effort, and earnings into fiat currency in order to make money in the virtual world. Play-to-earn games excel in this regard.

In the end, those who embraced these new worlds and took advantage of the chances fast will reap enormous financial gains.

In the future, gamers could make money through play-to-earn. The digital economy, which has the potential to provide “people as a service,” is also represented in the absence of job security, the fragility of business-employee relationships, and the fragility of social safety nets.

The future is here whether we like it or not.

more about Web3 here

Follow Metaverse News anywhere we publish, Twitter & Instagram

Share this Article
Posted by Alex Vartmann
Web3 guru, and enjoys sugary liquorice.
Exit mobile version