Using NFT games to revolutionize the gaming business

While the notion of playing to earn NFT games in return for real money is not new, it has increased in popularity as online communities have expanded in size and become a multibillion-dollar industry. Many Venezuelans turned to gold farming as their primary source of income after learning that it offered more financial stability than more conventional forms of job. When this happened, the country made international news. The technique has gained widespread acceptance to the point that it now has its own page on Wikipedia and an item in the Encyclopedia Britannica.

The majority of game companies forbid Gold Farming and other forms of monetary exchange of in-game commodities or account transfers in their very restrictive Terms of Service (ToS) agreements.

While these approaches are intended to protect the community, they are more likely to be used to create control over the in-game economy, limit exposure to KYC/AML rules, and maximize income than for any other reason. As a consequence of these regulations, individual players are unable to draw value from assets obtained or gained via play to earn NFT games.

As a consequence of the limitation on exchange, players will be unable to resell previously purchased things, proving that they do not really own the products they buy. As a consequence of these methods, some players have been forced into the grey markets, where they face counterparty risks and account suspensions, which may result in the assets being snatched away if caught.

A legal and open market for goods makes it almost impossible for customers to recuperate some of their earlier purchases, much alone profit from their accounts and virtual objects obtained while gaming. As a consequence, these restricted systems may limit the economic potential of these gaming communities, all the more so given that game publishers maintain rights to participate in their development.

However, as blockchain technology spreads around the world, new game economic models are emerging. As a consequence of the COVID-19 lockdowns, a substantial number of non-traditional gamers in the Philippines shifted to crypto-based video NFT games to augment their income in 2020. Grandparents, single mothers, and taxi drivers have all been seen in the country using video NFT games to augment their incomes by playing, manufacturing, and transferring digital assets that they might then sell on public blockchain exchanges to convert their gains to cash.

What differentiates these earn-a-living NFT games from massively multiplayer online earn-a-living NFT games? Gold Farming NFT games are centered on open economics, the elimination of restrictive Terms of Service, and the utilization of cutting-edge technology like as blockchain-based Non-Fungible Tokens (NFTs). By providing ownership of commodities bought or earned, these new models enable individuals to reclaim control of their life.

Gaming the System is a collection of rules that control the way things operate.

As early computer NFT games evolved from boxed products to continuous-play online services, some aspects of game design changed in lockstep. Clients gained long-term experiences via online play to earn NFT games, forcing the growth of corporate structures to keep up with the trends. Subscriptions and, later, micro-transactions were introduced, enabling users to make incremental on-demand purchases in tiny quantities. Regrettably, numerous elements of the game’s design had components that were incompatible with the remaining new models. Randomized “Loot Boxes” provided incentive and reward for early video game players to obtain NFT games, despite the fact that they had nothing to do with commercialization in single-purchase, packaged-goods game cartridges at the time of their release.

Certain publishers may be able to monetise these randomized game assets by including them into their play to earn NFT games as microtransactions. If this behavior is pushed to its logical conclusion, it may be called a kind of gambling. On the other hand, successful “Free to Play” play to earn NFT games focus on keeping their most devoted players by providing them with the chance to accelerate their game progress. 

Unfortunately, this may irritate some players, resulting in a lack of desire to pay and putting the burden of funding the game squarely on the shoulders of a tiny segment of the player base, which may be damaging to the game’s revenue streams. A game’s design that rewards high-spending players may aggravate and further stratify the player base.

Using NFT games to revolutionize the gaming business

What, therefore, do gamers find alluring? The virtual world, it turns out, is a mirror of the real world. Players enjoy amassing limited-edition digital products and expressing themselves socially via the customisation of their virtual identities and virtual environs. The cosmetics sector, on its own, is estimated to be worth $40 billion annually and is growing at a pace of 5% each year. The application of blockchain technology to paid cosmetics and virtual goods has the potential to catalyze the development of new economic models for the gaming industry – models that are likely to be dominated by non-financial institutions (NFTs) that give players ownership over their purchases while sharing resale revenue with developers and adding economic value to the game community.

What Does This Mean for Investing and How Can It Benefit Investors?

While many investors will turn to large, publicly traded organizations for market direction, astute industry players will monitor and wait to see how younger, more nimble companies perform before adopting these new market practices. They are more inclined to take a wait-and-see stance, enabling independents to take risks and evaluate the validity of ideas while they observe the situation. Their objective is to join the market later, often by acquiring and executing creative ideas that have been shown to be profitable.

This is an incredible opportunity for entrepreneurs, independent developers, and investors to participate in a new enterprise on the first floor. Although the notion of creator-based economies is not new, blockchain technology has the potential to expand their reach and push growth to previously imagined heights. Through the use of cryptoeconomics, gamer communities may contribute to the success of the game by earning tokens for the NFT games they like.

People all across the world are closely monitoring the current cryptocurrency and NFT frenzy and speculating on what will happen over the next 12 months. However, prudent investors and developers will look forward 3-5 years, when this technology and the new business models that will emerge as a consequence of it will face a “make or break” moment. If high-quality play-to-earn NFT games are presented to the market, blockchain-enabled open economies have the potential to become the fastest-growing segment of a market worth close to $200 billion.

Play to earn games: A new way to breed start-ups

We’re witnessing new prospects for monetary value creation via the use of blockchain technology and cyber money. Of course, crypto mining is one method, as “miners” stack computers to construct verified and validated block equations, so adding to the blockchain and the miners’ assets.

Recently, we’ve witnessed the growth of non-fungible tokens or NFTs. As previously stated, they are digital representations of physical things whose uniqueness confers value and is guaranteed by blockchain technology.

The newest wealth-creation potential provided by blockchain technology is the play and earn games model(P2E) phenomena, in which multiplayer gamers may earn money (cryptocurrency) and build valuable assets (NFTs) just by playing these play and earn games. In previous versions of the online multiplayer play and earn games, points or even pseudo-currencies were available. However, owing to stringent Terms of Service Agreements, credits for territories conquered or soldiers generated have to remain inside the game.

Much of this is altering as a result of P2E. Multiplayer play-to-earn games are becoming more large and sophisticated, edging closer to the metaverse. Certain play and earn games adapt in response to player activities and have fewer rules and constraints. Not surprisingly, gamers are no longer content with exploring new kingdoms or universes or participating in battle royales just for the sake of notoriety, self-satisfaction, or bragging rights.

Multiplayer gamers nowadays want concrete benefits that they can take with them into the “real world.” They now own it. With P2E, players may “cash-out” their earned points or money in the form of cryptocurrency. Additionally, the assets developed by players may be converted into NFTs and then purchased, sold, traded, or given through cryptocurrency markets and exchanges.

Earn Money in Two Ways

Simply playing (and, more importantly, winning) may reward an individual several hundred or more dollars in crypto equivalents every month. As a result, P2E is considered a side job or hobby in western countries. However, for players in less developed countries – like Vietnam and the Philippines – it may be a primary source of income.

Additionally, all bets are off about the profitability of game-based NFT transactions. These sales can generate significantly more money – thousands of dollars even – if there is a willing buyer. That is the snag. Markets do not continue to rise indefinitely. The last person holding a particular NFT who is unable to sell it is effectively holding a token valued solely for its aesthetics. Learn more top things you should look out for when choosing an axie infinity guild.

The P2E Games That Are Popular

The gaming market is expected to reach $178 billion in 2021 and surpass $295 billion over the next five years. At the moment, PlayToEarn.net lists hundreds of gaming sites that allow players to earn money while playing.

Axie Infinity is by far the most popular play-to-earn games. Axie digital pet tokens have been purchased, raised, sold, and even used in battle by nearly two million players. For their efforts and success, players can earn the game’s “smooth love potion” (SLP) cryptocurrency, as well as sell their Axie NFTs for even higher returns. The game debuted in 2018 and has amassed a sales volume of $845 million and 3.8 million transactions as of August this year.

Other player-versus-environment (P2E) play and earn games are as inventive.

Gaming’s Play to Earn Model is Giving Birth to a New Breed of Unicorn Startups

We’re witnessing new prospects for monetary value creation via the use of blockchain technology and cyber money. Of course, crypto mining is one method, as “miners” stack computers to construct verified and validated block equations, so adding to the blockchain and the miners’ assets.

Recently, we’ve witnessed the growth of non-fungible tokens or NFTs. As previously stated, they are digital representations of physical things whose uniqueness confers value and is guaranteed by blockchain technology.

The newest wealth-creation potential provided by blockchain technology is the play-to-earn games (P2E) phenomena, in which multiplayer gamers may earn money (cryptocurrency) and build valuable assets (NFTs) just by playing these play-and-earn games. In previous versions of the online multiplayer play and earn games, points or even pseudo-currencies were available. However, owing to stringent Terms of Service Agreements, credits for territories conquered or soldiers generated have to remain inside the game.

Much of this is altering as a result of P2E. Multiplayer play and earn games are becoming more large and sophisticated, edging closer to the metaverse. Certain play and earn games adapt in response to player activities and have less rules and constraints. Not surprisingly, gamers are no longer content with exploring new kingdoms or universes or participating in battle royales just for the sake of notoriety, self-satisfaction, or bragging rights.

Multiplayer gamers nowadays want concrete benefits that they can take with them into the “real world.” They now own it. With play-to-earn games, players may “cash out” their earned points or money in the form of cryptocurrency. Additionally, the assets developed by players may be converted into NFTs and then purchased, sold, traded, or given through cryptocurrency markets and exchanges.

Earn Money in Two Ways

Simply playing (and, more importantly, winning) may reward an individual several hundred or more dollars in crypto equivalents every month. As a result, P2E is considered side employment or pastime in western nations. However, for players in less developed countries – like Vietnam and the Philippines – it may be a primary source of income.

Additionally, all bets are off about the profitability of game-based NFT transactions. These transactions may generate much more money — hundreds of dollars even – if there is a willing buyer. That is the snag. Markets do not continue to rise indefinitely. The last person holding a particular NFT who is unable to sell it is effectively holding a token valued only for its beauty.

The P2E Play and earn games That Are Popular

The gaming business is estimated to reach $178 billion in 2021 and exceed $295 billion during the following five years. At the moment, PlayToEarn.net includes hundreds of gaming sites that enable gamers to make money while playing.

Axie Infinity is by far the most popular Play to earn games. Axie digital pet tokens have been acquired, grown, traded, and even used in combat by almost two million users. For their efforts and success, players may receive the game’s “smooth love potion” (SLP) cryptocurrency, as well as sell their Axie NFTs for even higher rewards. The game debuted in 2018 and has amassed a sales volume of $845 million and 3.8 million transactions as of August this year.

Other player-versus-environment (P2E) play and earn games are as inventive.

Parental Guidance

And parents, for their part, will be more compelled to comprehend the world of blockchain and cryptocurrency. Unfortunately, far too many people have their heads buried in the sand, hoping/assuming that everything will be OK. It will not. They no longer have this option of denial.

P2E will continue to exist as long as cryptocurrencies are feasible. Cryptocurrencies based on blockchain technology have progressed too far to be regulated out of existence. Due to the fact that blockchain, NFT plays to earn games and cryptocurrencies will surely become a part of their children’s lives in the future, Gen Xers and Boomers had better do their study and due diligence.

Top 7 Amazing Secrets You Should Know About Axie Infinity

Axie Infinity is becoming a consistent topic among game lovers from different parts of the world. Judging by the number of players, this game is rising to become a trend that will last for many years to come. Unless you are not too familiar with the gaming world, you might have been hearing the name Axie Infinity popping out of the lips of the game lovers around you. 

So, what is it about this game? That is the reason for this article. In this write-up, you discover the top amazing facts that make Axie Infinity a game you need to pay for. Without wasting words, let’s get to it.

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Of course, Axie Infinity is an online video game, not just the regular one you play. This NFT-based game comes with a mouth-watering opportunity to boost your financial capacity while you catch fun surfing through the different exciting adventures in the game universe.

Aside from the fact that Axie Infinity operates with cutting-edge technology, this NFT-based online video game gives you a lot of reasons you should consider buying the game. Let’s consider them one after the other.

1. Axie Infinity is a play-to-earn cryptocurrency game 

The word ‘play-to-earn’ might not seem new in the gaming world but with cryptocurrency? That is the new twist. Axie infinity allows you to earn cryptocurrency tokens as you play. Interestingly, these cryptocurrency tokens are not just online game rewards you only see on the screen. You can trade on decentralized exchanges to convert your rewards to hard cash. 

In Axie Infinity, you can own some nice-looking creatures called Axies which are Non-Fungible Token (NFT). That means the axis is digital collectibles in their rights. In this game, you can battle and breed your axies and also, in some other levels, compete in different exciting quests and farm resources. 

Axie Infinity has a whole economy in itself, even as a game. In a world called Lunacia, you can build yourself a robust wallet that you can genuinely trade within real life. For instance, you can use your in-game token such as Smooth Love Potion (SLP) and Axie Infinity Shard (AXS) to buy farms, land, or breed Axies in the world Lunacia. 

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Since the in-game tokens have a real-life value, you can use them to pay your bills or buy items in groceries stores in real life. Isn’t that amazing? Absolutely Yes. Well, that’s not all; there are many more secrets to unlock. 

2. There are other play-to-earn games on the market

I know you would have fallen in love with Axie Infinity knowing how much it could help you build a solid financial power. However, you need to know this truthful secret that Axie Infinity is not the only game in the market with the play-to-earn advantage. 

So, before you take the plunge and dash to the market, have it in your mind that other online video games offer the opportunity to earn crypto, just as Axie Infinity. What makes Axie Infinity more unique and credible is that the developers built the product and its expanding community for four years before finally launching it. 

The project has been under severe scrutiny since 2017, which makes everyone believes it will be difficult for imitators to produce the same quality. 

However, other cryptocurrency online game developers are soaring higher every day in terms of quality, making sure all loop ends are sealed. That means another game can overtake Axie Infinity anytime soon.

3. Axie Infinity has generated more revenue than other competitors

Based on facts and figures from Token Terminal, Axie Infinity has more revenue than other online video games that uses cryptocurrency. Specifically, Axie Infinity has generated about $90 million in revenue in the last 30 days. As the fact was published, other ten similar gaming apps have generated about $41 million combined. Click here to read about the Top 8 Things You Should Look Out for When Choosing an Axie Infinity Guild.

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Considering the numbers, it’s evident that Axie Infinity has generated more revenue than other similar gaming apps combined in recent days. However, one vital fact to always remember is that cryptocurrencies are not stocks. Hence, you don’t share the business if you buy Axie Infinity Shard (AXS). The only way you can get profits is when the token price increases.

4. You need to have three Axies to be part of the game

From an investor’s perspective, you might think it’s wise to buy AXS tokens expecting them to increase in value over time. Well, that’s an intelligent thought. Only that, Axie Infinity is built for investors. It is a game community that encourages players to get tokens to participate. 

It can be somewhat expensive to participate in the Axie Infinity based on that fact. Another low point of this game is that the price of the Axies has soared higher. Before, players can start with about $5 to $10. Right now, the minimum price you can an Axie is $200. Consequently, you will need to spend up to $600 to play.

5. Some players quit their formal jobs to play

How does that sound? Incredible? Yes, it is. It is not funny that people are quitting their formal jobs to resume play9ing games full time. Well, I wouldn’t blame them; Axie Infinity provides an opportunity to earn as much as you can depending on how committed and skillful you are with the game 

Based on the fact published by the Cryptoday newsletter, you can earn up to 4,500 SLP a month on average. That’s about $1 500! If you’re an interested player, you can make more than 250 000 a day.

6. Axie Infinity’s price increased by 600% in one month

Axie Infinity Shard (AXS) increased by 600% within June and July. Now, that’s a high jump. The price rose to hit $29.13 on July 15, then later fell to $14.19 five days later. Presently, AXS is increasing again.

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7. Axie is NOT available for sale on major US exchanges

Presently, AXS and SLP are not sold on top US cryptocurrency exchanges. That means you can not buy them easily. Though you can have a way out using a decentralized exchange, you need to watch your back as it can put you at the risk of being duped. Us investors don’t buy from an unregulated exchange, so you will have to think again before paying. 

Final Words

Axie Infinity is a game to play if you have a keen interest in gaming. It is an excellent way to earn considerable money per day while catching lots of fun. However, you must understand how the play-to-earn and the cryptocurrency gaming industry works before you decide to spend your hard-earned money on it.