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Metaverse, play-to-earn and new economic game model

9 min reading

The gaming industry, which has always been synonymous with entertainment, has grown en masse in recent times and now a lot of money is mentioned when games appear.

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The gaming industry, which has always been synonymous with entertainment, has grown en masse in recent times and now a lot of money is mentioned when games appear. There has been tremendous growth since the introduction of Web 3.0 in the industry. According to a report from late 2019, the global gaming market is worth $152 billion. This growth means that after the introduction of Web 3.0, the constant rate of Web 3.0 games growing and becoming more and more popular. A lot of money was made and this in turn attracted a lot of new developers into the space.

Gaming has always been a one-way relationship in the past where only the developer or owner of the game made the financial gains while the players just had fun and kept spending money. A new economic model has been introduced, but in previous years, players spent a lot of money on the game. In 2020, customers in the mobile app industry spent a combined $143 billion. Game apps make $100 billion from it. This means that for every dollar spent on the Google Play Store (for Android devices) and the App Store (for Apple devices), gaming apps take up 70% of it. Even with the introduction of new game models, it is estimated that more than $120 billion will be spent on mobile games in 2021. This number is a 20% increase compared to 2020.

The new game model that I mentioned twice is a win-win game model. It's no lie that interest in sweepstakes has been fueled by the global COVID-19 pandemic. The same goes for the virtual world or "metaversion" that this game hosts. "Metaverse" is a combination of the prefix "meta", meaning beyond and "universe". So, the metauniverse is the world outside the universe. An unnatural place, so to speak. In the Metaverse, virtual lands, avatars, and even buildings can be bought and sold. This is most often done with the help of cryptocurrencies. In this virtual environment, people can move freely with their friends, attend events, and buy goods and services - essentially doing the same things they would in the real world.

The findings of the global pandemic have made people more aware of the potential of the online world and they have found that they can still do business and have fun at the same time using their devices from anywhere in the world. Many of today's metaverses are powered by blockchain technology, and to make transactions in this virtual world, users need cryptocurrencies or irreplaceable tokens (NFTs). Many of the successful games we have today have their own metaverse with local cryptocurrencies used for transactions and for receiving in-game assets and rewards.

The game model to be won includes the idea of an open economy and financial rewards for each user who creates value by playing and spending time in the gaming ecosystem. In the past, gaming was only seen as a way to have fun. That perception is now changing with the emergence of a new game class. This game is not only fun, but also an interesting investment opportunity. Speaking of investments, lately the industry has seen big venture capital companies invest a lot of money. Approximately $9.6 billion was invested in the global gaming industry in the 18 months to 2019, and 24 blockchain-based companies posted investments totaling $476 million in the first half of 2021 alone.

Recently, games like Axie Infinity and The Sandbox have grown in popularity and one thing they have in common is their economic system. Take, for example, the traditional game The Sims, where players can buy in-game assets with in-game currency - but the currency and assets have no real value. This is because there is no liquidity infrastructure in the game. Another traditional game, World of Warcraft, has a market where players can buy in-game assets and swap characters, but the game is very disorganized. Blockchain technology combined with the “Play to Win” model has solved all these problems.

To explain how the draw works, I'll use Axie Infinity as an example. Axie Infinity is a Pokémon-inspired blockchain game from Vietnamese developer Sky Mavis. It currently has over a million daily active users and what has attracted a large number are the cute in-game creatures called Axies. Users can breed, buy and train these axes. Axes are also used to perform tasks and participate in battles. The goal of the game is to earn tokens called Smooth Love Potions (SLP). With SLP, players can multiply their axes, which gives them the advantage of earning more.

Another reason why players want to withdraw as much SLP as possible is because SLP is a cryptocurrency that can be bought and sold on cryptocurrency exchanges. It is estimated that the top performing players earn up to 1500 SLP per day. That's roughly $250 at the time of writing (because volatility causes exchange rates to change constantly). Axie's creatures themselves can be sold on the open market as NFTs. Players can also sell in-game assets such as real estate and interest, including NFT, among others. So, in this winning economy of Axie Infinity games, players are rewarded for their time by earning SLP which can be sold on crypto exchanges and by acquiring Axies and other in-game assets that are open on Markets that can be sold.

Apart from Axie Infinity, other games and gaming platforms will soon enter the market or have launched and I see the potential. Blocktopia, powered by Polygon, is a decentralized metaverse that provides the crypto community with an unparalleled virtual reality experience. The bridge between the virtual and physical worlds in a decentralized and open world is the metauniverse. Protocols for managing digital real estate and digital art values will emerge and NFTs on the Polygon Network will act as intermediaries for this due to their accessibility and fast transactions.

OneTo11 is a fantastic sports mobile app that offers users a new way to use their sports knowledge for all their fun and profit. OneTo11 aims to create a future where sports fans, gamers and gamers can do the things they love most on a revolutionary platform. Not only can they interact socially, they can also compete in a transparent and decentralized manner with each other. It is a win-win gaming platform that allows users to earn money by participating in fantasy sports and other games on their platform.

OneTo11 values the loyalty of its customers by giving every player an equal chance and opportunity to prove and demonstrate their skills. Players on the OneTo11 platform can also win paid races without participating. This game differs from other sweepstakes in that users can earn money in three different ways:

Race Wins: Players assemble their own fantasy team to compete against each other and win money just by being in the top 75%.

Network commission: Players can refer other smartphone users to the OneTo11 platform with a unique code. When their referrals enter paid contests, players get 1.5% of their contest fees.

Referral Earnings: Users of the OneTo11 platform can earn from their referrals' recommendations. OneTo11 rewards users with up to 11 levels of online recommendations.

Nakamoto Games' goal is to offer anyone with a crypto wallet access to various competitions on the platform. With this access, they can generate significant and sustainable income. The company will launch an in-house game package where players from all over the world compete for weekly prize pools and win tantalizing prizes from these games. Developers will also be able to develop and deploy their games to win games on the platform, and they will remain in control of the monetization aspect of their games. This is similar to launching an app on the Google Play Store or Apple App Store.

Immortal Games is a platform developed by talented game developers who are working on amazing game projects. You have developed Card Trading Games (TCG) and Collectible Card Game Engines and are currently developing American Gothic - a unique approach to classic TCG. In this game, players play four races which are based in an American Gothic environment and offer several unique game modes such as arena, tournament, country and multiplayer. Fantasy Defense, an interpretation of the classic tower defense genre with a larger multiplayer field, is another game under development on the platform.

The folks at Immortal Games believe that the gaming industry is undergoing a revolution when it comes to real ownership of in-game assets, and they're headed in that direction. TryHards is a shooting game based on NFT and powered by the polygon blockchain. In Tryhards, players can play, fight, build and upgrade their characters and weapons just by playing the game. All of these characters are known as Fanatics and their weapons are based on NFT. Players need to gather as many fanatics as possible to increase their skill level and since it is a win-win game this means there is a monetary incentive to stake your original $TRY tokens and keep playing.

Even though the to-be-win games are only appearing now, they look like they exist and will be popular for a long time. Players are allowed to create new digital assets, trade them through the game infrastructure, and earn in-game virtual currency that can be easily sold against other cryptocurrencies and fiat currencies. There have been many games in the past that fueled the dynamics of online communities, but by being able to generate financial income, games to win make the community much more active. The niche is young so keeping an eye on this game project can be helpful as it can be beneficial in the long run.

 

 

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The new DEFI platform enters the market! Earn passively - token sale 0.25 $

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