What is Blockchain Gaming and its Play-to-Earn Model?
With the popularity of cryptocurrency, blockchain games have become a new genre in gaming. Blockchain games are decentralized and use cryptocurrency to power their in-game economy. This provides a safer and more transparent gaming experience.
Although blockchain gaming is still new, its impact on gaming is shaping up to be the next big thing, and not just in terms of financial transactions. The use of blockchain can change the very nature of how games are played.
Here’s a look at how blockchain is being used in gaming, who the players are, and what it could mean for the future of this fast-growing industry.
Blockchain-based games are already being developed and played. One example is Ethereum-based CryptoKitties, which allows players to breed and trade digital cats. Other games in development include decentralized versions of popular titles such as FIFA, Call of Duty and World of Warcraft.
The gaming industry flourished in lockdown and the market value will reach 320 billion dollars, and it is only natural that some of this money will flow into blockchain gaming companies. For example, Everyrealm, one of the most active investors in and developers of the metaverse real estate ecosystem, just launched a new game on Sandbox. They previously raised $60 million led by Andreessen.
There are already a number of popular blockchain gaming companies out there, each with their own unique offerings. One such example is Decentral Games which enables users to play games in the Metaverse.
The company follows the “play to earn” model. This model allows players to earn cryptocurrency (ICE tokens) that can be traded for real currency. Decentral Games also completed their ICE merger recently, which means ICE token emissions will drop by 55%.
According to the company, the reduction is achieved by changing the type of rewards earned by delegated players who rent the wearable NFTs required to join the game. From now on, instead of direct ICE rewards, they will get “banked ICE” that can be used to buy wearables and join the tournaments.
“The existing play-to-earn model is broken. While offering unlimited rewards to those who haven’t invested anything can be incredible for starting player liquidity, they are unsustainable. We’ve seen this with almost every major GameFi project that kept this model. We take a different approach. Our focus is long-term, and it focuses on enabling our players to own in-game assets through gameplay while managing the token emissions we create, allowing our player base to scale seamlessly. This is what will set us apart over the next 12-18 months.”
Matthew Howells-Barby, CMO – Decentral Games
For those who are unsure how to enter the Metaverse; joining Metaverse is easy and only requires a few steps to get started. First, you create an account on one of the many participating sites. Once you have an account, you can start creating your own 3D avatar.
After you’ve created your avatar, you can start exploring the Metaverse. There are many different ways to explore the Metaverse, including visiting virtual worlds, chatting with other users, and of course participating in online games.
Not only is this a great way for players to earn some extra cash, but it also helps support the development of new and innovative games. Blockchain gaming is still in its early stages, but it has already shown great potential to change the way we think about video game monetization.
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