Metaverse, earn while playing and new game economy model

The game industry has always been synonymous with fun. Recently, the game industry has developed on a large scale. Now when it comes to games, people will mention a lot of money. Since the introduction of Web 3.0, the industry has seen tremendous growth. According to reports, at the end of 2019, the global gaming market was worth US$152 billion. This growth means that since the introduction of Web 3.0, the growth rate of Web 3.0 games has remained the same and has gained more and more adoption. This area is very profitable, which in turn has attracted many new developers.

In the past, games have always been a unilateral relationship, that is, only developers or game owners can get financial benefits, and players can only enjoy fun and continue to consume. A new economic model has now been introduced, but in the previous years, players have invested a lot of money in the game. In 2020, users in the mobile application industry have invested a total of US$143 billion. Gaming applications accounted for a huge sum of US$100 billion. This means that in every dollar invested in Google Play Store (for Android devices) and App Store (for Apple devices), game applications account for up to 70%. Even with the introduction of new game modes, it is estimated that more than 120 billion US dollars will be invested in mobile games in 2021. This will increase by 20% over the 2020 figure.

The new game mode that I have mentioned twice is the play-and-earn game mode. The global new crown pneumonia epidemic has aroused people’s interest in playing and making games. This is not a lie. The same applies to the virtual world (“meta universe”) that hosts these games.

What is the meta universe?

The term “meta universe” is composed of the prefixes “meta” (meaning transcendence) and “universe”. Therefore, the meta universe is a world outside the universe. It can be said to be an unreal world. In the meta universe, virtual land, virtual characters and even buildings can be bought and sold. This is usually done using cryptocurrency. In these virtual environments, people can freely interact with friends, participate in activities, and purchase goods and services-basically, they can do exactly the same things as in the real world.

The blockade caused by the global pandemic has prompted people to pay more attention to the potential of the online world. They found that they can still use their devices to conduct business anywhere in the world and have fun at the same time. Many meta-universes that currently exist are supported by blockchain technology. In order to conduct transactions in these virtual worlds, users will need cryptocurrency or non-fungible tokens (NFT). Many of today’s play-and-make games have metaverses with native cryptocurrencies, which are used both for transactions and for receiving in-game assets and rewards.

What is a game of earning while playing?

The play-and-earn game model embraces the concept of an open economy and financially rewards users who add value through playing games and investing time in the game ecosystem. In the past, people thought that games were just a form of entertainment. With the emergence of new game types, this view is now changing. These games are not only fun, but also attractive investment opportunities. Speaking of investment, recently, large venture capital companies have invested a lot of money in this industry. In the 18 months ending in 2019, investment in the global game industry reached US$9.6 billion. In the first half of 2021 alone, 24 blockchain-based game companies received a total of US$476 million in investment.

Recently, Axie Infinity and The Sandbox have become popular while playing and earning games. One thing they have in common is their economic system. Taking the traditional game “The Sims” as an example, players can use in-game currency to purchase in-game assets, but these currencies and assets have no real-world value. This is because there is no liquidity infrastructure in the game. Another traditional game World of Warcraft “World of Warcraft” also has a market where players can buy in-game assets and exchange characters, but this market is very loose. Blockchain technology combined with the play and earn model solves all these problems.

How does the play and earn game work?

I will use Axie Infinity as an example to explain how the play and earn game works. Axie Infinity is a blockchain game inspired by Pokémon, developed by Vietnamese developer Sky Mavis. It currently has more than 1 million daily active users, and what attracts this huge user base is the cute creature called Axie s in the game . Users can nurture, purchase and train these Axie s. Axies are also used to perform missions and participate in battles. The goal of this game is to obtain an in-game token called Smooth Love Potion (SLP). With SLP, players can breed their Axies, which allows them to get more revenue.

Another reason why players want to earn as much SLP as possible is that SLP is a cryptocurrency that can be bought and sold on cryptocurrency exchanges. It is said that the best performers can earn up to 1500 SLP per day. At the time of writing, it was about $250 (due to volatility that causes the exchange rate to change constantly). Axie Bio itself can be sold on the open market as NFT. Players can also sell in-game assets such as real estate and flowers as NFT. Therefore, in Axie Infinity’s play-and-make economy, players earn time rewards by earning SLPs that can be sold on cryptocurrency exchanges, as well as Axies and other in-game assets that can be sold on the open market.

Earn money while playing other games

In addition to Axie Infinity, other games and platforms for earning while playing are about to or have been launched, and I see their potential.

Bloktopia, backed by Polygon , is a decentralized meta-universe that will provide an unprecedented virtual reality experience for the crypto community. In the decentralized and open source world, the bridge connecting the virtual world and the physical world is the meta universe. Agreements to manage the digital value of real estate and digital art will emerge, and the NFT on the Polygon network will act as a facilitator because of its low prices and fast transactions.

OneTo11 is a fantasy sports mobile application designed to provide users with a new way to use their sports knowledge for fun and benefits. OneTo11 aims to create a future where sports fans, bettors and gamers can do their favorite things on a revolutionary platform. Not only can they interact socially, but they can also compete with each other in a transparent and decentralized way. This is a platform for earning while playing, users can earn money by participating in fantasy sports and other games on its platform.

OneTo11 rewards users for their loyalty by giving each player the same opportunity to prove themselves and demonstrate their skills. Players on the OneTo11 platform can make money even if they do not participate in paid tournaments. This game is different from other games that make money while playing, because users can make money in three different ways:

Contest bonus: Players create their own dream team to participate in the contest, and as long as they rank in the top 75%, they can win the bonus.

Network commission: Players can use a unique code to recommend other smartphone users to the OneTo11 platform. When their referee participates in a paid tournament, players can get 1.5% of the tournament fee.

Recommendation income: OneTo11 platform users can earn income from the recommendations of their recommenders. OneTo11 provides its users with up to 11 levels of recommendations in the network.

Nakamoto Games aims to allow anyone with a crypto wallet to play a large number of games on the platform. In this way, they can obtain considerable sustainable income. The company will launch a set of internal games, players from all over the world will compete for the weekly bonus pool, and get rich rewards from these games.

Developers can also create and deploy their own games on the platform, and they will continue to control the profitability of the game. This is similar to the way to launch apps on Google Play Store or Apple App Store.

Immortal Games is a platform created by a group of outstanding game developers who are committed to outstanding game projects. They have developed a trading card game (TCG) and a collectible card game engine, and are currently developing American Gothic-a unique classic TCG. In this game, people play with four races based on the American Gothic background and provide several unique game modes such as “Arena”, “Tournament”, “Land” and “Multiplayer”. Fantasy Defense is an interpretation of the classic tower defense genre. It has a larger multiplayer game field and is another game being developed on the platform.

The people at Immortal Games believe that the gaming industry is going through a revolution in real ownership of in-game assets, and they are moving in this direction.

TryHards is a shooting game based on NFT, supported by Polygon blockchain. In Tryhards, players can mortgage, fight, craft and upgrade their characters and weapons simply by playing the game. These characters are called Fanatics, and their weapons are based on NFT. Players must collect as many Fanatics as possible to upgrade their game abilities, because this is a game that makes money while playing, which means that there is a monetary incentive to encourage players to pledge the platform’s native TRY tokens and continue the game.

Concluding remarks

Although playing and earning games have only just appeared, they seem to be popular for a long time. Players can create new digital assets, use the game’s infrastructure to trade, and earn virtual in-game currency. These virtual currencies can be easily sold and exchanged for other cryptocurrencies and fiat currencies.

In the past, there were many games that supported the dynamics of online communities, but by adding the function of creating economic income, playing and making games is making the community more active. This niche market is still young, so it may be beneficial to focus on these play-and-make projects because they are beneficial in the long run.

As a blockchain news information platform, Cointelegraph Chinese provides information only representing the author’s personal views, and has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise their risk awareness.

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