Crypto, NFT, Blockchain and Games Interaction.
People around the world are turning their back on the traditional way of earning. The massive potential of crypto, NFT, and blockchain-based games has made people switch careers.
Many are now earning heaves of money while playing games based on NFT, especially Axie Infinity. Axie Infinity has generated $2.5 billion in trading volume. The game lets players earn a digital token known as Smooth Love Potion. The model of play to earn has transformed the lives of many throughout the world especially in the East Asian region.
The game’s massive popularity has made Axie, the blobby monster, the single most valuable collection of NFT in the world.
The interaction between Crypto, NFT, and games in the future metaverse, though confusing, has attracted huge investors into the domain. The co-founder of Reddit, Alexis Ohanian, and Mark Cuban invested in Sky Mavis. Justin Sun of BitTorrent and TRON Foundation launched a $300 million fund for play to earn a gaming model.
The exciting part for NFTs is that in the metaverse, players will sell, exchange, and even buy NFTs from others and use it anywhere irrespective of the apps, medium, or company. Moreover, the points, rewards, levels earned by the players will have value to them and won’t just vanish after the game’s competition.
This means that players will have private ownership of earned stuff, and can engage in its production, labor, or voluntary exchange. The idea is quite similar to capitalism.
Major gaming studios are keeping a close eye on the idea of Play to earn a business model. Many are cautious but eventually, the industry will come to a point where moving to it will become inevitable.
There are hurdles in the way especially the laws of gambling that do not encourage earning real money from games. Moreover, the transition will happen in the future but it will be a slow one.