From a mere source of entertainment and competition to a livelihood-providing activity.
Look how games are revolutionizing the way we earn money.
Have you experienced receiving words such as: “Stop playing video games” “Gaming is just a waste of time” and “Why don’t you focus on your studies instead?”
These are just some discouragements thrown at individuals who spend most of their time in front of their screens. Most parents back then and some at present – still believe that playing video games will not take anyone somewhere in life. This is due to skepticism and the idea of “too good to be true,” which many people believe.
But our technology has long been evolving and now offers what seems impossible in the past – to earn by playing video games. Games such as Axie Infinity, Splinterlands, and CryptoBlades are among the few examples of these. These games allow players to innovate and find the best strategy to win and earn Non-Fungible Tokens (NFT) that they can convert into cryptocurrency and then into actual money.
The play-to-earn games are now disrupting the labor market as they continue to attract more people (whether employed or not) to push the button for their livelihood on a regular or interim basis amid the ensuing health and economic crisis. Most play-to-earn games today reward the player with their in-game token, with its worth decided by the amount of liquidity or money in the particular token. For that reason, many utilize Non-Fungible Tokens (NFT) to support their token at first, allocating a portion of their earnings to support it until users start investing their money in them (Kayyali, 2022).
We all know the nostalgic feeling of playing Temple Run and Subway Surf – iconic games that have risen in popularity during their release in 2011 – 2012. With that in mind, the new upcoming game called “MoonRacers” is planning to take the step to enter the play-to-earn ecosystem with the combination of Web 3.0 Giant Axie Infinity and Temple Run plus Subway Surf concept in mind.
With its distinctive bottom-up operating system, MoonRacers has the best possible game design. Users that sign up first will have a greater opportunity of earning from the game. When a person owns a MoonRacer NFT, they become the owner of a possible team that might include seven (7) people below them. From then, the team structure can expand exponentially as any team member can assemble their group of players (Davis, 2022). Your dynasty will be built by the players that join your club, and as it expands, so does your opportunity to make more money. A player’s dynasty can expand very quickly to include thousands of players. Each of those players has a chance to win cash awards, and you, the said captain, will win alongside them (Davis, 2022).
With the expected launch this month of November, MoonRacers holds a promising vision not just for its future as a game but also for its players. By addressing problems most NFT (Non-Fungible Token) play-to-earn games are experiencing, MoonRacers is planning to provide a game where players can monetize their accounts to a next new level; the control is at the owner’s hands.
More about MoonRacers
Each dynasty will have an OG creator who reserves a 10% royalty for individual team member winnings. Underneath the dynasty creator can be several team creators, who have the chance to win as well. If you’ve been earning rewards for forming a team, you’ve certainly won them or a member of your teammates has. In the latter scenario, a portion of your team member’s profits will go to you as royalty.
The Pros and Cons of Play-to-Earn Games
Games with in-game currency allow players to make real money, and as the play-to-earn industry expands over time, developers who make and manage these games earn more money. Although it is still early, the play-to-earn model might draw a number of first-time gamers, growing the current customers and growing revenue, which might turn out to be a win-win situation for game creators.
If there’s a positive there’s also a negative.
You must play a lot of play-to-earn games for hours before you notice any huge financial rewards. Gamers frequently invest weeks and months just attempting to recoup the cost of purchasing the game. In addition, even if many games include decentralized businesses and markets, a developer or publisher still has the highest control over them and can put restrictions on how much a player can make in a given time frame. While they do provide the chance to make money, very few individuals are genuinely aware of the possible misfortunes they could sustain. It is crucial to thoroughly comprehend the game’s rules before playing.
Given the novelty of blockchain technology in the mainstream, its stability and sustainability have naturally been questioned. Players and users of these types of games have been observed and noticed to play not so much for fun, but rather to farm the economy – they play to earn rather than to have fun. Aside from playability, mass adoption is one of the next and best steps forward for the community as a whole. Whatever your feelings are about play-to-earn games, it is certain to have a significant impact on gaming and cryptocurrency in general. The next generation of gaming will almost certainly incorporate NFTs and cryptocurrency on some level; the question is when and how not if.
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MoonRacersTM (2022). NFT Racing Game with Real Cash Prizes. Home | MoonRacers
Jindal (2022). How to Get Rich on Play-to-Earn Games. How to Get Rich on Play-to-Earn Games (newsbtc.com)
Kayyali (2022). Are Play-to-Earn Games the Future of the Gaming
Industry? Are Play-to-Earn Games the Future of Gaming? – Inside Telecom – Inside Telecom
Fireblocks (2022). Why Play-to-Earn will redefine next-generation
gaming. Why play-to-earn will redefine next-gen gaming (fireblocks.com)
Sri (2022). Play-to-Earn gaming model bound to evolve, experts
say. Play-to-earn gaming model bound to evolve, experts say (techinasia.com)