It is quickly becoming possible to conquer digital worlds and turn physical profits through the flick of a skilled finger.
How Have Economic Models Changed?
Blockchain technology and decentralized finance (DeFi) has changed gaming and challenged previous economic models. More people throughout the world are turning to gaming for making a living.
The utility of blockchain combined with the growing game industry makes this a match made in heaven.
Blockchain is seeing games designed around open economies, dispensing the typical restrictive ToS, and employing new technology that utilizes Non-Fungible Tokens (NFTs). These developments serve to empower users by granting them actual ownership of their purchases and earnings.
“Our mandate was simple – play the games, see if they’re any fun and scout out opportunities in the sector,” detailed the highly respected independent research boutique Delphi Ventures in October 2020. “One of the projects we came across during our research was Axie Infinity, a game that lets you collect, battle and breed digital pets called Axies.”
Traditional game companies often rely on restrictive ‘Terms of Service (ToS)’ agreements highlighted as necessary to protect users but are intrinsic in asserting control on in-game economics.
This means that you can purchase in-game items without ever having the opportunity to cash in on these assets that you have either previously purchased or earned via gameplay.
Axie Infinity and The Digital Battle Pets
Created by SkyMavis, Axie Infinity allows its players to earn income through NFTs, and crypto through looking after, breeding, challenging, and trading digital pets called ‘Axies.’
Delphi Ventures made public their purchase of five Axies last year for the tidy sum of $159k. Heavily relying on two factors, rarity, and utility. Delphi conducted an analysis that finally drove them to pull the trigger on a purchase they’d been looking to make for a while.
“Recent market moves may have pushed some to the sidelines but we saw the recent turmoil as an opportunity. An opportunity to spend a lot of money on digital battle pets,” Delphi Digital said. “While this may appear to be a confusing impulse buy at first glance, spurred on by the recent hype around NFTs, it’s actually a purchase we’ve been patiently waiting to make ever since we started Delphi.”
With the explosive growth of over 252,000 users over just the past two months from a previous 38,000 in April, Axies is making incredible strides. They recently became the top NFT site by volume on July 25th.
Play-to-Earn In Action
For a closer look at Axies and how everyday people are getting the most out of the Play-to-Earn (P2E) scenario, you can see the brilliant mini-documentary released on YouTube by crypto consulting firm Emfarsis and gaming company Yield Guild Games.
Other chains are getting in on the action. Games like MyDeFiPet on Binance Smart Chain have shot up in popularity recently as well.
Titled ‘Play-to-Earn,’ the documentary follows people who play the game and focuses on this revolutionary new aspect of gaming that blockchain technology has made possible.
Source : bsc.news
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