Since Satoshi Nakamoto launched Bitcoin (BTC) in 2009, people have been buzzing about the transformative properties of the blockchain – books have been written, thousands of panels and perspective presentations have been added, and masked Bitcoin radicals showcase their newfound wealth. Despite these accolades, the transformation process proceeded slowly.
Whether the delay is due to the global COVID-19 pandemic or just the time it takes to create innovation, we are now moving toward change that creates new economies and the way people interact. The metaverse with a powerful combination of game theory and blockchain creates a token motive in virtual worlds. Decentraland is already starting to revolutionize the way people live and interact, and there are many similar platforms in development. Beyond Verse will be expanded to include many of the chain’s opportunities as the virtual economy grows in importance.
NFT and the gaming industry
GameFi, the term used to describe the growing intersection between decentralized technology and the video game industry, where the real value is being created. Non-fungible tokens (NFTs) allow players to own assets that have both physical and real value and incentivize players to participate for long periods of time, as well as allow developers to create an in-game economy based on players’ creativity and interaction. Creators and owners.
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Blockchain offers many advantages of GameFi:
Transparency: By making gamification mechanisms clear, transparent and possibly codified through a smart contract, users tend to trust more and thus invest more resources in terms of money and time.
Interoperability: Blockchain technology enables the creation of virtual resource portability beyond the limits established so far.
Liquidity: You can now buy, sell and exchange assets outside of individual games.
Independent automation through smart contracts that can allow multiple parties to interact with each other even without human intervention.
NFTs can increase player engagement and improve gameplay, ultimately increasing the value of NFTs and tokens in the game. Players can now enjoy the freedom of movement in the games they want to play and how those games develop.
Axie Infinity is known in part for its social impact on saving families from poverty during the pandemic, and for its rapidly growing “research program”, created by gamblers, which promotes community development. It is now a multi-billion dollar player-driven gaming ecosystem.
BlackPool is another example of an early decentralized autonomous organization (DAO) designed for NFT gaming and commerce. This platform is largely driven by the community; It combines a passion for games, art, data analysis, and machine learning to deliver a user experience. BlackPool has also rolled out scholarship programs similar to Axie, opening up new sources of income for those excluded. Blockchain provides participation, voice, and revenue generation in the economy. It is also possible, through interaction, to anticipate the creation of networks of online communities with exchange and interaction among them.
The important story here is that we are seeing a shift from ‘work first’ to ‘community first’. Society is formed around an idea or interest through interaction and cooperation with the community, and concepts arise from the community. These are “Community First” and “Society Fast!”
These are decentralized and community driven – projects can be voted on, and the work that gets the most community votes can eventually be accepted for the final design. Every time someone creates an NFT, the artists of the asset receive revenue from the asset for each transaction. This will open up unexplored areas for investing knowledge and creative skills. ️
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The build-for-money model allows the creators to take full control of the game studios and directly participate in the development of the game. This gives the community the opportunity to create in-game assets, build NFTs, and sell them in secondary markets. A powerful new economy for creators is emerging, where gamers and programmers can realize their ideas, improve games and earn money from intellectual capital. This makes the gaming ecosystem driven by the community and gives content creators an incentive to improve the gaming experience in general. Anyone with basic programming skills can contribute to the game.