When gaming becomes a full-time job – Bridge Payday

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Through games like Axie Infinity and The Sandbox, the digital economy has developed a new sector that may transform an interest in online gaming into lucrative employment Bridge Payday CA location.

Numerous industries, including video games, have been transformed due to the coronavirus epidemic. Spending a few hours playing for leisure is a thing of the past for some gamers. While some may believe that the growth of e-sports has already transformed gaming from a hobby to a vocation, what has occurred over the last several months goes much further. Axie Infinity, CryptoKitties, and The Sandbox have spawned a new digital economy, converting enjoyment into revenue. And not because they sell in the millions, but because blockchain technology has enabled cryptocurrencies to take center stage in these games, dubbed crypto games.

Axie Infinity, the primary engine of this transformation, is the most straightforward illustration of how this new economic activity operates. It is similar to Pokémon in that users gather, train, feed, purchase, and trade “axis” loosely based on the axolotl. The game’s objective is to acquire these characters via the usage of little love potions. These potions have been converted into a cryptocurrency called Smooth Love Potion (SLP) using blockchain technology, which can be used to trade on the digital market. The strongest players may earn up to 1,500 SLP every day (about $470, €400).

This explanation would be inadequate without addressing non-fungible tokens (NFTs), which have transformed the worlds of art and collectors. The first tweet was sold for $2.5 million ( ⁇ 2.13 million), and NFT may be used to acquire almost anything collectible. A metaverse is a virtual environment created in cyberspace that can be accessed through virtual reality.

These digital characters may be purchased and sold in Axie Infinity due to their conversion to NFTs. They have a unique value in the cryptocurrency ether (ETH), the second most widely used cryptocurrency after bitcoin. Users may exchange in-game objects such as flowers, houses, and barrels with the axes themselves.

According to Jordi Armbruster, executive director of EthicHub, this has thrown the digital economy into disarray. Axie Infinity has produced over $2 billion (€1.7 million) in transactions in only a few months. “Previously, you had to pay to acquire access to the game industry. That rationale has evolved in the blockchain age. You get a portion of the value generated. You create a token and distribute it around the community, in this example, to other players.” To begin playing Axie Infinity, new players must acquire at least three axes, which may be purchased or leased. Although prices fluctuate often, the initial investment is around $350 (€300).

Cryptocurrency’s benefit is the simplicity with which new assets may be created. This is the situation with Axie Infinity Shards, a cryptocurrency based on Ethereum. Users have voting rights in the title’s governance, which entitles them to a piece of the community’s money. “They’ve even converted the game’s artificial gold to actual gold. They have changed a digital activity characteristic of a metaverse into physical activity with substantial value,” says Lex Preukschat, a spokesman of the collaboration Blockchain Iberoamérica and Blockchain Espaa. This is precisely one of these characteristics of virtual worlds: establishing a digital economy.

Sustaining economic viability

Axie Infinity, developed by Vietnamese company Sky Mavis, has over 350,000 daily players, most of which are located in the United States, Venezuela, and the Philippines. In the latter, the crypto gaming boom has aided in keeping a portion of the national economy afloat during the coronavirus pandemic catastrophe. “You may make roughly €500 [$560] by doing very little,” says Floren Molina, a cyber security manager at the consulting company Accenture. “That is the average revenue generated by gamers, which is decent pay in the Philippines. Numerous individuals have discovered employment similar to this in a metaverse. And there will be many more. Cryptocurrency wallets, facilitated by bitcoin, are now widespread.”

Examining the most lucrative transactions, a player sold a mystic axis named Angel for 300 ETH – around $117,000 (€99,700) towards the end of last year. CryptoKitiies, a game akin to Axie Infinity but using cats rather than axolotl-like animals, creates transactions in that location. One, dubbed Dragon, was sold for 600 ETH, equating to almost $165,000 (€140,600). “The network effect may be tokenized in the blockchain age. For instance, Facebook does this via the use of likes. The network effect is valuable in these games since each contact, data exchange, or movement between users creates increasing value through NFTs,” Armbruster argues.

It’s tough to dispel questions about how these video game-created metaverses are surrounded by excessive conjecture. At the same time, cryptocurrency games are pretty hot at the moment. The digital economy cycles through multiple eras at a dizzying speed. They are, according to the majority of specialists, here to stay. There will be adjustments, and ups and downs, until stability is attained. As Sergio Gallastegui, executive director of CodeContract, points out, these digital assets’ comparative security works to their advantage. They are one-of-a-kind and unreplicable due to blockchain technology. “Blockchain has enabled the creation of a regulated and controlled economy. You may evaluate everything that has occurred with these irreplaceable items. And since they are one-of-a-kind, their value soars,” Gallastegui argues.

Another benefit is that authority is decentralized. As was the case with bitcoin, no huge businesses or central institutions exist to enforce regulations. Gamers and developers can connect, give advice, and make money together through one-on-one transactions. This is the case with The Sandbox, a game akin to the massively popular Minecraft in which users construct objects and exchange them using NFTs. The most prevalent kind in The Sandbox is plots of land on which players may build structures. For example, in February, these virtual plots were sold for more than $2 million (€1.7 million).

Due to the novelty and noise generated by these game-based metaverses, many experts believe Spain has an extraordinary potential to become a worldwide reference point in the business. Satoshis Games and Triple 0 Games, the latter of which just secured €200,000 (€176,000) in investment for its new game Battle Derby, are at the vanguard of crypto game creation; however, they have not yet achieved the financial success of Sky Mavis. Other comparable titles that are gaining popularity include Alien Worlds, Plant vs. Undead, and Night Life. “Decentralized financial systems make use of money. Cryptocurrencies are the ones that produce this money. NFTs have enabled the tokenization of assets. And these games will transform everything: they will earn a lot of revenue now that we have established the usage of blockchain,” Armbruster concludes.

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