Recently, games built on the blockchain are giving rise to a new type of gameplay called ‘Play to Earn’ where players are rewarded with the time they invested playing these games. In ‘Play to Earn’ games, the players fully own their in-game characters or items, and they can do what they want with it. They can sell it, earn from it, or use it, compared to 99% of the games today where digital items you purchased in-game can’t be sold anywhere else without running into some terms of service violations.
Before expanding into the concept of ‘Play to Earn’, it’s important to understand the current trend in the video game industry. Ronnie Tan, managing director of gumi Asia explained in 2018 that by 2007, the game industry which was once dominated by arcades and consoles were disrupted by smartphones, which gave rise to the ‘Free to Play’ model.
In ‘Free to Play (or F2P), anyone can start playing a game without any initial investment. Download a game and that’s it. These games would always have a monetization model, and the most successful of them is monetizing the player’s time. Really, in F2P games, the player is given a choice:
Play and grind to receive a reward, therefore spend time to get the prize, or
Pay to receive the reward now
If the player pays, they can get access to items (or even powerful characters) or any shortcuts that allow them to win in the game. For example, in Candy Crush if you run out of moves, you can pay to purchase additional moves you can use for that specific level. (Take note that if you buy more moves, there’s a possibility that you are still unable to get through the level. What do you do? Some players will pay again.)
Recently though, ‘Free to Play’ games found success in selling customization stuff such as “skins” or items that can make the player’s character look better. Most of the time, these skins don’t affect the gameplay at all. There’s no power up if you change your character’s outfit, but they will look better than everyone else. It’s also bragging rights: I have money to pay for this skin which does nothing except that I demonstrate that I have cash to look better than you….
‘Free to Play’ represents a sizable segment of the video game industry’s revenue – $88 billion. This is despite the fact that only 38% of mobile gamers pay for these in-game items.
As with most games at the moment, including ‘Free to Play’ games, the reality is that no matter how much time you spend playing a game or money you spent upgrading your character, the game company still owns all your items or characters. Yes, there are informal marketplaces where you can sell your Mobile Legends account or your Animal Crossing shirt designs. This is called ‘Real Money Trading’ or RMT. Most of the time, such activities are not allowed by the game company’s Terms of Service.
What is ‘Play to Earn’?
‘Play to Earn’ represents a new business model in the video game industry wherein the game allows the players to fully own their in-game assets and let them do what they want to do with it. Developers and game designers are also rewarded while the players continuously play the game.
Ronnie Tan said it best in 2018 (By the way, 2018 feels like a long time): “Play to Earn is the future of games. For players, it means true ownership of game assets. The digital items are tokenized, so people can buy and sell the items without the concern of devaluation or being scammed.”
Why is there no fear of devaluation and getting scammed? ‘Play to Earn’ games usually employ the use of the blockchain to host these in-game assets as non-fungible tokens or NFT, whether Axies in Axie Infinity or items and weapons in Lost Relics, or the virtual lands in League of Kingdoms. For brevity’s sake, when the in-game item is an NFT, each item has a unique attribute that verifies its authenticity, which can be proven on the blockchain. Hence, people will know immediately if the digital item is a duplicate or not. That is the reason why there are no two Axies alike, and so on.
You will ask how this can be sustainable in the long run. Well, blockchain games need to have good game economics with different types of participants in order for them to be successful. Using our #CryptoPH colleague Elle’s graphic below, you can see that in Axie Infinity, different types of participants and a community-driven economy are required in order for the ecosystem to continue.
In Axie Infinity, players earn the cryptocurrency SLP from winning battles in-game. Players can sell SLP to convert it into ETH or cash. On the other side of the transaction are breeders who need these SLPs to breed new Axies. New players will buy these newly birthed Axies, or older players will buy new Axies. Some Axies are prized over the others because of specific traits such as being good in battle, or has special parts, or maybe it’s an Axie that is one of the earliest to be in existence. This makes Axies prized by collectors as well. And because this is a blockchain game, no two Axies will ever be the same. There is only one Galadriel, one of the most valuable Axies today.
TLDR: No two Axies will ever be the same because the game is on the blockchain.
Do People Make Money From Play to Earn Games?
Short answer: Yes.
Long answer: There are many ways to earn money in the ‘Play to Earn Model.’ We will use Axie Infinity again as an example because that’s what I know best.
Winning battles reward you with SLP, convertible to cash. Those who placed high in Season Rankings also earn additional tokens like AXS. (AXS is the governance token of the game.)
Breeders acquire SLP to breed new Axies, which can be sold to the marketplace.
Axie Infinity also has virtual lands in its upcoming “Land Gameplay”. Players can buy land and flip it to the next buyer
It is expected that these lands will generate yields in the future as well. (This speculation increases the value of lands today.)
In addition to the money-generating mechanics within the game, outside the game, there exists hundreds to thousands of content creators earning by making content about the game. YouTubers like KooKoo, artists, content writers, people like me who write this very article about Axie Infinity.
Who Already Earned Money From Playing Blockchain Games?
In Cabanatuan and elsewhere, a growing number of Axie Infinity players are able to uplift their lives simply because they play the game everyday. An article from Coindesk by Leah Callon-Butler revealed that many Filipinos jobless during the lockdown were earning close to $300 – $400 in a month playing Axie Infinity. This might mean nothing in the west but in the Philippines, that’s more than the minimum basic salary per month.
In a previous article, I tracked the earnings of these early players which are more or less the same as of May 5, 2021 because of the increase in the price of SLP ($0.27). Note that this doesn’t count transaction fees and transfer fees discussed in Part 2. This is just gross income.
At SLP’s early January 2021 price of $0.08 or around Php 4. Earning 100 SLP per day gives the player $8 or roughly Php 400. You can achieve that in under 4 hours of playtime.
Over at the Axie Infinity PH Facebook Group and on Twitter, you’ll see the hashtag #SalamatAxie (or #ThankYouAxie) used every time players post pictures of what they were able to buy from their in-game earnings. Some players reported being able to buy milk for their kids, tricycle for their livelihood and even medicines and food necessary in these trying times.
This is also true elsewhere. Player @KokiJawa in Twitter reported being able to play a plot of land (“real land” btw) from their Axie Infinity earnings.
But is ‘Play to Earn’ also ‘Free to Play’?
Not all blockchain games that are ‘Play to Earn’ are also ‘Free to Play’. In Axie Infinity, you will need three Axies to begin playing. Unless you find someone who will give you these three Axies, you need to buy them in the marketplace. For blockchain games that are ‘Free to Play’, there are some sort of limitations to encourage players to purchase Axies to properly play the game.
In the future, Axie Infinity’s developer Sky Mavis said it will introduce a feature that will allow players to start playing for free (‘Free to Start’) just so players can get a feel of the game without purchasing in the beginning.
The good news in ‘Play to Earn’ is that these in-game assets you bought can be resold, in contrast to 99% of the ‘Free to Play’ games where you cannot sell the items you either like or not. Every Axie can be sold if you don’t like it or if you need to liquidate for cash. As Beryl Chavez Li, co-founder of Yield Guild Games said, this is the beauty of ‘Play to Earn’: “Players can go in and out of the program at any time.”
Because most ‘Play to Earn’ games are built on top of the Ethereum blockchain, players can swap in and out of the game simply by selling their in-game assets for the cryptocurrency called ETH. Then they can use this ETH to buy items, weapons or characters in another blockchain game. There are also cases wherein items from one blockchain game are interoperable with another blockchain game.
Jack Dorsey, the co-founder and CEO of social media giant Twitter, is upbeat about Bitcoin’s future in Nigeria, despite the Central Bank of Nigeria(CBN) ban prohibiting financial institutions from dealings with crypto exchanges. Dorsey revealed his hopes for the largest cryptocurrency in direct response to NFL star Russell Okung’s open letter in Bitcoin Magazine.
Jack Dorsey Shows Support for Russell Okung’s Letter on Bitcoin
The statement from Dorsey comes in light of Nigeria’s recent suspension of Twitter’s operations in the country. On June 5, Nigeria announced an indefinite ban on the social media platform following Twitter’s removal of President Muhammadu Buhari’s tweets.
Longtime Bitcoin supporter and a Nigerian descendant himself, Russell Okung advocated for a Bitcoin standard to attain “economic independence and financial sovereignty” in his letter. Okung believes that Nigeria is excluding its citizens from opportunities for wealth creation and preservation by refusing to embrace the virtual currency. He also wrote that Bitcoin adoption“would significantly bolster every sector of the Nigerian economy and revitalize the spirit of every Nigerian domestically and abroad.”
Okung cited the nations of Barbados, Singapore, and Malta, as examples of countries that have pushed BTC-friendly initiatives to attract potential investors. He also claimed that China, Iran, and Russia have successfully circumvented economic sanctions imposed by the United States by “mining or otherwise utilizing Bitcoin.”
BTC’s Role in Nigerian Protests
Nigeria has seen a wave of civilian protests questioning the country’s governance in the last few days. Many people hit the streets on the country’s Democracy Day against bad governance, insecurity, and the Twitter ban.
Notably, Nigeria banned Twitter from continuing its operations after the platform removed President Muhammadu Buhari’s tweets that referred to the Nigerian Civil War. Twitter classified the leader’s posting as a violation of its “abusive behavior” policy. However, many key opposition leaders in the country continue to use Twitter with the help of VPN software and critics of the government have highlighted the move as a pushback against the country’s freedom of speech.
Dorsey has also extended his support to the protests and requested donors to send their proceeds in Bitcoin to the protesters.
Nigeria has tightened its grip on crypto trading while associating cryptocurrencies with terrorism funding and money laundering.
Cardano’s first smart contract written in a specific Cardano-programmed language named Plutus went live on the Alonzo testnet on Saturday. While Cardano’s updates have been well received in the community, its native cryptocurrency, ADA has been struggling due to regular market corrections. At press time, the digital asset held the 5th spot in the cryptocurrency rankings and traded at $1.44 with a market cap of $46 Billion.
Cardano’s daily chart highlighted a crucial turning point at $1.88-resistance. Since the 19 May sell-off, ADA formed consistent higher lows and tested its overhead resistance at $1.88 on two occasions. The expectation was for an eventual breakout, one which would have boosted ADA back above the $2-mark. However, market threw a curveball once the price failed to rise above its upper ceiling after a third breakout attempt.
This led to a downtrend and the formation of a descending channel. The pattern had already shown a 30% decline in value and was yet to reach its turning point. In fact, the pattern could drag ADA all the way towards its 19 May swing low of $0.95- representing a further retracement of 30% from its press time level. The presence of 200-SMA close to $0.95-support would likely defend that region from an extended sell-off.
After ADA got rejected at $1.88, its technicals noted a sudden shift in dynamics. RSI moved mostly in neutral territory but formed lower highs over the past 10 days after the failed breakout attempt. The same was visible on Awesome Oscillator as bearish momentum returned to the market. Moreover, MACD slipped below equilibrium for the second time in May and recovery did not seem imminent.
These signs would likely reverse once ADA finds support at $0.95 and breaks north from its pattern. The first major resistance area lay at $1.50 in case of a bullish comeback.
Since bearishness was building up on the aforementioned indicators, ADA’s down-channel could see some more losses over the coming days. A sharper pullback towards 19 May swing low of $0.95 was likely if the broader market fails to recover.
Press Release: FootballCoin launched a new version of its fantasy football game for EURO 2020, with a host of new features, NFT cards, and prizes. 11th June 2021, Dubai, UAE — Pioneering Football Fantasy Blockchain platform FootballCoin launched the new version of its game for EURO 2020. The announcement comes with increased prizes for all … Continued
Press Release: FootballCoin launched a new version of its fantasy football game for EURO 2020, with a host of new features, NFT cards, and prizes.
11th June 2021, Dubai, UAE — Pioneering Football Fantasy Blockchain platformFootballCoin launched the new version of its game forEURO 2020. The announcement comes with increased prizes for all daily contests and a 100.000 XFC prize for top managers in the game.
EURO 2020 fantasy football
For anyone who is either getting ready to watch the Euro 2020 matches, enjoys fantasy football, or is passionate about cryptocurrency and the exciting world of NFTs, there could be no better entertainment than FootballCoin this summer.
Euro 2020 Fantasy is a free-to-play game with NFT player cards and includes every match from the tournament in the FootballCoin daily contests. Players can register and play for free for the chance to win prizes in the platform’s native XFC coin or convert those prizes into fiat currency.
NFT player cards and XFC coin
NFT player packs containing NFT player (and stadium) cards can be purchased in the game for as little as $12.
NFT Cards can be bought, sold, and even loaned (just like real players) on the vibrant FootballCoin marketplace. In addition, all fantasy cards are visible and registered on the blockchain, giving FootballCoin NFTs real utility to earn more XFC coins.
XFC is the game’s native cryptocurrency, but it is also tradable against fiat on crypto trading platforms. Most of the XFC trading volume takes place on centralized exchangeWhitebit. XFC can also be purchased safely on the FootballCoin platform with a credit card.
How to play FootballCoin
Interested parties can enter the fantasy football contests by registering for free on theFootballCoin signup page. After signup, users simply select a contest to compete in and then create a draft of 11 players + five subs from a roster of real footballers.
XFC winnings are determined by how well the players perform in their real games. Real data determines this to score player performances. Each Euro 2020 game allows users to select a new draft composed of players participating in the competition. Choose the ultimate fantasy football draft and win.
FootballCoin: Changing the NFT game
2021 has seen a rise in sports-related NFT and blockchain projects. For example, NBA Top Shot and other football NFT sports projects have taken off, and FootballCoin is set to be the next NFT sports platform to explode in the space.
While NBA Top Shot focuses on collectibility in typical sports card fashion, FootballCoin allows users to not only build their sports card collection but become “managers” and use their cards to compete each day for rewards and prizes in real football fantasy contests.
Other fantasy football games using cryptocurrency to buy NFTs sometimes charge hundreds or thousands of dollars and also have other limiting aspects to the fantasy game experience.
By contrast, FootballCoin has been using NFTs as the central pillar of the concept for over four years, withplayer card NFTs starting at a price of around $3 and no additional fees for selling, trading, or leasing.
Interested parties can sign up for free at FootballCoin and start collecting NFT cards for the EURO 2020 Fantasy game.
FootballCoin is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
I was born in Russia. I have a degree in Chinese Economy and now studying Marketing at Higher School of Economics. I have been following blockchain technology for several years and decided to connect my career with crypto industry. My passions also are Netflix and science fiction books.
Payment solutions have been rapidly evolving over the past few years. Digital wallets and blockchain technology have already raised the bar for new entrants into this newfangled financial ecosystem.
Nevertheless, for all these years, we’ve depended on traditional institutions, primarily banks, to process and execute cross border payments. However, this system suffers from several drawbacks. For starters, the presence of intermediaries, the not-so-transparent system, the extensive time taken, and the possibilities of fraudulent transactions act as hindrances.
People have started recognizing that, and thankfully, they do have options to choose from now. Ripple Labs, the San-Francisco-based blockchain company, has already identified the “big opportunity” in small business payments. The ultimate reason why Ripple has targeted this section of the markets is that they serve as a growing source for cross-border payments.
“Ripple provides one frictionless experience to send money globally using the power of blockchain technology.”
The emergence of new payment technologies makes it possible for Small and Medium sized Enterprises (SMEs) to source talent and supplies from abroad, thus expanding their services to foreign markets. That would, in turn, require them to make payments abroad and that’s where Ripple comes into the picture. Business to Business (B2B) growth in cross-border payments have witnessed substantial growth over the past few months, which is a win-win for both SMEs and Ripple.
Additionally, consulting firm McKinsey has predicted that the expected revenue from this market would increase by 9% and is expected to hit the $3 trillion mark by 2022. As already known, most of Ripple’s revenue comes from the Asian Pacific and Eastern Europe regions and now the blockchain firm is focussed on catering to the low value cross-border flows of SME’s, which would mainly comprise of bill payments, wages and salaries and e-commerce.
“The need for the SMEs are greatly unmet by the traditional systems and are becoming increasingly demanding in real time.”
“Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets.”
Ripple has also been actively forming new ODL corridors for new customers in the UK and Brazil. Companies like InstaReM, in the UK, and BeeTech, in Brazil, have successfully formed a bridge across the Atlantic Ocean using RippleNet. That allows them to now establish new corridors for B2B payments and consumer remittances from other countries including Spain, Italy, Germany, France and Portugal.
Additionally, both the aforementioned institutions have been able to create new business opportunities for their customers and have been able to scale their connections around the world.
“Ripple’s technology includes data rich messaging between all transacting parties and uses a standardized ruleset to send real-time, on-demand, lowcost and trackable payments around the world. RippleNet also connects siloed payments systems through an open, neutral protocol—Interledger Protocol (ILP).”
As and when new institutions join hands with Ripple, their native asset’s price (XRP) is likely to get impacted, in a positive way. At press time, the 7th largest crypto was trading at the $0.83 level.