Advances bring greater opportunities and in the world of video games this can be seen with the implementation of blockchain technology that has allowed users to exchange their assets for cryptocurrencies and real money. What seems like a way to monetize leisure has become a rage even in countries with complex economic problems like Venezuela and the Philippines.
Now, to understand how these games work, it is important to contrast how traditional networks that operate with clients connected to servers work with a central figure that facilitates the process and guarantees privacy, and how the games in question proceed through of decentralized networks that instead of having a single central point, have several participating nodes that process the data. Undoubtedly, this mechanism makes coordination more complex, but through concessions regulation is achieved to the extent that all participants operate P2P (person to person). In this way, all the nodes act as equals and are given the task of grouping the transactions, tracking them and verifying them in order to validate them. As explained, this feature is the greatest attraction of blockchain innovation, given that it dispenses with mediators and therefore costs are reduced.
This technology can be applied to video games, cryptocurrencies and smart contracts in general. The latter, as their name indicates, are self-executing, public programs that complete tasks within the pre-established terms in the agreement and store conditions. Thanks to this particularity, NFTs or non-fungible tokens can be certified and authenticated.
This term has gained a lot of notoriety during 2021 as it refers to exclusive and unique digital objects, which by owning them can give a particular prestige to whoever acquires or owns it, as if it were a work of art. For example, in a video game, such NFT tokens can be obtained once a task is solved, be it putting together a puzzle or winning a battle. These non-fungible tokens are designed as a record in the blockchain, with a digital contract that supports them, turns them into unique and unrepeatable pieces with a verifiable original traceability that, when tracing it, leads to its creators.
So, taking up the central axis of NTF games, without a doubt, what they do is reward the time invested by the players. Each participant of the game completes the tasks to gain and acquire value within the virtual world through NFT: objects that can be collected and accumulated (gold, weapons, swords, monsters …). Said profits are registered in the chain of blocks and finally the user can liquidate them.
However, each person who decides to venture into these ecosystems must do so with caution, caution and with extensive knowledge of the game they want to enter. It is vital to do a thorough evaluation, which includes researching the information concerning the game developers, their reputations, professional profiles, experiences and backgrounds to avoid falling for scams.
Each game as such is based on an economy with supply (quantity and models of available tokens) and demand (utility of tokens and functions). Users invest to enter them (just as a shareholder invests in a company) and then be able to earn said tokens. Each person in their individuality, as an investor, must analyze the project and decide whether to take part or not. Another point to keep in mind is to ask yourself how many tokens can be generated per day, study the possible ways to advance in the game and prosper, as well as determine if it is attractive or on the contrary if it is boring. The premise is that if the game wins, the players win.
An essential question that a gamer should ask before investing is how is the game protected against inflation? Having answered this, the recommendation is that you never invest more than you are willing to lose. Likewise, he must have basic knowledge of how exchange houses operate and the ways in which he has to settle the profits. It should be noted that as it is a game that is based on blockchain technology (an incorruptible, unforgeable and indestructible decentralized ledger) it is impossible to claim an intermediary. Everyone is the owner of their virtual wallet and responsible for his decisions when trading cryptocurrencies or exchanging assets for real money.
However, there are experts who, like NFT analyst Mateen Soudagar, foresee that most non-fungible token (NFT) projects will take a hit, and likely collapse, should the price of Bitcoin and Ethereum rise to 100,000. dollars and $ 10,000, respectively. Similarly, Soudagar believes that the most robust will remain and serve as a prelude that the NFT industry will evolve towards “more polished games and virtual worlds” while “low effort projects will disappear”.
In that sense, the controversy between video game platforms increases with news such as that Steam (belonging to Valve Corporation), updated the requirements that it requires from video game developers who want to incorporate their products to the platform, and between the conditions , introduced the prohibition of games that contain functions based on blockchain technology that emit or allow the exchange of cryptocurrencies or NFT.
The company alleges that these games put the mechanics of earning crypto assets before fun. For its part, the competition has reacted and in response, Epic Games reported that it is willing to host this type of video game on its platform. In this regard, CEO Tim Sweeny, said on his Twitter account: “We will welcome games that make use of blockchain technology as long as they follow the relevant laws, disclose their terms and are classified by age appropriately.” For Sweeny, this blockchain technology is very promising and its advantages depend on the use that is given to it, so they welcome video games that want to use it for positive purposes with the exception that developers will not be able to use them. Epic Games payment services to accept cryptocurrencies.
It is no secret to anyone that NFT games generate a market that is based on elements of the game itself, which generally acquire value according to their rarity and peculiarity, which allows trading with unique pieces and generating economic rewards. The most popular games in recent months are Axie Infinity, Crypto Kitties, Gods Unchained, MIR4, Sorare and Evolution Land.
Detractors argue that gambling loses its essence because fun is displaced by the desire for income. As all investment carries risks and a case that serves to exemplify these counterproductive cases, is that of the game Plant Vs Undead -which like others- when the idea that money can be obtained with “little” or medium effort became popular, the game it is subjected to a huge number of players that causes many of them to rush to sell their PVU’s (the game currencies) and consequently the value of them plummets.
Plant Vs Undead saw 1,300% growth in one month and its cryptocurrency plummeted. In summary, investing in these types of activities should be done with the same caution and skills with which you enter any business. It is not just about buying the device to play, you must take into consideration the dedication and time to invest daily to generate tokens or the hours spent learning to play until you have total mastery. The latter applies most of all to people who do not have more experience as gamers.
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