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When NFT Gaming and the Virtual Economy Collide

Because of the growing popularity of NFTs, play-to-earn NFT games are becoming more popular.

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NFTs have arguably moved from being a minor player in the crypto and blockchain sphere to a more prominent one in popular culture. Indeed, the seeming hoopla around NFTs appears to be pushing increased adoption of digital currencies, as cryptocurrencies and decentralization appear to pervade the debate across social, political, and economic lines.

Gaming has frequently been mentioned as a prospective use case for the commercialization of digital collectibles inside the NFT domain. There appears to be an increasing convergence of gaming, blockchain, and the virtual economy within the scope of play-to-earn NFTs.

Projects like Axie Infinity, which combine the delight gamers get from playing games with the possibility to make money in the form of cryptocurrencies, have seen substantial growth within this confluence point. As a result of their growing popularity, the token value of these NFT games has increased, resulting in even greater patronage.

NFT play-to-earn gaming could be the next big thing in the crypto economy. Because of the model’s rapid rise in popularity, it may soon be referenced in the same language as other aspects of bitcoin commerce like mining, staking, and trading, at least in terms of wealth generation potential.

$1-billion Axie Infinity

Axie Infinity (AXS) surpassed $1 billion in all-time volume on August 9, confirming the game’s status as one of the most important initiatives in the current bullish NFT epoch. The NFT game reportedly generated $780 million in sales from over 1.4 million transactions between July 9 and August 9.

According to data from Similarweb, the Axie Infinity website was listed in the top 1,200 sites in the world as of the end of July, with internet traffic nearly tripling in the last six months. Additionally, Axie Infinity announced on Twitter on August 6 that it has reached one million daily active players.

This announcement of Axie’s one-million-user milestone provides insight into the app’s rapid rise in popularity. The game’s userbase has surged 1,000 percent in the same time as the Axie token price has increased 18-fold since early June. AXS and other comparable tokens have defied the crypto price fall trend that has been in place since mid-May, owing to the increasing appeal of the play-to-earn NFT gaming wave.

The NFT game has risen to become one of the most valuable crypto ventures in the business because of Axie’s remarkable growth over the last two months. As of this writing, AXS is ranked among the top 40 cryptocurrency assets by market capitalization, with price action trends indicating a possible climb past the $100 barrier in the near term – a move that would boost the token’s year-to-date performance to more than 18,700%.

The microeconomics of play-to-earn

Many crypto and blockchain use cases face the “mainstream adoption” dilemma, which involves determining how their unique protocols and operations will gain widespread interest within and beyond the cryptocurrency industry. For example, Play-to-earn gaming for nonfungible tokens could be the key to altering the narrative around digital collectibles and blockchain gaming.

For starters, the possibility to earn crypto as a reward for playing games is likely to offer economic incentives for would-be adopters, whether they are casual or hardcore gamers. There’s even evidence that titles like Axie Infinity are becoming something of an occupation for the younger generation, particularly in areas affected by COVID-19’s present economic downturns.

In May, an Axie Infinity player from the Philippines could purchase a home with the money earned from the NFT game. According to data from Similarweb, the Philippines accounted for nearly half of all worldwide web traffic to the platform in July, with the website ranking as the 33rd most popular in the country.

Axie Infinity is a popular game in Southeast Asia, developed by Sky Mavis, a gaming firm based in Vietnam. South America, particularly Argentina and Brazil, is a big supporter of the NFT game title.

Since the summer of 2020, play-to-earn NFT games appear to have taken on a life of their own, attracting a growing number of gamers. This steadily growing interest, combined with the current NFT craze, has most likely helped propel such blockchain gaming titles to even greater heights.

Dragos Dunica, the co-founder of DappRadar, a decentralized application analytics platform, commented on the intersection of decentralized finance (DeFi) and gaming in a conversation, saying:

“At the moment, we’re witnessing a convergence of DeFi and gaming features to promote interaction and usage. The most popular games are developing environments where users can not only own a one-of-a-kind NFT but also use it for a reward within the same platform.”

According to Dunica, the present trend is the beginning of a “true revolution” in gaming and decentralized applications (DApps), which will likely spill over into conventional games. “The idea of transferable NFTs for in-game stuff, for example, will be a game-changer in the future,” Dunica continued.

According to DappRadar’s Axie Infinity dashboard, the game’s all-time volume is around $1.4 billion, based on more than 3.1 million sales. Since its launch, the gaming site has attracted over 416,300 dealers.

Nonfungible transformation: A new virtual existence

The growing popularity of blockchain-based play-to-earn games provides another window into how NFTs appear to be changing digital interaction. As Craig Russo, director of innovation at PolyientX, an NFT vault, and marketplace protocol, put it:

“Within the NFT sector, play-to-earn is a high-potential area, and we’re already seeing some amazing market validation, which has resulted in a price increase across most gaming-related tokens. Play-to-earn gaming, on the other hand, is relatively niche, and significant inroads into the mainstream gaming ecosystem will be required before adoption levels rival those of non-blockchain gaming segments like esports.”

He claims that projects such as Ape In, an NFT-driven virtual environment, are already focused on a “consumer-friendly” approach to DeFi by incorporating features like in-game character staking. Such initiatives to boost NFT liquidity, according to Russo, will aid in the transformation of nonfungible tokens into more productive assets, hence increasing their on-chain utility.

“The idea of spending time in a virtual environment is not as unusual as it once was,” says Dunica, who believes the transition to a digital lifestyle is proceeding at a rapid speed.

Given the rise of platforms like Axie Infinity and the opportunity for gamers to retain ownership, NFT play-to-earn games could be the “first meaningful mass adoption use case in the blockchain space.”

NFT

At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

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The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

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Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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