People have been talking passionately about the transformative properties of blockchain ever since Satoshi Nakamoto launched Bitcoin (BTC) in 2009 – books were written, thousands of paintings and presentations completed performances, and clothed Bitcoin fanatics bragged about their newfound wealth. Despite these admissions, the transformation was slow.

Whether the delay is due to the global COVID-19 pandemic, or simply due to the time it takes to innovate, we are now on the path to change that is creating new economies and new ways for people to interact. The Metaverse, with its powerful combination of game theory and blockchain, creates symbol stimulation in virtual worlds. Decentraland is already beginning to revolutionize the way people live and interact, and many such platforms are being created. Metaverse will expand to include more cross-chain features as the value of the virtual economy grows.

NFT and the gaming industry
GameFi is a term used to describe the growing intersection of decentralized technology and the video game industry where real value is created. Non-fungible tokens (NFT) allow players to own assets that have tangible value in the real world and motivate players to participate for longer periods of time, and also allow developers to create in-game savings based on the creativity and interactions of players such as. as creators and owners.

Related Topics: The Metaverse and the New Economic Model for Games

Blockchain offers many GameFi benefits:

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 the form of money and time.
Interoperability: Blockchain allows for the creation of portability of virtual resources beyond the limits set so far.
Liquidity: You can now buy, sell and exchange assets outside of individual games.
Independent automation through smart contracts that allows 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 have an agency in the games they want to play and how those games evolve.

Axie Infinity is in part due to its social impact in lifting families out of poverty during the pandemic, and the player-created Scientist program that encourages community development is growing rapidly. It is now a gaming ecosystem in which the player controls billions of dollars.

BlackPool is another example of an early Decentralized Autonomous Organization (DAO) designed for NFT gaming and commerce. This platform is largely community driven; It combines a passion for gaming, art, data analytics, and machine learning to generate revenue for its users. BlackPool has also published scholarship programs like Axie that open up new sources of income for the excluded. Blockchain technology enables participation, voting and income generation in the economy. It is also possible, through interaction, to foresee the creation of networks of online communities with exchange and interaction between them.

community first of all
The important point here is that we are seeing a transition from the principle of “company first” to “above all society.” Society is formed around an idea or interest through participation and collaboration with the community, and concepts emerge from the community. This is “community first” and “community fast!”

These communities are decentralized and community driven – projects can be voted on, and the work that gets the most community votes can ultimately be accepted for the final design. Every time someone creates an NFT, the artists who worked on the original receive royalties from them for each transaction. This will open up unexplored areas for monetizing creative knowledge and skills. ️

Related: Defi’s quest to recreate funding must come from community driven design.

The Build to Serve model allows creators to have complete control over game studios and directly participate in game development. This gives the community the ability to create in-game assets, create NFTs, and sell them on secondary markets. This is a powerful new innovative economy in which players and programmers can realize their ideas, improve the gameplay and invest intellectual capital. This makes the gaming ecosystem more community-driven as content creators are interested in improving the overall gaming experience. Anyone with basic programming skills can contribute to the game.

Source: CoinTelegraph