People have been talking in an eager tone about the transformative properties of blockchain ever since Satoshi Nakamoto launched Bitcoin (BTC) back in 2009 – books have been written, thousands of panels and presentations have completed their prospects, and dressed Bitcoin fanatics have praised their newfound wealth. … Despite this recognition, the transformation went slowly.
Whether the delay is due to the global COVID-19 pandemic or just the time it takes to create innovation, we are now moving towards change that creates new economies and new ways of people interacting. 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. The meta-verse will be expanded to include many opportunities in chains as the importance of the virtual economy grows.
NFT and the gaming industry
GameFi is a term used to describe the growing intersection between decentralized technology and the video game industry where real value is created. Non-fungible tokens (NFTs) allow players to own real-world assets that encourage real-time players, and also allow developers to create an economy in the game based on the creativity and interaction of players as creators and owners.
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Blockchain offers GameFi many benefits:
Transparency: By making gamification mechanisms clear, transparent and possibly codified through a smart contract, users tend to have more trust and thus invest more resources in terms of money and time.
Interoperability: blockchain makes it possible to create portability of virtual resources beyond the boundaries established so far.
Liquidity: You can now buy, sell and exchange assets outside of individual games.
Independent automation through smart contracts that can allow multiple parties to interact with each other even without human intervention.
NFTs can increase player engagement and improve gameplay, and ultimately increase the value of NFTs and game tokens. Players can now have freedom of action in the games they want to play and how these games develop.
Axie Infinity arose in part because of its social impact, which helped lift 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 where the player controls billions of dollars.
BlackPool is another example of an early decentralized autonomous organization (DAO) dedicated to NFT gaming and commerce. This platform is largely community-driven; It combines a passion for games, art, data analysis and machine learning to bring value to users. BlackPool has also published scholarship programs similar to Axie, and opens up new sources of income for the excluded. Blockchain technology enables participation, voice and revenue generation in the economy. It is also possible, through interaction, to anticipate the creation of networks of online communities with exchange and interaction between them.
community first and foremost
The important story here is that we see a shift from “company first” to “society first”. Society is formed around an idea or interest through participation and collaboration with the community, and concepts emerge from the community. These are “society first” and “society fast!”
These communities are decentralized and community-driven – projects can be voted on, and the work that gets the most community votes can eventually 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 to monetize creative knowledge and skills. ️
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The build-to-the-ear model allows the creators to have full control over the game studios and participate directly in the development of the game. This gives the community the opportunity to create assets in the game, create NFTs and sell them on secondary markets. A powerful new innovative economy is emerging where players and programmers can unleash their ideas, improve gaming 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.