Can Play-to-Earn gaming replace traditional jobs?

Can Play-to-Earn gaming replace traditional jobs?

Web3, the latest iteration of the Internet, has radically changed the gaming business by integrating unique features involving blockchain, cryptos and non-fungible tokens (NFTs).

The question that arises now is whether Play-to-Earn, or P2E, games can offer an alternative to traditional wage employment for people looking to move out of their jobs, whatever be the reason.

Gaming in the Web2 era was controlled by tech enterprises and involved players shelling out money to the developers. The advent of P2E gaming, completely decentralized, has put power in the hands of the players, who can tokenize in-game assets in the form of unique NFTs, a form of digital assets, for ownership rights.
According to a study by market researcher Absolute Reports, the global P2E NFT gaming market size was estimated to be worth $776.9 million in 2021, having received a fillip from the COVID-19 pandemic.

The market is forecast to reach a readjusted size of $2.8 billion by 2028, expanding at a Compound Annual Growth Rate of 20.4 percent during 2022-2028.

P2E cannot replace regular jobs

Ishank Gupta, advisor to IndiGG, the largest gaming DAO (decentralised autonomous organisation) in India, says P2E games can be a potential second source of income, but cannot replace earnings through traditional jobs.

Gupta believes that emerging markets like India will drive the Web3 gaming adoption.

When asked to elucidate, he said mobile data was most affordable in India with the average cost of 1GB of 4G data at Rs 20. The country is also a “mobile first” nation with over 700 million smartphones.

India is expected to be home to 500 million players by 2024, creating a sizable (mobile-first) market for game creators, he said, adding that app install statistics show 17% of all game downloads come from India.

“In the world of Web3, where everyone is still at the starting line, we may acquire a head start and become first movers in the business by taking steps to establish an indisputable community that interacts with Web3 games and goods. When it comes to gaming, India is regarded as an important market,” Gupta says.

Experts point out that the future of work is being redefined by new technologies, with blockchain —  a database that stores information in a digital format — being the most important development that happened in the past 10 years.

Back in 2021 in emerging economies, the first generation of games like Axie Infinity was able to replace ordinary jobs.

Driving a taxi or being a delivery driver made less money than a middle-level P2E Axie player.

However, the first generation of P2E has a lot of holes in terms of game depth, tokenomics, overall dynamics and aesthetics.

Corruption, inflation driving users toward Web3

Asked about the fascination with P2E games in emerging economies, Martin Repetto, CEO and co-founder of Mokens League, says rampant corruption, high inflation and depreciation of local currencies have created the perfect ecosystem for crypto to be the king.

“The combination of trying to escape high taxes with badly rendered services, inflation, and economic freedom, makes it perfect for Blockchain games and DApps (decentralised applications) to triumph. There is no coincidence that the most successful Play-To-Earn games came from emerging markets/economies/countries,” Repetto says.

P2E growth depends on per capita GDP

P2E is one of the ways to earn an additional income, but it may not work for all countries.

In Singapore, for example, Gross Domestic Product (GDP) per capita reached a record high of US $66,176.39 in 2021. Even so, the cost of living is high and the P2E concept is harder to attract the 9-5 working class because it may not be able to pay even for their monthly groceries.

In Kenya, where GDP per capita is expected to reach US $1,550.00 by the end of 2022, P2E is viable.

In fact, in Kenya play-to-earn, when positioned well, can reduce the unemployment rate and increase overall GDP.

India will be the outsourcing factory for Web3

Anndy Lian, Chief Digital Advisor to the Mongolian Productivity Organization, says the revenue from Web2 gaming goes to the gaming companies, but Web3 gaming is better distributed.

“Users get rewarded for their efforts and their assets can be further monetized. NFTs are in-game assets, not in-game expenses, anymore because you can resell your NFTs in the secondary market; if you promote harder, you can command a higher price. The value of your assets is in your own hands,” he says.

He adds that India is very developed in Web2 and many users are transiting to Web3 and a big pool of developers will make India the biggest outsourcing factory for Web3.

Future of Web3 gaming

The platform’s development and level of user interaction will determine how well it does.

The platform will gradually attract additional developers, users, and practical outcomes as it goes through its motions.

Over time, the platform’s market valuation will increase as more users and developers join it.

P2E is an idea that is gradually gaining hold among gamers. However, it still has a long way to go before it can take the place of traditional jobs.

The platform doesn’t currently have the gamers and developers it needs to grow and succeed and will become more reliable and popular as it evolves further.

This will encourage other developers to produce their own games for the system, accelerating the growth of the metaverse crypto.

Saurabh Tiwari, a Pune-based Web3 enthusiast, and an avid gamer, told Moneycontrol that NFT-based games were previously a grey area, just like TikTok was initially.

“Playing games definitely can be a long-term career option if planned properly because the loyalty amounts, once a gamer creates his own community and followers, are huge.

Multinational companies are investing big in the space which only goes on to show they see huge potential here in the long run,” Tiwari said.

 

 

Source: https://www.moneycontrol.com/news/business/can-play-to-earn-gaming-replace-traditional-jobs-9271761.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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NFTs Finally Infiltrated AAA Gaming

NFTs Finally Infiltrated AAA Gaming

The NFT market seems to be heading towards another month of consecutive dip. Based on the figures obtained from Crypto Slam, the dip started in April 2022 with a sales volume of $3,806,346,613.84 in total. Followed by May- $3,184,422,599.20, June- $879,080,400.63, July- $682,104,319.50 and August- $633,988,424.51. The number of unique buyers has dropped by 42% since April. While many of the NFT holders were expecting “The Merge” will lift the markets up, it did not happen that way. In fact, Ethereum’s price has dropped around $1,347.98 at the point of writing.

“The NFT market is flushing out bad assets and keeping the good ones. This might prompt a revaluation of the true value of the NFTs, and alter how they are used. As mentioned previously, NFT is the new asset in the digital world, and NFT marketplaces should start to strategize and embrace traditional AAA games into this space. The bearish market allows all of us time to build, and we create new opportunities. We have to do it the right way.’ Anndy Lian, thought leader and best-selling book author “NFT: From Zero to Hero” added.

Anndy is correct. We are at a point where the crypto industry is all very cautious. The NFT sector is at its all-time low. Web2 and AAA gaming are finding their way to us. We have to take this opportunity.

Here are some AAA games that I have been keeping an eye on.

Epic Games Store Launches First NFT Game

According to a press release, Epic Games’ game marketplace has included Mythical Games’ Blankos Block Party as its first non-fungible token (NFT)-powered Web3 title. The announcement comes less than a year after Mythical Games received $150 million in a Series C fundraising round valued at $1.25 billion.

Blankos Block Party is a free-to-play multiplayer party game based around unique collectible digital vinyl toys known as Blankos, which may be purchased, updated, and sold inside the game. Mythical Games and Third Kind Games collaborated on the game’s development.

Epic Games are open and has left the door open for developers who want to build around NFTs. This is a positive sign.

NFT Games on Minecraft

Despite Mojang Studios’ opposition to the incorporation of NFTs, MyMetaverse was able to incorporate NFTs into multiple games, including its own Minecraft server.

“We wanted to show Mojang that it could be done in a way that benefited them and benefited their player base,” said MyMetaverse CEO Simon Kertonegoro.

According to Simon, multiple servers have violated the Minecraft NFT restrictions, which were designed to protect players from unwanted interactions. The CEO did point out that they are able to implement NFTs on their own servers without violating the game’s regulations. They accomplish this by removing all pay-to-win NFTs and making their best NFTs fully free to play.

Ubisoft is working on integrating NFTs

Ubisoft is a French video game company headquartered in Saint-Mandé with development studios across the world. Its video game franchises include Assassin’s Creed, Far Cry, For Honor, Just Dance, Prince of Persia, Rabbids, Rayman, Tom Clancy’s, and Watch Dogs.

In an interview with Axios, as far as NFTs are concerned, the CEO still believes there is a possibility in the company’s future work on it. He says: “If we find something that will be very interesting and will please players, we’ll work on it.”

More to come

Immutable co-founder Robbie Ferguson stated on September 13, 2022, that two AAA studios had begun developing on the Immutable X platform. Ferguson said the first game would be shown within a month. This implies that before the middle of October, we should know which triple-A developer is joining the NFT movement. This is less than a month from now.

Last but not least, Kakao Games and XL Games are already preparing a new game, ArcheWorld, integrating NFT and Play-to-Earn game mechanics. Representing Bybit NFT Marketplace, I will be on the same panel with XL Games at Blockchain Gaming 2022 organized by ABGA on September 27 on “What Blockchain Technology Can Bring to Traditional Gaming Giants.” I will let you know more about the discussion after the conference.

 

Source: https://hackernoon.com/nfts-finally-infiltrated-aaa-gaming

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Crypto Fundraising in 2022: More VC, Metaverse, Gaming, and Regulatory Questions

Crypto Fundraising in 2022: More VC, Metaverse, Gaming, and Regulatory Questions
  • Established VC firms are now realizing that crypto is the next great wave of tech.
  • Investors will be focused largely on projects operating within the metaverse, Web 3, DeFi, NFT, and gaming sub-sectors.
  • Current metaverse-related projects need to improve the social aspect of their platforms before attracting the really big bucks.
  • One important question remains: does the increasing involvement of VC funds in crypto make it likelier that the SEC will tend to view cryptoassets as securities?

 

The nascent crypto industry is very dependent on funding. Not just the funding we’ve seen in the form of various coin offerings and private fundraising, but also the indirect funding that occurs whenever retail traders buy a cryptoasset and boost its price, thereby increasing the value of funds held by blockchain platforms and their developers.

The past few years have witnessed an evolution in crypto funding, however, with the initial coin offering (ICO) wave of 2017 and 2019 gradually giving way to more traditional venture capital (VC). And as the US Securities and Exchange Commission (SEC) continues its legal battle with Ripple, it’s highly likely that this trend will only deepen in 2022.

According to industry figures speaking with Cryptonews.com, more traditional VC firms and investment funds will turn towards crypto and blockchain this year, further pushing public token offerings into the margins. And they’ll be focused largely on projects operating within the metaverseWeb 3, and gaming sub-sectors.

More VCs venture into crypto

2021 may have been a great year for crypto in terms of rising prices and market activity, but it was also a record-breaking year as far as more traditional venture capital funding was concerned.

Data compiled by PitchBook shows that, over the course of 2021, venture capital funds invested around USD 30bn in crypto- and blockchain-related firms. This is more than four times the previous record total set in 2018, and it’s also more than all other years combined.

This breakthrough amount has set a new precedent and created a new model for the industry, with the USD 30bn total also surpassing the record amount of money raised by ICOs in 2018 (which was between USD 11bn and USD 22bn, depending on who you ask). And given that the SEC is suing Ripple for allegedly conducting an unregistered securities offering, 2022 is likely to see more projects looking to VC funds for investment.

“Established VC firms are now realizing that crypto is the next great wave of tech, like the Internet itself and mobile beforehand. They must invest — they have no choice,” said Mark Jeffrey, General Partner at the Boolean Fund and Co-founder of Guardian Circle.

Jeffrey suggests that a VC firm missing out on the next Google or Amazon or Facebook would be catastrophic, not least when they already missed out on Ethereum (ETH)’s ICO, which will potentially prove to be one of the greatest investment opportunities in history.

“So 2022 will certainly see increased interest and investment at an accelerated pace,” he told Cryptonews.com.

Other figures and analysts working within the crypto sector agree that this year will bring an increase in traditional investment firms diving into crypto for the first time.

“Yes, we will see more traditional funds entering into the cryptoverse. Particularly I see that there will be more uptakes from family offices and sovereign wealth-related funds,” said Anndy Lian, the Chairman of the crypto exchange BigONE and the Chief Digital Advisor to the Mongolian Productivity Organization.

As a taster of the kind of entity we can expect to enter crypto fundraising this year, it’s worth remembering that none other than Japanese financial giant SoftBank invested in the Sandbox in early November. In fact, SoftBank also invested in Digital Currency Group around the same time, along with Alphabet (Google’s parent company) and the state-owned Singaporean fund GIC.

This is quite a wide range of different funding organizations, and it’s because a diverse pick of funds are getting involved in crypto that some analysts think, sooner or later, pretty much all major funds will have to be.

“In the mid-90’s, there were internet VCs. By 2000, virtually every VC was an internet VC. Crypto investing is on that same trajectory,” said Lou Kerner, the CEO of Blockchain Coinvestors Acq. Corp.

Targets: Metaverse, gaming, NFTs, Web 3, and DeFi

So assuming that more traditional investment funds and firms will get involved in raising money for crypto, what kinds of projects will they mostly be targeting?

“Metaverse is the hottest space at the moment, and that will likely extend through 2022 and beyond. But we’re still so early in crypto, that every area should see dramatic growth in investments, including gaming, layer 1 and layer 2 protocols, DeFi, and NFTs,” Kerner told Cryptonews.com.

The metaverse (whatever that will actually prove to be) is a theme mentioned by every commenter Cryptonews.com spoke with for the purposes of this article. This includes Mark Jeffrey, who despite suggesting that the metaverse will be the biggest target for funds in 2022, also argues that current metaverse-related projects need to improve the social aspect of their platforms before attracting the really big bucks.

“If you go into Decentraland, you see 500-1000 people — but none of them are talking to each other. They’re all wandering around, together, but alone, looking at scenery — and sure, buying land and avatar pieces — but that’s it,” he said.

Jeffrey predicts that such a model won’t sustain itself, unless it becomes more comprehensively social, with people able to spend hours interacting with each other online, as do on platforms such as Twitter and Facebook.

“But I do have hope that someone WILL crack the metaverse social medium, and one of these offerings will erupt. Once it does, NFT’s and crypto will create a massive opportunity for tens or hundreds of billions to be made,” he added.

Associated with the metaverse, gaming is likely to be another area that gets VC funds hot under the collar in 2022.

“The play-to-earn gaming sector also seems huge, as Axie Infinity has proven. Even though the gameplay is not great, it’s taken off in a big way,” said Jeffrey.

Another area that crops up, along with the metaverse, Web 3, gaming, and NFTs, is DeFi.

“The more specialized [funds] will go for specific verticals; if they are more into the finance sector, they will go for DeFi or investing in the next main chain if they are more tech-savvy,” predicted Anndy Lian.

The regulatory question

One important question remains: does the increasing involvement of VC funds in crypto make it likelier that the SEC will tend to view cryptoassets as securities? Because with funds buying the native tokens of platforms in the expectation that these platforms will grow (via the efforts of an enterprise) and, in turn, make said tokens more valuable, it really does seem as if the Howey test is being satisfied.

For Anndy Lian, this is a difficult question to answer, given that it depends on several variables.

“Personally, the increased number of investments into crypto does not necessarily mean that regulators will see the investments as securities. It depends on the nature of the project, where and how the VCs get them money from, and lastly where do they exercise their agreements,” he said.

For Mark Jeffrey, increased VC funding may incite the wrath of the SEC, although the latter is likely to come down hard on crypto anyway in 2022 and beyond.

“I do think the SEC will attack crypto in general and DeFi in particular in 2022. And [they] will have some success at curtailing activity in the US — but not worldwide,” he said, adding that crypto is growing too fast elsewhere in the world for American regulators to curb its growth too much.

Despite the fact that crypto can operate elsewhere than the US, the likely belligerence of the SEC and other American regulators may seem discouraging. However, Anndy Lian suggests the growing role of traditional VC funds may in fact soften the stance of the SEC and other regulators.

He said, “In fact, I would challenge that such an increase in investments would be good case studies and will act as a benchmarking tool for regulators to know how to further navigate in the crypto space, so as to find better solutions to protect the retail investors.”

 

 

Original Source: https://cryptonews.com/exclusives/crypto-fundraising-2022-more-vc-metaverse-gaming-regulatory-questions.htm

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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