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- “NFT: From Zero to Hero” and “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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Anndy Lian Spoke at Economics Summit 2020, Future of Banking & Capital Markets: “CBDCs complement and not replace cash. Cryptocurrency recreates the future of finance.”

Anndy Lian Spoke at Economics Summit 2020, Future of Banking & Capital Markets: “CBDCs complement and not replace cash. Cryptocurrency recreates the future of finance.”

 

COVID19 has brought uncertainty to every sector. The financial industry has not been spared. There are vital concerns that are emerging for the Banking & Capital Markets. Economics Summit 2020, held on 2 November 2020, gathered a panel of industry experts to discuss current challenges and share future insights on the topic. Anndy Lian, one of the panelists, shared insights on Central Bank Digital Currencies (CBDC) and its form in the future.

The panel consists of Kent Choi (Team Leader, Credit Suisse), Yvonne Zhang (Director, Risk Advisory, Deloitte), Andrew Colquhoun (Executive Director, Monetary Authority of Singapore), and Anndy Lian (Advisory Board Member, Hyundai DAC) and moderated by Pau Khua Mung.

The topic of Central Bank Digital Currencies (CBDC) came up during the discussion. CBDC is known as a new type of currency that governments around the world are experimenting with. It is issued and controlled by the central bank is managed on a digital ledger or blockchain, the same technology that underpins cryptocurrencies such as bitcoin. CBDC also aims to expedite and increase the security of payments between banks, institutions, and individuals.

Andrew Colquhoun, MAS, mentioned that: “Digital currencies are a key area for MAS and central banks globally. Consensus views across different institutions show no immediate urgent use case for CBDC in this region. Many central banks are adopting a wait and see approach and still on a consultation basis.”

Further accelerating central banks’ considerations for the issuance of CBDC, Anndy Lian, Hyundai DAC added: “CBDCs are very early-stage and I believe CBDC is here to stay. CBDC is a form of digital fiat powered by blockchain for many, is traceable and accountable. It works 24/7, nonstop around the clock.” He also went on to clarify that CBDC is not a cryptocurrency. “We must be clear on this and not lumped this (CBDC) into the bucket of cryptocurrencies. There are also crypto companies looking at adding cryptocurrencies on top of CBDC and acting as a bridge. But this is a different concept.”

Digital currencies are still early. It is essential to understand the pros and cons behind it. Digitalization has prompted both regulators and the public to demand increased privacy. Same for CBDCs. Many technologists believe that the right design structure for CBDCs will ensure privacy. “There are many misconceptions on the technology and concept. It will take time to design a suitable model. In my opinion, CBDCs complement and not replace cash. Cryptocurrency recreates the future of finance.” Anndy sums up.

Economics Summit 2020 is an annual event organized by SIM Economics Society (SIMES). SIMES is a student-led society at the Singapore Institute of Management (SIM) committed to learning and researching global economic challenges.

Kevin Kristano, VP in Marcomm, SIMES thanked all the speakers and his colleagues for making this event possible and told the reporter: “Covid-19 has accelerated a vast array of technology adoption and digital transformation in several industries, like banking and finance. I believe that this change is imminent, regardless of the pandemic. I look forward to how this technological shift would affect the global economy.”

The two days summit ended on 2 November 2020. To view the video recording for this panel, go to https://youtu.be/hwgfXNUuwsw.

 

Media Contacts:

Name: Jenny Zheng

Title: Editor

Email: contact@blockcast.cc

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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- “NFT: From Zero to Hero” and “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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