Play to earn gaming is without doubt the hottest sector in the cryptocurrency space at the moment. Every month, blockchain based games are reporting record growth and revenues.
Axie Infinity recently passed US$1 billion in trading volume, over 1 million daily active users, and earnings exceeding $700 million dollars in just the last 30 days.
These kinds of numbers highlight how the gaming market is expanding into new territories made possible by the innovative nature of non fungible tokens (NFTs). The ability to own and use unique items and characters opens up enormous potential not just for new games and new gaming studios, but completely new kinds of games; where people can own in-game assets, move in-game items between games, and most significantly earn money from playing their favourite games.
New directions in gaming
As the number of users playing blockchain based games increases, the new virtual world economies that form around them expand and their in-game assets can appreciate significantly in value.
One of the first and most widely known examples of this was Cryptokitties, the 2017 phenomenon that saw the value of rare cryptokitty NFTs skyrocket with their ability to breed and sell new cryptokitties. But Cryptokitties was just the first generation of play to earn games where the “game” was fairly basic and really involved just buying and selling NFTs to other cryptokitty collectors.
What today’s popular play to earn games are showcasing is greater complexity and more engaging gameplay. They’re also showing that in-game assets — such as the axies that players battle against one another in Axie Infinity — can be enormously valuable.
Here at Amasa, we’re incredibly excited to see the direction the play to earn gaming space is heading. We’re also thrilled to know that we have a key role to play in helping introduce play to earn gaming and many other micro income stream opportunities to a much broader market.
With the cheapest Axie NFT now costing at least $400 and the rarest worth over $300,000, leaving in-game assets idle when a player isn’t playing becomes a large wasted opportunity cost.
This is where collectives such as Yield Guild Games (YGG) fit in. YGG enables players to rent out these expensive in-game assets in exchange for the Axie Infinity in-game currency, SLP, and takes a cut of the resultant earnings. This means that axies can now be used 24/7 to battle other teams of axies and to breed additional axie NFTs.
Strength in numbers
Yield Guild Games is a decentralized autonomous organization (DAO) for investing in the non fungible tokens (NFTs) that underpin blockchain based gaming. It is essentially a collective of people looking to make use of community owned NFT assets to generate play to earn gaming profits that can then be shared back with the community’s members.
YGG states their vision as:
“Combining the best of the NFT and the decentralised finance (DeFi) space, bringing yield farming to game economies while adding value to these virtual worlds by developing the content and economy of these games…We want to own and develop assets in the metaverse as we believe that virtual economies will be more valuable than real-world economies over time. At the same time, we want to create value in the virtual world for our guild members to thrive in a virtual environment — the competitive gamers, the artists, and content creators that populate the metaverse.”
YGG is currently focused on Axie Infinity as well as three other popular games; Splinterlands, ZED RUN, and Illivium. Splinterlands is a blockchain-based NFT trading card game with over 100,000 registered accounts.
ZED RUN is a futuristic NFT horse racing game where players can own, trade, breed and race 24/7. It has a community of more than 100,000 stable owners and broadcasts 1,200 live races daily.
Illuvium is a fantasy battle game where players move through an explorable world and capture NFT creatures called Illuvials. YGG is also looking to expand the portfolio of supported games that meet the goals and yield earning requirements of the YGG community.
Shared visions
Here at Amasa, we’re incredibly excited to see the direction the play to earn gaming space is heading. We’re also thrilled to know that we have a key role to play in helping introduce play to earn gaming and many other micro income stream opportunities to a much broader market.
By aligning our aims with other innovative projects such as YGG, we are helping expand the crypto user base, enlarging the size of virtual world economies, and ultimately making it easier for millions of people around the world to increase their income streams.
Web 3.0 has truly arrived and will continue to offer game changing opportunities to improve online experiences for everyone. Does having more money in your pocket from doing the things you love and engaging with the online communities that interest you sound good? We think so too.
About Amasa
Amasa’s mission is to connect millions of users to Web 3.0 and DeFi to improve their financial situations. We’re driving adoption of platforms that reward participants with micro income streams for their gaming, time, energy, attention, content, data, and interactions.
We’re doing that by building the world’s first micro income stream investment app. The Amasa app will make micro income streams easy to capture, combine and access as a stabilised income, then amplify through user-selected DeFi investment options.
Combine. Stabilise. Amplify. All in the background of everyday life.
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