You will be able to save yourself the trouble of working a 9-to-5 and instead earn doing what you love: Gaming! Read on till the end to know how this will be a reality.
All tech related developments are already in place that will provide a platform for stable and strong game economies to emerge. Great vision from developers and some time is required for us to see the rise of these sustainable games.
What we have so far
Distributed Ledgers: a common database that lets participants verify transactions in a public platform.
Smart Contracts: rules that govern a transaction in the form of embedded codes.
Consensus: algorithms that verify a transaction to everyone’s satisfaction without having to trust a central authority.
Coins / Tokens: the assets of a blockchain network that lets users conduct transactions or build applications.
The union of these tools have enabled the infrastructure on which all web3 services are built. It’s pretty impressive, web3 gaming alone is worth over $1.3 Billion. But this is just the beginning.
The infrastructure required for web3 gaming to scale and surpass a $300 Billion valuation is already in place. There are some improvements to be made. But the real cream of the crop is the product that’s built over this infrastructure. For example, ponzinomic games are built on the same platform as that of sustainable games. So essentially it comes down to the vision of developers to deliver innovations that will take web3 gaming to the next level. Let’s explore that vision.
Gameplay: Axie infinity, the market leader in the space, has very basic gameplay. It’s similar to Pokemon, and not nearly as good. With due development time and enough capital, there will be MMOs, RPGs, RTS, etc in web3, as good as their web3 counterparts but with community economics built into the game. If you’re a CropBytes farmer, can you imagine the economics of CropBytes combined with the top-notch experience of Farmville or Stardew Valley? Yes, that will be a reality soon.
Interoperability: In traditional gaming, assets are built in a walled garden created by the developers. Although there’s nothing wrong with that, web3 games will enable players to use the assets across platforms, increasing the value of their assets. This will also enable massive asset trading platforms that will make owning and trading assets much easier.
Metaverse experience: We are already building social connections in virtual reality. Twitter is a metaverse experience, but it only serves a few of our senses. The experience of metaverse will get realer. AR is just one tool that will be a step forward in that journey.
The Metaverse will be built on open standards in order to promote smooth operation between different worlds and eventually one day soon will allow our digital avatars to travel from say CropBytes to Defi Kingdoms. Sounds cool, yeah?
Real world economics is being re-built for a virtual experience. But to have that sustainable experience on the metaverse, financial and governance systems will have to be re-imagined from ground up. The metaverse standards forum is an interesting development in this space.
Sustainable economics: Any investor needs permanent economic relevance for their assets. There might even be those who are purposely flipping their investments. But for any developer building a long term project, the former issue is the baffling one.
The value for in-game assets are based on utility. The utility of assets is directly related to economics. Let’s consider this example to understand this: the USA took almost a century to build the value for USD. They were able to achieve this through building and scaling a strong market through ease of business.
Therefore it takes the right vision and a lot of time to build strong economics. In a few years, many web3 games would have completed over a decade in building their economy. This will result in stable game economics so that investors do not need to keep moving their funds from one game to another.
We covered characteristics of a strong web3 game in a previous blog: https://blog.cropbytes.com/how-to-spot-a-good-web3-game/
Community Governance: A governing body in a traditional community is chosen based on merit, experience, and value that the body can provide to the community. The voting system based on token holdings in DAOs is not a sustainable model. Essentially wealth should not be the only factor that determines your vote in the community. The proof-of-governance concept is being polished as we speak.
Merit and experience has to be stored on-chain which will determine voting rights. Soul bound tokens is development in that direction.
“While transferable NFTs have their place and can be really valuable on their own for supporting artists and charities, there is also a large and underexplored design space of what non-transferable NFTs could become.” – Vitalik Buterin
Soul bound NFTs will soon be a proof of someone’s merit or experience that will contribute to better community governance models.
Work in metaverse: Don’t we all love Play-To-Earn? It’s the most exciting economic model in web3 games today, the one that brought millions of users to this space. But there’s a fundamental flaw with it. Developers cannot generate sustained income for players without currency emission.
The game economy has to generate wealth that can then be utilised by players to earn a sustained income through gameplay. How is this possible? It’s very simple: Not all players in the game can generate that income.🤷♂️
An economy cannot be sustained just through labour. There has to be a fine balance between investors, traders and players. Here players are the labour force.
- Investor: Someone who owns assets in the economy. They expect a rise in asset value which in turn is their profits. They pump money into the economy.
- Traders: They count on market volatility to earn profits through frequent trades. They pump money into the economy.
- Players: They do not invest money. They maintain assets owned by the investors and traders, in turn providing value to the assets. Profits earned by Investors and Traders is dependent on the skilled players who enjoy spending time in the gameplay and in turn earn a regular income.
So going by this model, can a game kick start a solid economy and expect to keep its investors, traders and players happy from day 1? No. All participants in the economy will need to trust the vision of the developers to make the economy a success. A strong economy will take its due time. We explored this through the example of USD.
With the launch of the service economy model in CropBytes, the holy trinity of Investors, Traders and Players will be complete in the game economy. We have arrived at this state through over 4 years of development. Players will have an option to enter the game for free and earn a sustained income by servicing farms owned by business investors and traders in the economy.
Does this excite the gamer in you? Share this article ahead with your friends and family who will join you to earn a regular income on CropBytes.