People have been talking enthusiastically about the transformative properties of blockchain since Satoshi Nakamoto launched Bitcoin (BTC) in 2009 – books have been written, thousands of panels and presentations completed his outlook, costumed Bitcoin maximalists have done. flaunt their newfound wealth. Despite this praise, the transformation has been slow.
However, whether the delay is due to the global COVID-19 pandemic or simply the time needed to create innovation, we are now on the cusp of a change that is creating new economies and new ways of interacting. human. The metaverse, with the powerful combination of game theory and blockchain, creates a symbolic incentive in virtual worlds. Decentraland has already started to revolutionize people’s lives and interactions, and many similar platforms are being built. The metaverse will grow to include multiple cross-chain possibilities as the virtual economy grows in importance.
NFTs and the gaming industry
GameFi, a term used to describe the burgeoning intersection between decentralized technology and the video game industry, is where real value is created. Non-fungible tokens (NFTs) allow players to own assets with tangible and real value and keep players involved longer, while allowing developers to create in-game savings based on player creativity and interactions. as creators and owners.
Related: The Metaverse, the play-to-earn and the new economic model of the game
The blockchain offers many advantages to GameFi:
- Transparency: By making the gamification mechanisms clear, transparent and perhaps codified via a smart contract, users tend to trust more and therefore invest more resources in terms of money and time.
- Interoperability: The blockchain allows the possibility of creating the portability of virtual resources outside the limits imposed until now.
- Liquidity: It is now possible to buy, sell and trade assets outside of individual games.
- Autonomous automation with smart contracts, which can allow multiple parties to interact with each other, even without human intervention.
NFTs can increase player engagement and create better gaming experiences which ultimately increase the value of NFTs and tokens in the game. Players can now have agency within the games they want to play. and as to how these games are evolving.
Axie Infinity has gained prominence, in part because of its social impact in keeping families out of poverty during the pandemic, and its player-created “college” program that encourages community development is growing rapidly. It’s now a multi-billion dollar gaming ecosystem controlled by gamers.
BlackPool is another example of the first Decentralized Autonomous Organizations (DAO) designed for NFT gaming and commerce. This platform is very community driven; he combines a passion for games and the art with data analysis and machine learning to provide user feedback. BlackPool has also rolled out Axie-type scholarship programs, opening up new sources of income for the excluded. Blockchain enables participation, voting rights and monetization within an economy. It is also possible, thanks to interoperability, to envisage the creation of networks of online communities, with exchanges and interactions between them.
The big story here is that we are seeing a shift from “business first” to “community first”. Community is formed around an idea or interest through engagement and collaboration with the community, and concepts emerge from the community. It’s “community first” and “community fast! “
These communities are decentralized and governed by the community – designs can be voted on, and the artwork with the most votes from the community can ultimately be accepted for the final design. Every time someone creates an NFT, the artists who worked on the asset get royalties from it for each transaction. This will open up unexplored grounds for monetizing knowledge and creative skills. ??
Related: DeFi’s quest to reinvent finance must come from a community design
The Create-to-Win model allows creators to take full control of game studios and directly participate in game development. This provides the community with the ability to create in-game assets, create NFTs, and sell them. in secondary markets. This is a powerful new creator economy emerging where gamers and coders can unleash their ideas, enhance the gaming experience, and monetize their intellectual capital. This makes the gaming ecosystem more community driven, with content creators being incentivized to improve the overall gaming experience. Anyone with basic coding skills can contribute to the game.
It will also lead to the emergence of new social networks between creators and fans. The Attention Economy will be replaced by Social Tokens in the Metaverse to bring a new, immersive fan-driven economy. Social tokens based on a brand, community or influencer will allow communities or celebrities to monetize themselves further. They will create two-way relationships between creators and consumers, with benefits on both sides. These Web 3.0 communities collaborate, evangelize and create tribal network effects, helping each other increase the value of their platform.
Digital communities form networks through symbolic economies. The more players use or promote the community, the stronger the game and the underlying blockchain become. The players are the stakeholders.
Related: DAOs will be the future of online communities in five years
This creates the data infrastructure to enable a harmonized and interconnected metaverse that further enables tokenized NFTs to include digital data rights, and to store, track and enforce those data rights. We are only in the early days of this transformation, and the future is in the hands of innovators and creators, and the community that supports them. These communities are the new Metavers tribes, and the only limit to what is possible is your imagination!
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The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Jane thomason is a thought leader on blockchain for social impact. She holds a doctorate. from the University of Queensland. She has held several positions with the British Blockchain & Frontier Technologies Association, Kerala Blockchain Academy, Africa Blockchain Center, UCL Center for Blockchain Technologies, Frontiers in Blockchain and Fintech Diversity Radar. She has written several books and articles on blockchain. She has been featured in Crypto Curry Club’s 101 Women in Blockchain, Decade of Women Collaboratory’s Top 10 Women in the Digital Frontier, Lattice80’s Top 100 Fintech for SDG Influencers, and Top 50 Global Thought Leaders and Influencers. by Thinkers360 on Blockchain.