Video games have brought hundreds of millions of people around the globe fun and excitement. As the ultimate solution to boredom, gaming has become a $173+ Billion industry. Gaming has become a way of escape, a way to develop and show skill, a way to create and share, a way to make friends (and maybe enemies), and even a way to earn a living. What’s fun about many metaverse projects is that they allow you to choose the game you want to play from a variety of options, or some even allow you to create your own game for others to play and share. Let’s dive into the many facets of metaverse gaming below!
Play to Earn Games in the Metaverse
Play to Earn gaming, also known as P2E, has been hugely popular the last few years with games like Axie Infinity growing to millions of users and billions of dollars in their gaming economy. We now see many metaverse games integrating P2E in various ways, and it can be quite lucrative for a small percentage of players, and a fun way of earning a very small amount of cryptocurrency or other things of value for the majority of players. Not all metaverse projects have P2E games, and not all P2E games are within a metaverse.
Of course, these play to earn games come with no guarantees that you’ll definitely make any sort of profit. Another downside is we have already seen the use of labor in countries where wages are low to create “farms” of people playing games.
Play for Fun Games in the Metaverse
Not everyone wants the stress and complications of a P2E game as mentioned above, many just want to have a fun time in a new experience with friends, family and strangers alike. We believe the metaverse should offer fun games for players to use or even create, and without a profit motive behind them. Traditional RPG, strategy, puzzle, pvp and other games are all beneficial and important to integrate into a full featured metaverse project.
NFT & Blockchain Technology in Metaverse Gaming
Non-Fungible Tokens (NFT) present a few interesting opportunities in metaverse video games. NFTs allow for users to independently verify and buy/sell/trade their character (also called “avatars”) in the game, or win NFTs as prizes or medals in the game, and more. The interoperability of NFTs allow them to possibly be sent out of one game or metaverse, and used in another (as long as the metaverse supports the blockchain used for the NFT – usually Ethereum or Solana) If the video game or metaverse servers crash or they stop service, it’s possible for players to transfer them to their own cryptocurrency wallet and then do with them what they wish. Currently people sink real money into video game assets and characters, and then when that game company chooses to stop service and updates, those assets are lost forever. NFTs can change this harmful economic cycle for one based on independent ownership and verifiable uniqueness/rarity.
A good take on this topic from a recent Nasdaq.com article: Play-to-Earn Gaming: Introducing Billions of Dollars in Value to Digital Assets and an Additional Source of Income to Players –
“Play-to-earn gaming’s development has become closely linked to the progression of blockchain and digital assets, a space that has seen a meteoric rise within the last few years. This indicates that the idea of engaging and participating with video games as a real job is now a possibility.”
Cryptocurrency tokens themselves, as known as coins, also represent a growing opportunity in the metaverse gaming space. Crypto tokens can be used to create micro-economies or as a credit type system for the metaverse games. At Metaversol, we use our Credits for placeable items in the plot of land that metaverse owners claim. This will be used when people build and create on their property, and the number of Credits that each player gets is dependent on the rarity of the NFT Metaverse Pass that they own. Of course with our open ecosystem goals, we still allow players to join and play even without an NFT or associated Credits.
Other games are using crypto tokens as reward after battling a character. For example, let’s say you defeat a monster in a RPG like game, the monster may disappear into shower of visual and actual crypto coins. Alternatively in a pvp shooter like Call of Duty, when you shoot an enemy player, maybe they drop token and you are able to pick it up, maybe friendly fire makes your character drop tokens. We see lots of opportunity and an exciting future in the use of cryptocurrency tokens and NFTs in upcoming metaverse games.