The internet continues to provide unimaginable possibilities to users worldwide and Web 3.0 aka “the Metaverse” is no different. Crypto, gaming and capitalism have combined to drive the gaming economy forward and as of 2020, it is valued at more than $100B. Leveraging decentralized financial structures (DeFi), Cryptocurrencies and Blockchains have significantly enriched the overall gaming experience.
Coming into the limelight is the metaverse concept which allows users to interact in virtual environments. Basically, a metaverse ecosystem blends blockchains, augmented, and virtual realities. The innovative idea makes it possible to move to various locations, purchase, and maintain assets. Besides the entertainment experience, metaverse enables users to generate fortunes from playing games.
In that regard, this article sets out to discover why gaming is the top passive earner in the metaverse world.
Impacts of Metaverse Gaming
Data reveals that the overall market cap for metaverse coins is almost hitting the $100B mark. The reading suggests that for some reason, numerous users find metaverse gaming as a worthwhile activity.
As such, some of the reasons that make metaverse gaming an appropriate source of securing passive incomes include:
Fast transactional services
Blockchain technology empowers metaverse games with quicker financial services. The technology supports local and cross-border trades which use minimal execution periods.
Compared to traditional systems, blockchains help reduce transactional delays. Furthermore, players can mint and distribute digital assets such as non-fungible tokens (NFTs) and in-game assets in a fast manner.
The digital asset economy advocates for transparency through blockchains. Before, there were limited options for earning rewards and trading in-game assets. The current metaverse gaming system is promoting several earning opportunities to players.
Hence, it encourages the growth of a financial system where users can trade their assets. At this point, blockchains provide a better solution to support and manage all trading details.
What’s more, publishing the transaction information encourages transparency since users can view every record.
Metaverse games help promote the idea of adopting a decentralized structure. Decentralization gives users the power to make several decisions related to the gaming platform.
Transaction verification processes are also done by ordinary members of the community. In the end, users can accumulate adequate rewards for performing these tasks.
Engaging with metaverse games encourages digital ownership of items/assets. It therefore means that players can possess digital assets the same way they can own physical items.
Anything is possible in the metaverse gaming world. Players get to take part in unique quests, own digital items, or even develop their own universe.
Therefore, the entertainment aspect of metaverse worlds enhances the growth of a virtual economy. Users get to play, interact, and receive an income from a digital universe.
Despite facing several cyber-related threats, metaverse games apply several security features for their users. Auditing is an example of the steps that gaming projects take to maintain security.
Metaverse game developers can eliminate bugs found in the platform’s code all thanks to the existing security firms. Blockchains also provide another layer of security considering they are spread across various computers. Thus, it may be difficult to hack every user maintaining the blockchain network.
Most metaverse games let users remain in custody of their assets and earnings. Such advantages boost security and financial freedom since players are in control of their holdings.
Maintaining an anonymous environment is one of the core principles of blockchains. It removes the need for submitting confidential data which may fall into the wrong hands. In that case, players only work with their gaming usernames and wallet addresses to conduct transactions.
Applying privacy in metaverse games makes it easier to counter identity theft cases.
Traditional financial services mostly charge higher fees to process transactions. Shifting to metaverse gaming allows users to carry out their transactions at an affordable charge.
Trading fees are cheaper due to the application of blockchain technology. Players can therefore trade, buy, or sell their assets at an affordable fee.
Play-to-Earn: the Emerging Concept in the Metaverse Gaming World
Play-to-earn mechanisms work as a rewarding system whereby users can earn NFTs. On top of that, the system allows players to secure digital tokens that may have real-world utility.
While the concept may not be relatively new, metaverse games are taking up this idea to attract more participants. Axes Metaverse presents a similar P2E system where users can earn tokenized assets or NFTs.
As mentioned earlier, users are sometimes unable to access rewards or trade in-game assets. Through Axes Metaverse and NFTs, players can earn real money while playing mobile games.
The evolution of technology is paving the way for several life-changing innovations- such as the metaverse world. Gaming companies are taking advantage of metaverse worlds to create limitless virtual realities. Blockchains and digital currencies further empower the digital universe with a financial structure to enhance the players’ experience.
Other than entertainment, players can come across income-generating opportunities in the virtual world. The games offer several prizes which could range from digital tokens to gaming items/characters.
More importantly, every user has control over their digital assets. Such benefits fuel the growth of metaverse games even as the number of internet users increases.
This article was originally posted on FX Empire