Thursday, August 26, 2021

'Crypto Games': A New Business Model For Gamers...

The rise of cryptocurrencies in recent months is a phenomenon that escapes few ears. In this context, industries with a large technological component, such as video games, have made a move and are presenting several crypto games, titles that allow users to earn real money on their platforms.

These crypto games have created a new digital ecosystem that allows users to "transform entertainment into money," as a recent article in El País explains. In them, blockchain technology has allowed in-game coins or credits to be transformed into their own cryptocurrencies, with a real monetary value, which can turn the best players into real millionaires.

An example of this is Axie Infinity, one of the most popular crypto games in recent months. It is a title similar to the mythical Pokémon, where the virtual creatures are called Axies. However, to get one of them it is necessary to buy it from another player, who would have to be paid with the second most important cryptocurrency on the market, Ethereum.

The cheapest axie costs 0.1 Ethereum -about 270 euros, at the current exchange rate-, and the most expensive one has been sold for the equivalent of half a million dollars. These dizzying figures are no deterrent for the game's community, which totals some 350,000 active users every day around the world.

Given the magnitude of these numbers, crypto games have become a business alternative for people all over the world, especially in the countries most affected by the crisis derived from the pandemic, such as the United States, Venezuela or the Philippines. Along these lines, the creation of cryptocurrency wallets has experienced particularly striking growth in these countries. "With little you do, you can take about 500 euros," explains an expert.

Crypto games, the prelude to the metaverse being prepared by industry giants

The emergence of crypto games such as Axie Infinity, which base their success on the blockchain technology of cryptocurrencies and NFTs, could be the prelude to a much larger phenomenon that will take its first steps over the next few years.

It is a metaverse, in which industry giants such as Sony or Epic Games have already invested $1 billion, and which aims to completely transform the sector and give a new impetus to the concept of crypto games.

In this parallel world, users will be able to work for others, open their own businesses or interact with people from all over the world. The success of crypto games may give a clue as to the most foreseeable way of doing business within this virtual universe: through the creation of its own cryptocurrency, exchangeable for ordinary money in order to start playing.

Moreover, the economic activity of the crypto games of the future would not be reduced to the parallel universe itself. The big brands of the global entrepreneurial ecosystem could also participate, selling replicas of their real products for the video game, such as a car or a technological product, among other options.

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