Play-To-Earn: The New Crypto Paradigm Redefining The Future Of Work
Cryptocurrencies are changing the way people work. Smart contracts allow people to form complex contractual relationships without a third party. They are also transforming the current coordination mechanisms that convert human input to capital. They make earning opportunities accessible to previously underserved people worldwide. Stephen McKeon, Professor at University of Oregon explains the new paradigm.
Play-to-earn is a new type of work-based economy based on a player-owned economy. It is based around governance tokens. The owner of the governance token has the power to take part in the game’s development and internal fund allocation. The player owned system is transparent for everyone and ensures fairness in item trading between players. Players can also receive a share of a game's revenue while enjoying the gameplay.
Learn-to-earn, participate- to- earn and create-To- Earn are the most developed categories. Minds is a decentralized social media app where users can earn tokens by posting, liking and sharing.
Axie Infinity is a Pokemon-style online game where players battle each other for special tokens. The community organized a monster rental service to make the game more affordable for everyone.
StarTerra is a gamified launchpad built on the Terra Ecosystem that features Play-to-Earn, gamifying NFTs and multi-asset staking.
Waves Ducks is a game based on the Waves blockchain. It is popular with 70,000 active players and has over $25 million in weekly sales volume. It's expected that gaming studios and publishers will develop their own crypto games based upon popular franchises. Gamers are already starting to see the benefits of playing online games for profit. The community urges them to continue the transition to a decentralized world.