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    NFT Gaming: The Play-to-Earn Model
    NFT Gaming: The Play-to-Earn Model
    NFT Gaming: The Play-to-Earn Model
    Ebook235 pages2 hours

    NFT Gaming: The Play-to-Earn Model

    By Euvouria LLC

    ()

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    About this ebook

    In the last decade, cryptocurrency (crypto) has become a worldwide phenomenon, garnering the attention of those interested in technology—and that have money to spend. Although many people who aren’t keenly aware of crypto are often led to believe that it has only been around for a few years, it has been around since the mid-90s, with some people stating that the concepts for crypto stem back as far as the late 80s.
    Without getting too much into the history of crypto, the first iteration of crypto was something called Digicash; however, it never really took off. After many attempts (albeit with nearly all of them failing throughout the 90s) Satoshi Nakamoto developed the crypto that we all know (and love) today, Bitcoin.
    Part of the success of Bitcoin, and the reason that it was able to be developed was because of a technology called blockchain. Blockchain can most simply be thought of as a hyper-secure online ledger system that can store digital data. An explanation as to how blockchain works can be found in Appendix A. It is highly suggested that this explanation is reviewed before diving into further chapters of this document to ensure a full understanding of the technology and functions discussed.
    Nevertheless, blockchain is the technology that has laid the foundation for crypto and allowed Bitcoin to become the global phenomenon that it is today. Not only this, but the growth of blockchain technology has allowed for new cryptos to be developed, and for other decentralized blockchain apps to be explored. That is, the fundamental functions of blockchain being a secure, decentralized platform have allowed various applications to be developed using blockchain as the secure ‘building blocks’, and for crypto to be used as the financial extension of any digital, decentralized application or software.
    One such application of these decentralized apps (DApps) that has gained tremendous momentum in the last few years is video gaming. Traditionally, video games have been developed as standalone software, often either being played on handheld devices, consoles, or on computers via online hosting platforms. In the most basic form, this involves a large amount of coding, planning, and designing to make video games into what people know and play today.
    However, with more growth and increasing understanding of the various applications of blockchain technologies, there has been tremendous interest in merging blockchain with traditional video games to make DApps known as NFT Games or Crypto-Games. Definitions of “NFTs”, “NFT Games” and “Crypto Games” will be given in subsequent chapters of this document, as well as in the “Terms and Glossary” at the beginning of this document.
    Nevertheless, as many traditional video games have been merged with crypto and blockchain technologies, there has emerged an entirely new video game and income generation model, Play to Earn. This will be discussed in later chapters of this document. The key difference between NFT games and traditional video games is that (as the model would suggest) people can play NFT games to earn money. More specifically, they can earn cryptocurrencies while playing these games.
    As the core focus of this document, the following chapters will delve into what exactly NFT and Crypto games are, how they function, the technology that allows them to function, the model this has given rise to, and nearly every other aspect of these games—including popular games that are playable today. To understand all this information, the following chapters will also discuss what NFTs are, how the market for NFTs work, and how people can make money not only with NFTs but playing NFT games.
    LanguageEnglish
    PublisherEuvouria
    Release dateJan 23, 2022
    ISBN9798406509159
    NFT Gaming: The Play-to-Earn Model

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      Book preview

      NFT Gaming - Euvouria LLC

      © Copyright 2022 - All rights reserved.

      The contents of this book may not be reproduced, duplicated, or transmitted without direct written permission from the author. Under no circumstances will any legal responsibility or blame be held against the publisher for any reparation, damages, or monetary loss due to the information herein, either directly or indirectly.

      Legal Notice:

      You cannot amend, distribute, sell, use, quote, or paraphrase any part of the content within this book without the consent of the author.

      Disclaimer Notice:

      Please note the information contained within this document is for educational and entertainment purposes only. No warranties of any kind are expressed or implied. Readers acknowledge that the author is not engaging in the rendering of legal, financial, medical, or professional advice. Please consult a licensed professional before attempting any techniques outlined in this book.

      By reading this document, the reader agrees that under no circumstances is the author responsible for any losses, direct or indirect, which are incurred as a result of the use of the information contained within this document, including, but not limited to, errors, omissions, or inaccuracies.

      Contents

      Chapter 1 Overview

      Chapter 2 Technology powering NFT Games

      An Introduction to Blockchain

      Components of Blockchain Technology

      History of Blockchain

      Blockchain Applications

      Understanding NFTs

      History of NFTs

      How NFTs work?

      NFTs and Blockchains

      NFTs and Cryptocurrency

      Putting Blockchain, NFTs and Crypto together

      Chapter 3

      Revisiting NFTs – the Fundamentals

      What are NFTs?

      What can be an NFT?

      How NFTs are transferred

      Making Money with NFTs

      NFTs in Gaming - Creating a new Model

      Chapter 4 Understanding Play-to-Earn & NFT Games

      What is the Play-to-Earn Model?

      In-Game Assets

      In-game Currency

      Marketplaces

      What are P2E Games?

      The History of NFT Games and the P2E Model

      The Developments and Growth of the P2E Gaming Model

      How P2E Fuels the Future Success of NFT Gaming

      The Impact of P2E

      Chapter 5 NFT Gaming Insights

      Preliminary Insights: How Big are NFT Games?

      Video Game Mass Popularity

      NFT Game Mass Popularity

      The Impact of Video Games on NFT games

      Key User Demographics – Who Plays these Games?

      How do Players actaully earn Rewards?

      Earning Tokens

      Streaming

      Buy and sell NFT Assets

      Earn and sell NFT Assets

      The Steps to turn In-game Assets into Money

      The Use of Tokens and Crypto in NFT Games - What's the Difference?

      Third-party vs. In-game Marketplaces

      Scalability of NFT Games

      Where will they go from here?

      The Impact of NFT Games of Nation's Youth

      Chapter 6 The top NFT Games Today

      Largest NFT Games

      By Revenue

      By Usership

      By Number of NFT Transactions

      By Growth

      By Earning Potential

      The Most Popular Games - What makes them the best?

      Chapter 7 Case Study

      Axie Infinity

      Introduction

      Earning Potential

      Beginner’s Guide

      Gameplay, Earning Tokens and Making Money

      Chapter 8 The Future of NFT Gaming

      Creating Jobs ... or Not?

      Are NFT Gaming Jobs Sustainable?

      Advantages and Disadvantages

      What Does a Future with NFT Gaming look like?

      References

      Appendices

      Appendix A – Blockchain explanation

      Table of Figures

      Figure 1: How blockchain consensus works

      Figure 2: Cryptopunks

      Figure 3: Cryptokitties

      Figure 4: Examples of NFT Marketplaces

      Figure 5: Examples of video game assets

      Figure 7: Nintendo, PlayStation and Xbox consoles

      Figure 8: NFT Gaming demographics

      Figure 9: AXIE Coin trade page

      Figure 10: Axie Infinity marketplace

      Figure 11: Tokens vs. coins

      Figure 12: Marketplaces

      Figure 13: Change in interest in NFT games

      Figure 14: Largest NFT games, by revenue

      Figure 15: Largest NFT games, by user

      Figure 16: Largest NFT games, by transaction & transaction volume ($)

      Figure 17: Largest NFT games, by growth

      Figure 18: Largest NFT games, by earnings potential

      Figure 19: Profitability of players in certain NFT games

      Figure 21: Axie Infinity starter team homepage example

      Figure 24: Setting up Axie

      Figure 23: Axie marketplace

      Figure 25: Axie classes

      Figure 26: Class strengths and weaknesses

      Figure 27: Axie Adventure mode

      Figure 28: Pros and cons of NFT gaming jobs

      Chapter

      1

      Overview

      In the last decade, cryptocurrency (crypto) has become a worldwide phenomenon, garnering the attention of those interested in technology—and that have money to spend. Although many people who aren’t keenly aware of crypto are often led to believe that it has only been around for a few years, it has been around since the mid-90s, with some people stating that the concepts for crypto stem back as far as the late 80s.

      Without getting too much into the history of crypto, the first iteration of crypto was something called Digicash; however, it never really took off. After many attempts (albeit with nearly all of them failing throughout the 90s) Satoshi Nakamoto developed the crypto that we all know (and love) today, Bitcoin.

      Part of the success of Bitcoin, and the reason that it was able to be developed was because of a technology called blockchain. Blockchain can most simply be thought of as a hyper-secure online ledger system that can store digital data. An explanation as to how blockchain works can be found in Appendix A. It is highly suggested that this explanation is reviews before diving into further chapters of this document to ensure a full understanding of the technology and functions discussed.

      Nevertheless, blockchain is the technology that has laid the foundation for crypto and allowed Bitcoin to become the global phenomenon that it is today. Not only this, but the growth of blockchain technology has allows for new cryptocurrencies to be developed, and for other decentralized blockchain applications to be explored. That is, the fundamental functions of blockchain being a secure, decentralized platform have allowed various applications to be developed using blockchain as the secure ‘building blocks’, and for crypto to be used as the financial extension of any digital, decentralized application or software.

      One such application of these decentralized applications (DApps) that has gained tremendous momentum in the last few years is video gaming. Traditionally, video games have been developed as a standalone software, often either being played handheld devices, consoles, or on computers via online hosting platforms. In the most basic form, this involves a large amount of coding, planning, and designing to make video games into what people know and play today.

      However, with more growth and increasing understanding into the various applications of blockchain technologies, there has been tremendous interest in merging blockchain with traditional video games to make DApps known as NFT Games or Crypto Games. Definitions of NFTs, NFT Games and Crypto Games will be given in subsequent chapters of this document, as well as in the Terms and Glossary at the beginning of this document.

      Nevertheless, as many traditional video games have been merged with crypto and blockchain technologies, there has emerged an entirely new video game and income generation model, Play to Earn. This will be discussed in later chapters of this document. The key different between NFT games and traditional video games is that (as the model would suggest) people can play NFT games to earn money. More specifically, they can earn cryptocurrencies while playing these games.

      As the core focus of this document, the following chapters will delve into what exactly NFT and Crypto games are, how they function, the technology that allows them to function, the model this has given rise to, and nearly every other aspect of these games—including popular games that are playable today. To understand all this information, the following chapters will also discuss what NFTs are, how the market for NFTs work, and how people can make money not only with NFTs but playing NFT games.

      In any case, this document serves to provide insight into the vast and technical world of NFT gaming and seeks to provide a simple understanding as to what NFT Games are, and how people can cash in on the Play to Earn model themselves.

      Chapter

      2

      Technology powering

      NFT Games

      To effectively understand what NFT Games are, and how they generate people money, this chapter will briefly discuss the fundamental technologies that support NFT gaming. More specifically, this chapter will provide an understanding—like Appendix A—as to what blockchain is, and how it works. Additionally, this chapter will provide an introduction and brief history to NFTs, and how they work today. The last sections of this chapter will discuss how NFTs, blockchain, and crypto all come together to make NFT Gaming, and the play-to-earn model possible.

      An Introduction to Blockchain

      As alluded to previously, blockchain is the one of the core technologies that has allowed both crypto and NFTs function. Appendix A provides an overview as to how blockchain functions with respect to crypto. This illustration explains that when a new transaction (say, for example, a purchase using Bitcoin) occurs, it is recorded on that currency’s blockchain server. Then, the server network confirms this transaction to be a legitimate transaction and sorts the transaction using a series of complex hash codes into a block. Each block contains several unique transactions that have their own hash number identification; and each block is given a unique root hash to identify that individual block. Then, the blocks are sorted into a chain for security purposes, and to organize transactions.

      One piece of information not discussed in Appendix A is that along this chain, each block’s root hash is based on the hash of the blocks before it. This means that if there is a change to even a single transaction within a block—such as via a scam or hack—then the entire chain from that point on is altered; and these alterations can be seen by the server hosts. This is another key function of blockchain

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