FiO and Play-to-Earn Games
Thirteen years after blockchain technology was first Satoshi Nakamoto, this revolutionary innovation has found its way into every sector in existence, including finance, healthcare, insurance, telecommunications, media and entertainment.
Although blockchain games have been around since 2017 (e.g. Cryptokitties), a new trend – play-to-earn games – is emerging in the blockchain gaming sector.
What is play-to-earn?
“Play-to-earn” is a relatively new business model in the gaming industry that embraces the concept of an open economy. Games of this nature provide financial benefits for all players who add value by contributing to the game world.
Play-to-earn games are growing immensely because they create an investment opportunity – and for some a potential way to earn a living. The co-founder of Yield Guild, Gabby Dizon opined that “I believe that play-to-earn gaming will replace free-to-play gaming,”
Alien Worlds is a Defi NFT metaverse based on space exploration where you can collect and play with unique digital items. In addition to in-game earnings, players can also earn by mining for Trillium (TLM), selling aliens world NFTs, and buying Land in alien worlds.
In April, Dacoco, the developers of Alien Worlds, announced that the game had crossed 100,000 players despite launching only in December 2020. Now there are over 250,000 players with around $15 million in transactions.
Axie Infinity is a new iteration of blockchain games. Launched in 2018, Axie is now the most expensive NFTs collection, with more than $42 million in sales in June 2021. Players use Axies; fierce, battle-loving creatures to fight, build territories, and hunt for treasures earning AXS tokens in the process.
This game grew remarkably popular because it is partially owned and operated by its players. The game grew in popularity in the Philippines during the lockdown as a result of the Covid-19 pandemic. Now, there are over 350,000 gamers on the platform.
Now, it is one of the most loved and played blockchain games among the Filipino community. Depending on the amount of time spent playing and the price of the underlying cryptocurrency, gamers can earn from $500 to $1,000 per month.
MOBOX is the biggest gaming platform on the Binance Smart Chain. Like Alien Worlds, it combines yield farming DeFi with Gaming NFTs using liquidity pools, yield farming, and NFTs, this combination is now popularly referred to as GameFi.
MOBOX is truly a revolutionary game that allows gamers to earn just by staking their tokens and playing exciting and competitive games. Launching only in April 2021 has already gathered more than 260,000 players and is also popular in the Philippines.
MOBOX currently has a circulating supply of $29,691,234. This is currently one of the hottest play-to-earn games around, and it’s easy to see why.
The colonization of Mars is a highly debated topic and has seen different iterations, across different platforms. Inspired by Elon Musk, SpaceY 2025 is the first blockchain tower defence game that is themed around Mars immigration.
The game houses a Mars base, with limited land supply – a total of 360 pieces of land. Players can purchase land through SPAY, the native token of the game.
The high scarcity of SPAY and the unique setting of the game makes it one of the hottest blockchain games currently.
The game already has over 25,000 gamers within its ecosystem, owning over 10,000 NFTs. The game has generated around $5 million in earnings.
For people who had lost their jobs as a result of the Covid, like millions of people in the Philippines, play-to-earn games can serve as a viable means of supplementary income while they seek new employment. In fact, in many third world countries with low salaries, Play to Earn games represent a completely new career path altogether.
FiO and Play-to-Earn NFT games
FiO.one is developing a decentralized and open distributed ledger that supports non-fungible tokens, in the same way, that Ethereum’s ERC721 standard does. This will make it easy for anyone to digitally create and own unique items.
When users mint their NFTs on the platform, the following happens:
- The blockchain can confirm newly-created NFTs.
- An owners’ account is quickly updated to reflect the addition of new asset(s).
- The blockchain can record and permanently store transactions on the network.
- All network nodes can validate transactions.
FiO is ready to introduce an NFT platform that will make it easy and cost-effective to create non-fungible tokens.
The blockchain and crypto sector thrives on innovation but often get called out for lacking real-world use cases. With new industries like Play-To-Earn NFT gaming taking shape and helping thousands of people earn income, times are changing and we may very well see an acceleration in the mass adoption of these technologies thanks to increased incentives for mainstream users and streamlined marketplaces from the likes of FiO.