The Future of Finance: A Gamer’s Perspective

For years, people including me invested lots of time farming in-game currency only for it to be grossly worthless in real life. But the tides are turning. The breakthrough of blockchain and play to earn games show that we are moving toward the integration between gaming economy and the actual economy, providing gamers with a chance to discover the true cost of their time.

According to CG’s blog post, suppose the epic loot you get in your favourite RPG translates to real life cash. Or imagine the future of the beautifully designed armour that you bought via an online platform and then can exchange with other players for profit. All these opportunities have previously existed only in movies and science fiction novels.

The Rise of Play-to-Earn

This new paradigm is fast becoming the new trend in the gaming space with many games adopting it. Unlike those older games where objects found within games are aesthetic and have no actual value, most play-to-earn games offer the players some form of crypto or an NFT. These being virtual assets that can be sold on an exchange, bought or used to acquire physical commodities and even kept for investment purposes.

About Axie Infinity The example of an RPG monster-battling game is Axie Infinity that reached tremendous success primarily because of the play-to-earn model incorporated into it. Axie Infinity players earn cryptocurrency known as Smooth Love Potion through breeding and fighting their characters, Axies. The game allows players, especially those from the developing world, to make some real money since SLP can be converted to real money. This model is currently gaining millions of players globally and challenging the difference between gameplay and actual work.

Challenges and Considerations

However, there is a young generation of games with P2E shortcomings in this growing world of play-to-earn. Here are some key considerations for gamers venturing into this new frontier:

Market Volatility:When it comes to cryptocurrencies and NFTs, they are by their very nature, high risk. Players might face a great number of problems – their assets might turn worthless or they would lose money.

Pay-to-Win Concerns:A few of those are games known as pay to win where contributors with more money put in can afford to buy better items to defeat their opponents.

Sustainability:Long-term sustainability of play-to-earn models are still to be demonstrated. Certain numerical qualities can serve as indicators of the game’s economic quality as well as the community activity level.

Safety Tips for Gamers

Like with any interaction over the internet where monetary business is conducted, security should be the main concern. Here are some tips to keep in mind:

Research Before You Play:While play-to-earn games are proving popular in 2021, ensure you conduct your research before investing in any of them.

Use Secure Platforms:It’s better to use only verified markets with good security to trade your in–game items.

Beware of Scams:Indeed the play-to-earn segment is filled with con artists. Always remember never to disclose your private keys or post your wallet details anywhere.

Beyond Play-to-Earn: Gamifying Finance

It also has its impact beyond play-to-earn models. Financial systems and processes are gradually adopting the concept of gamification. Points, badges, and leaderboards are incorporated into the social applications that financial institutions are designing to educate its consumers and foster responsible financial responsibility. These elements might help to make saving, investing as well as handling one’s own money more attractive, especially within generations of young people.

The Future is Playful (and Potentially Lucrative)

The sky appears to be increasingly pine for approachable finance. The advances in technology in the form of block chain technology and innovation in game design are providing the ability for gamers to earn an income and embrace the digital economy. Although it still has its drawbacks, it can be called an extremely promising industry not only for game enthusiasts but also for the entire financial sector.