Ethereum games explained

Powered by the Polygon Matic sidechain to improve scalability, storage and security while reducing costs and energy consumption. Launched in early , GAME Credits has stood the test of time as one of the very first cryptocurrencies in existence. GAME Credits has one of the most experienced teams in the blockchain space and is constantly recruiting top talent. The vision for the Genesis Worlds Project is to develop a decentralized RPG metaverse that will last beyond years. Join our community to participate in designing game mechanics, strategy and lore for the Metaverse.

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Content:

• Pay-to-Earn Games: Explained
• Explaining OpenSea – What is OpenSea and How Is It Used?
• 5 NFT Games You Can Play to Earn Cryptocurrency Rewards
• New study into popular Ethereum-based crypto-games suggests they meet definitions of gambling
• Explained: Play-to-earn games in metaverse and how they work
• NFT gaming: What games you should check out to earn Ethereum
• www.makeuseof.com
• Initial Game Offering (IGO)
• Welcome to Genesis Worlds

WATCH RELATED VIDEO: Smart contracts - Simply Explained

Pay-to-Earn Games: Explained

For a long time pay-to-play was the dominant model, dating back to the early days of video game arcades and transitioning across to PC and console gaming. But with distribution of games becoming easier thanks to the internet, free-to-play models started to emerge.

These games usually will have paid elements, allowing players to pay for access to extra content if they want to, and some may also monetise with ads — as is often the case on mobile. In this model players can actually make money themselves through playing the game, by translating earnings on the in-game economy into real-life rewards. As long as in-game economies have existed, people have found ways to make money from them.

This practice has been particularly prevalent in large online multiplayer games. Since people can interact directly with each other in these virtual worlds, powerful characters and rare items carry status, or might provide strong in-game advantages. But this was generally frowned upon by developers. Players are encouraged to level up their characters to and earn rare items, in order to increase their value.

And the games themselves then provide the tools to sell these assets in exchange for a cryptocurrency. In pay-to-earn games, in-game assets are represented as non-fungible tokens NFTs. For the uninitiated, NFTs are tokens stored on a blockchain which relate to a specific digital asset. While the specifics of how they work is complex, the key is that they can be used as proof of ownership for a specific digital asset.

NFTs have become a popular way of selling digital art, allowing an individual to claim ownership of the original copy of a picture, GIF, or video. So representing in-game items as NFTs allows them to be traded with greater confidence by the players themselves. It ensures that each in-game item is, in a sense, truly unique even if they may appear functionally similar to other items or characters. Games will differ on what can be traded, and how that trading works.

And Axies themselves can be sold in exchange for these cryptocurrencies, which in turn can be converted back into a standard currency, or a more mainstream cryptocurrency like Ethereum. Other games will have their own rules around what can be bought and sold and how trading works. But the common thread is that traded items are represented as NFTs, which act as a certificate of ownership for the user. Publishers will also differ in how they themselves monetise pay-to-earn games. Axie Infinity requires the player to buy three Axies in order to start playing — which is not really any different from the regular pay-to-play model, but it also takes a cut of in-game trades.

Others use alternative means, like in-game advertising. After all, simply making a game free to access has worked wonders for the likes of Fortnite and Call of Duty Warzone. Dangling the prospect of real-world rewards in front of a customer might be enough to tempt them into trying out a game. And these rewards can be substantial, if a game takes off. Once players have signed up, the pay-to-earn model also encourages player loyalty, since players will generally earn more by playing more. Pay-to-earn can also be combined with other methods of monetisation, meaning it can act as an add-on, rather than an alternative to other models.

People who are sceptical about the long-term value of NFTs and cryptocurrencies will likely be put off pay-to-earn games.

And even those who are sold on NFTs might still doubt the long-term value of in-game assets. After all, the value of in-game assets really depends on the popularity of the game itself. And very few video games tend to retain big player bases over a long period of time. But if this first wave of play-to-earn games die out and the value of their NFT assets crash, players might be more wary of paying large sums for in-game characters, and have less faith in their ability to make money off these games in the first place.

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Explaining OpenSea – What is OpenSea and How Is It Used?

At a time the crypto-market is undergoing a global expansion, the sector of non-fungible tokens NFTs is also gathering intrigue. Built on the blockhain technology, NFTs are virtual representations of real life items like video games, songs, and paintings among other stuff — that hold real monetary values and can be purchased using cryptocurrencies. The NFT sector has, in recent times, made its way into the multi-billion dollar gaming industry, leading to the creation of — NFT Games. Some of these games actually reward players with valuable crypto-assets.

5 NFT Games You Can Play to Earn Cryptocurrency Rewards

NFTs are unique digital assets created on the blockchain. They can be everything from gaming items and digital art, to sports collectibles and real-world assets. NFTs can be used in apps, games, websites, and even in real life. Bring your NFTs to life via a simple interface, send them through QR codes, and give them utility using tools that make it feel effortless. Our mobile wallet transforms the way you use crypto and NFTs. It's a simple app to help you manage your digital assets—one that feels cozy and safe. Unleash your trading skills and discover rare NFTs, from gaming items and digital art to collectibles from your favorite brands. Looking to utilize NFTs? You'll need a platform to create them, a marketplace to list them, and a wallet to help users trade and manage them.

New study into popular Ethereum-based crypto-games suggests they meet definitions of gambling

With so many different types of cryptocurrency , investors have a variety of projects they can check out. Gaming coins, a relatively new type, have been growing. Gaming coins combine two extremely popular industries: crypto and video games. Many are online games that use a cryptocurrency as the in-game currency. Players can use the game's crypto for purchasing characters and weapons.

Explained: Play-to-earn games in metaverse and how they work

Three years ago, two software developers created a quirky art project called CryptoPunks that posed a serious and provocative question: Could a few lines of code translate to a feeling of meaningful ownership? Now, for the first time, a special sample of that groundbreaking work will be offered at a traditional auction house. In , Matt Hall and John Watkinson, founders of New York-based software company Larva Labs, created a software program that would generate thousands of different, strange-looking characters. At first, they thought they might have had the makings of a smartphone app or game. The CryptoPunks are a collection of 24x24, 8-bit-style pixel art images of misfits and eccentrics.

NFT gaming: What games you should check out to earn Ethereum

GameFi is one of the hottest new trends to emerge from the crypto industry, combining decentralized finance DeFi and non-fungible tokens NFTs with blockchain-based online games. This concept involves giving players financial incentives to play and progress through games. In some cases, this has allowed gamers to earn a full-time income by doing so. All objects in these types of games are expressed as NFTs — digital tokens used to prove ownership of scarce intangible items. Think of things like plots of land, avatars, costumes, weapons and gold bars. Once players find and accrue these items through gameplay, many have the option to trade these with others in digital marketplaces for different NFTs, or sell them in exchange for cryptocurrency. Depending on which game is played, users can increase their earning potential by dedicating time leveling-up and improving their characters, creating monetized structures on their land that other gamers pay to use or by competing against others in tournaments.

www.makeuseof.com

A horse racing simulation in the NFT games space was always something of a no-brainer. In fact, you can safely bet your lunch money on it being the future of sports betting in general. The links between betting and gaming have never been stronger than they are in Pegaxy. You put money in, list your horse in a race and hope you place in the top 3 for a cash reward.

Initial Game Offering (IGO)

Minting nft with ledger. The initiative aims to simplify the creation and management of NFTs. A new type of cryptocurrency, called an NFT Non-Fungible Token , is now being used to create digital assets that can be traded or sold without any intermediary or third party. To be very specific, you add your creation an art or anything to a blockchain technology which is a public ledger holding evidence of all the transactions being made through it. NFT minting is the ability of each crypto-asset created on Ethereum to have its own unique supply. Perks, depending on level, include a corresponding Decentraland … minNFT is a NFT and digital collectibles fan marketplace for licensed content, brands, and creators.

Welcome to Genesis Worlds

Every week we simplify the market into key points so you can stay up to date on market trends, upcoming drops, top project guides and much more! Oftentimes, the next big thing in NFTs turns out to be a project that had already been in existence for months, if not years. Years after this OG endeavor was set in motion, the NFT community has found renewed interest in this collection of 10, pixel-art skulls. CryptoSkulls was created by developer and artist Alex Slayer. Akin to the contemporary PFP profile-picture projects that have popped up over the last year, each NFT in the CryptoSkulls collection has a varying array of traits, with some being rarer than others.

Enjin has announced the launch of a unique cross-game quest in collaboration with SwissBorg and eight-game developers. This first-of-its-kind Ready Player One-style quest uses ERC Ethereum tokens to bring together eight separate games in an interconnected, SwissBorg-branded gaming event. We have been making tools that gamers love for over 10 years, and as we push the envelope once again, we are taking another step toward a digital world in which everyday people can live their lives and find their fortune. After completing the entire multi-game quest, all players will receive a unique blockchain asset in the form of a SwissBorg robot, which can be used as a character in Lost Relics, Forest Knight, and MyMeta Minecraft.