Play-to-Earn (Part one) Assignment answers by @bossj23 || 6-4-22
Greetings to everyone in this community. @fredquantum has proved consistency in cryto education. Personally, today's lecture taught me a lot. I've been hearing of NFTs even saw it in trust wallet but I was less concerned as to what it is. It's this lecture that has brought the light back to it place. I now understand the basics of Play-to-Earn and how this Play-To-Earn utilizes NFTs..... I've gotten first hand knowledge about this and I wish to implore them....... Below are the answers to @fredquantum assignment and how I understand the assignment questions best.....
What do you understand by Play-to-Earn In the crypto ecosystem?
As the name solely implies, you are expected to play games not just for the fun of it but also standing a chance of getting real- time incentives or in-game assets for the time spent playing the game. It is a concept in blockchain technology that has brought the real economy into the gaming sector where people can make good income while playing a game based on one's knowledge of the game at hand. It is a blockchain video game that allows the use of Non- Fungible Tokens [NFTs] cards among users to compete among themselves. While playing such NFTs games, players will do everything to increase their NFTs value. Before playing this game, you need background/basic knowledge of NFTs since this Play-to-Earn model utilizes this form of cryptocurrency.
Non-Fungible Tokens [NFTs]
Non-Fungible Tokens [NFTs] as the name imply are forms of cryptocurrency but not a currency itself. NFTs are digital assets or cryptographic techniques that exists on a blockchain and cannot be interchangeable, replaced or replicated in any form. It is different from all other except you know. It represent real-world objects like in-game items, art, videos, land computer files, music which are bought and sold online with cryptocurrency encoded with the same underlying software as does many cryptos. All these forms of assets are tokenized on the blockchain to become incorruptible as such it has a unique identity to only one player which cannot be replicated or stolen. It shows total ownership and Convey right over digital goods or assets. Many are benefiting from this new form of cryptocurrency that's the very reason we should have basic knowledge about NFTs....
List and Explain some ways to earn through Play to Earn
Land properties
Participating in tournaments
Staking
Land properties: land properties is one lucrative way of earning on play to Earn gaming platform as it allow users buy land properties and later monetize its by selling it to another player whenever the player wishes to. Each land involved is an NFT itself which means its ownership is identified or traced to the owner of this unique identity[Land]. The worth of the land is also seen in the game and the player can sell them off to make money when the time is right.
Participating in Tournaments:
As a player your aim is to increase your energy value so you get your NFTs involved in a contest against NFTs owned by other players so that when you win your NFTs will have value. These tournaments can be battles for weapons or collectives and the rest. The more you participate in tournaments the higher your chances of increasing your NFT value, thereby earning more collectives. If you buy weapons for your NFTs to participate in a tournaments and they return victorious, your NFT value will increase.
Illustration
I would prefer the second scenario because in nft your own NFT be it a pet or the rest will always be yours and cannot be stolen replicated or lost so far as your account keys are protected by you. It can only be transferred to another gamer if you choose to monetize. This is the whole context of play to Earn as it requires knowledge about NFTs to play and earn ...
