Grassroot Crypto Education | Series 2 Volume 1- Play-to-Earn (Part one)
Introduction
It's another beautiful privilege enjoyed to continue our grassroot crypto education in the community. Previously, we have attained a milestone of 10 volumes, that's a good number, we have not missed any week since the inception of the initiative, we only took a break off last week. I believe a lot of knowledge of the crypto ecosystem has been impacted which sets you on the right path of stepping into the ecosystem.
The last ten volumes are considered a phase of crypto education in the community. We are starting another phase this week, this is themed "Series 2" of the initiative and it would have a lot of volumes in it. I hope to see you being part of this as you strengthen your knowledge of the ecosystem. Today, I would be discussing the concept of Play-to-Earn. It's gonna an interesting piece.
Designed with Adobe Photoshop
What is Play-to-Earn?
The first thing that should come to your mind when you hear Play-to-Earn is okay, I get paid for having fun, yes that's right. The concept of play to earn pertains to gaming and not just gaming but blockchain video games. Traditional gaming earns you nothing aside from the fun of playing it, I have spent a few hours playing a football game today and nothing was earned, only fun.
The gaming sector has evolved such that many game projects have been built on the blockchain to utilize cryptography technology to incentive gamers. This is one of the recent breakthroughs in the entertainment industry as gamers stand the chance to have fun playing their favorite games and get real-time incentives for the time spent having fun. Do not get it confused, it's not betting on your favorite game but playing to earn based on your knowledge of the game in question.
In the years past, only game developers enjoy this privilege of earning as they monetize some of the features of the game but now everyone can earn, thanks to blockchain technology. The Play-to-Earn concept in blockchain technology has brought the real economy into the gaming sector, which can further be referred to as cryptoeconomics that enables you to make a good income for yourself while playing a game.
The Play-to-Earn model utilizes what is known as Non-fungible Tokens (NFTs) which makes your gaming activities and digital properties acquired in the game (land, animals, and so on) solely belong to you and can be sold to another game player on a gaming network built on the blockchain, thereby monetizing your gaming activities, if I had spent a few hours on a Play-to-Earn platform today, I would have earned some funds for myself. That said, you need to learn a few things about NFTs which I would take care of in a bit.
Non-Fungible Tokens
Non-Fungible Tokens (NFTs) are a form of cryptocurrency that is slightly different from the known crypto assets that you are familiar with. NFTs represent digital assets which could be entertainment products like a piece of art, music, own picture, computer files, and so on, or lands, houses, pets, and other properties acquired on a gaming platform built on the blockchain. All these forms of assets are thereby tokenized to become incorruptible as such remain a game player's asset.
In addition, these assets are tokenized on the blockchain and as such, it has a unique Identity to only one game player, it cannot be reproduced or stolen. The sole ownership of such assets can only be traced to a single unique owner. For instance, you are playing a pet-based gaming platform built on the blockchain, as such you acquired some pets, these pets are yours and their ownership would only be traced to you. You can choose to sell these pets to other game players to monetize them, it is then you have its ownership transferred to a new user.
In essence, NFTs are aimed at protecting the rights of original digital asset creators without being forged by another person, the protection lasts as long as the owner chooses to let it. This is the new trend and many users in the crypto ecosystem have earned a lot from it.
How to earn on Play-to-Earn Gaming Platforms
In this section, we would be talking about the ways to utilize Play-to-Earn platforms to earn income for yourself.
Breeding
Breeding is one of the paths to start making incomes on pet-based Play-to-Earn gaming platforms. As such, you are expected to buy digital pets (cats, dogs, hedgehogs, pigs, chickens, and so on), and rear them as they grow to develop more valuables. For instance, in real life, your real chicken is worth almost nothing at one day old but within 3 months of feeding, it's worth a lot more.
The illustration above also applies to your digital pets, you rear them to worth more in a way of gaming, and in the long run, they become more valuable. Immediately you buy them, they are tokenized and their ownership can only be traced to you, at the right time you can monetize them by selling them on the in-game marketplace. An example of a platform to perform this type of gaming is CryptoKitties, BlockchainCuties and so on.
Land Properties
Real estate is one of the lucrative investments all around the world at the moment and its games has been developed on the blockchain which allow users to buy land properties and later monetize it by selling it to another player when the player chooses to. Each land is an NFT which means its ownership can only be traced to the owner of a unique land.
These land properties are mapped to real-life addresses of certain cities and buying virtual land is like buying the land in a virtual version of the city. Of course, the worth of land in different parts of a city would differ based on how industrious the area is, this element is also seen in the game. When the time is right, the player can sell them off to make money.
Participation in Tournaments
As a game player, you can get your NFTs involved in contests against NFTs owned by other gamers and add value to your NFTs if you win. The tournaments can be battles for a common goal like collectives, weapons, and so on. This could sometimes be in the form of contesting in fights with other NFTs and you earn in the process. The more participation in the tournament, the higher your chance of earning more collectives
In a pet-based blockchain gaming platform, you can buy armors for your pets to fight against other pets and earn some collectibles if you return victorious, also you stand the chance to increase the level of your pet. All these contribute to giving more worth to your digital pets as they continue worthing more than what they are when you bought them at the beginning.
Staking
Staking is another great way to earn income in a Play-to-Earn platform where you don't necessarily need to play games as such you can stake (lock) certain crypto assets on the platform while you earn passive income from the asset stakes based on the APR/APY of the investment. You might not know much about staking in the crypto ecosystem now but we would take care of it in subsequent lectures to tell you in detail how it works.
Illustration of how Play-to-Earn Works
The illustration in this section would be based on a pet-based Play-to-Earn platform and see the stages it passes through till it becomes more valuable on the gaming network. Jane would be our character today.
Designed with Adobe Photoshop
First Scenario: Jane purchased a real dog at 6 months old with an initial investment of 100 USD, she fed the creature for some years, it developed and one day, we assumed that the dog was missing (lost/stolen). At the end of it all, the lost dog was worth nothing (0 USD) rather it has cost her some uncalculated losses.
Second Scenario: Jane bought a virtual dog (NFT) with an initial investment of 100 USD at level 1. The virtual dog was bred, went on adventures, participated in tournaments, and so on. The dog leveled up and now it's in level 6 with the assumed worth of 180 USD.
In essence, your NFT will always be yours and it cannot be lost as long as you protect your account keys. The ownership can only be transferred to another player when you choose to monetize by selling/lending your asset. Let's see a marketplace of NFTs on BlockchainCuties.
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Dog Marketplace on Blockchain Cuties
You can choose any of the NFTs above, buy, breed, send on adventures, participate in tournaments, and so on. Let's take a look at a hedgehog I have in my collection.
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My Hedgehog NFTs on Blockchain Cuties
Conclusion
In conclusion, we have been able to talk about Play-to-Earn today which is an innovation brought in by blockchain technology into the gaming sector to incentivize game players for their gaming activities. This innovation has made a distinctive change to gaming as the real-time economy has been incorporated.
There are various ways for game players to make income through Play-to-Earn and some of them have been discussed in this content today. I hope you had a great read and I look forward to your entries. Thanks to the @steemkidss community for hosting us, see you in part 2 of Play-to-Earn.
Homework Task
- What is your understanding of Play-to-Earn in the Crypto Ecosystem? Discuss Non-Fungible Tokens (NFTs).
- List and explain some of the ways to earn through Play-to-Earn. Do you love Pets? What choice would you prefer in Jane's two scenarios discussed in the lecture and Why?
Guidelines
- Write an article of at least 250 words. Keep your explanation as simple as possible.
- Include the tag #grassroot-educations2v1, #fintech, #steemexclusive, and your club status among the first 4 tags. Also, tag me @fredquantum in your homework entry.
- The participation in this lecture/homework task is open to everybody but only entries made by verified kids would be reviewed.
- I will check your articles and drop comments on the entries submitted now till 11:59 pm UTC, 09/04/2022.
Cc:-
@steemkidss
Wonderful one too. I have learned too. Blockchain gaming? The kids will like this a lot especially when the gams are educational. Let's see how it goes
Thanks for your valuable comment on this, @ngoenyi. I'm glad I have been able to add something to the kids again.
It's very helpful for all kids ,u am sure kids like block chain gaming ☺️☺️
Thank you for being part of steemkids community and for sharing your publication. You can join the telegram group for post links. There you can leave the link to your posts after commenting on two other posts that are there. That way you may be getting more comments on your posts that you leave there.
Best
My entry
https://steemit.com/hive-139765/@habdallah/assignment-post-for-fredquantum
https://steemit.com/hive-139765/@bossj23/play-to-earn-part-one-assignment-answers-by-bossj23-or-or-6-4-22
Hello @fredquantum, Your post has been selected as one of the quality posts for the day by steemkids community. Congratulations! Please keep making quality and original contents with us here. We love you so much and will like to read more of your posts.
Please endeavour to resteem, vote and comment on the post of selection. Thank you!
I'm honored to be among the top quality articles of the day at @steemkidss. Thank you and I will keep producing quality content in the community. Cheers!!!
This is such a wonderful education. Thank you teacher for this.
Here is my entry sir.
https://steemit.com/hive-139765/@david-o/grassroot-crypto-education-or-series-2-volume-1-play-to-earn