Crypto Tokenomics In Gaming And Virtual Economies

source

INTRODUCTION

Today I will be drawing our attention to details relating to gaming and the crypto tokenomics as it relates to gaming and it's virtual economy, this generally involves the integration of blockchain into the very mechanics of gaming, am sure we are quiet familiar with some blockchain based game like axie infinity.

So I will talk about some of the aspect of this integration between cryptocurrency and gaming and how blockchain itself it's integrated into the very mechanics of games today, a wonderful innovation which includes governing of the virtual economy itself.

So quickly let's look at some of this key aspects.

• IN-GAME CURRENCIES

Well one key aspect of crypto tokenomics as it concerns gaming and it's virtual economy has to do with in-game currency. Games actually has their own in-game currency unique to every game based on blockchain and ofcourse this currency used by games are actually blockchain tokens, so blockchain tokens is being utilised by games as their currency, and what purpose does this currency serve in-game?

Well this in-game currency which are tokens based on blockchain are just like any cryptocurrency asset because like any other cryptocurrency asset this in-game blockchain based token are easily traded like other asset and interestingly enough they are used to make purchase in the game functioning like the game own unique currency and players buy and sell them at will and this tokens are not such that they are only traded in the game nop not at all.

This tokens are traded both on and off the game and even on major cryptocurrency exchanges today just like any other cryptocurrency asset, which means that if you are rewarded with these tokens while playing the game the player is able to cash in on it by selling on a cryptocurrency exchange which shows the value of this tokens all as part of the currency of the game which is one aspect of crypto tokenomics in gaming and virtual economy.

source

• OWNERSHIP AND TRANSFERABILITY

Also true ownership of asset is guaranteed thanks to blockchain, this games all have rare collectibles which the player collects while playing the game, some blockchain games are like action games mixed with adventures where players often have to scavenge for treasures and these treasures are either in the form of skins or even virtual lands and these are all nft (non-fungible tokens) which are of real value and these players have a sense of real ownership.

Not only can they have this rare items but it has real value on the market, and depending on the players choice they can easily transfer this tokens out to be sold and can be traded in the game marketplace contributing to the growth of the games virtual economy the more players trade and buy this NFTs as the value also appreciate with time.

The fact that this NFTs are easily sold are an incentive to users and highlights truly crypto tokenomics in gaming and virtual economy.

• PLAY-TO-EARN (P2E)

Well most traditional games doesn't offer this feature, earning while playing but ofcourse that's the new thing or rather a wonderful innovation that has come from integration of cryptocurrency into game mechanics, these games are incentivized, you play and showcased your skills with a great chance of earning tokens or rare collectibles yes easily tradable NFTs.

Knowing that one can actually earn from playing games encourage the players and also helps to bring more people into the gaming space as they know they aren't just playing for fun but instead have fun playing with a chance of earning rewards which could be used to solve real life problems as the tokens are easily traded for fiat.

• STAKING AND REWARDS

Also another great or key aspect of crypto tokenomics in gaming and virtual economy is the fact that it offers players the opportunity to earn tokens and stake this tokens for a chance to earn rewards, I know right.

It's almost like the game has its own working economy, and yes it does, and it's a virtual economy one that players stake and earn staking rewards in-game which is truly magnificent and a wonderful innovation in gaming as this staking allows the in-game tokens to appreciate in price over time.

When users stake their in-game token, they do that believing they would earn more rewards for staking and when they do they are invariably holding the coins the more holders and believers the likely the price would atleast be stable enough or grow with time if more users are actually staking and the fact you earn from doing that gives users a good reason to hold on to this tokens for considerably long period of time which I believe will work out well for the longevity of the tokens and it holders in the longrun.

So staking are rewards is an important aspect of crypto tokenomics in gaming and virtual economy.

source

CONCLUSION

What we have here is something ordinarily not seen in gaming but ofcourse blockchain and cryptocurrency has helped something that would only be considered a fantasy to be a reality an opportunity for games to have their own virtual working economy just like in the real world and this really helps put things in perspective and highlights truly crypto importance in every sector as it continues to redefine everything it touches.