Regarding NFTs and P2E models, NFT Steez talks with Crypto Raiders about the state of blockchain gaming and how to put enjoyment before “financialization.”
In 2021, play-to-earn models and blockchain gaming were all the rage. Still, over time, the model lost favor as some flaws were found and the more significant nonfungible token (NFT) and cryptocurrency markets encountered some roadblocks.
It’s safe to say that the industry is “down, but not out,” and once the larger market picks up steam, it’s highly feasible that blockchain gaming will have another 2021-style rise.
The founders of Crypto Raiders attended the most recent episode of NFT Steez, a weekly Cointelegraph podcast hosted by Alyssa Exposito and Ray Salmond, to talk about the state of blockchain gaming and the prospects for companies built on play-to-earn models.
The founders of Crypto Raiders, an NFT-based dungeon crawler, concurred that the current blockchain gaming scene should put sustainability and “fun” first.
Non-fungible Tokens, or NFTs, are typically produced using the same kind of coding as cryptocurrencies. Simply explained, these cryptographic assets are based on blockchain technology. In contrast to other cryptographic assets, they cannot be traded or exchanged.
similar to Ethereum or Bitcoin. The term “Non-Transferable” (NFT) designates something that cannot be changed or replaced because of its unique characteristics. Because they are both fungible, fiat money and cryptocurrencies can be traded or exchanged for one another.
Instances of NFT
The NFT atmosphere is still being gotten used by people. Here are a few recent instances of NFTs:
- A Digital Collectible
- Domain Names
- Sneakers in the fashion line
Can Web3 gaming employ the play-and-earn model?
Nick Kreupner, a co-founder, discussed the acceptance of “hybrid models” for play-and-earn games. He claimed that the current attitude is more so because people are “short-term reactive” by nature and rapidly think that they should be rejected.
Although it’s normal to assume the worst, Kreupner recognized that “the [P2E] model needs changes and numerous efforts before it works.”
In reality, the Crypto Raiders team has been digging in and sorting out the pros and cons of hybrid models, including how they might work as a fusion of gameplay that takes place both on and off the blockchain.
It’s critical to indicate, according to Kreupner:
“From where do the [player] profits come?”
This belief is based on the reality of play-and-earn models, which are frequently viewed or characterized as Ponzi schemes because they typically get their income from new players.
The road to widespread adoption: Having fun over “financialization”
The Crypto Raiders team acknowledged that traditional and Web3 players are both concerned that the monetization of gaming mechanics could degrade their pastime when asked about worries about fun and games being commercialized.
To address this issue, Crypto Raiders advocates “play-to-own” over “play-to-earn” to emphasize the advantages that provenance has over games for players. Even though many players have voiced a desire for greater control and autonomy over their gaming experience, Kreupner claimed that it is not surprising that players have negative opinions about Web3 games.
Since gamers strongly oppose microtransactions, the backlash against NFT gaming is to be expected. However, it’s interesting to note that many gamers would adore the chance to work in the gaming industry “while making money doing it,” according to Kreupner.
Web3 games appear to be disliked by traditional gamers, although co-founder David Titarenco stressed the necessity of accessibility for widespread acceptance. He described the approach as follows in terms of onboarding and the success of a Web3 game:
“Get your Midwest grandmother to play it”.
Make sure to listen to the complete episode of NFT Steez on the new Cointelegraph Podcast page or on Spotify, Apple Podcasts, Google Podcasts, or TuneIn to hear more from the conversation with Crypto Raiders.
What does crypto NFTs stand for?
Digital assets built on blockchain are referred to as NFTs or non-fungible tokens. Anything can turn become an NFT, including works of art, sports collectibles, and even tweets.
Is it possible to screenshot an NFT?
Not at all. There are several factors at play here. Taking a screenshot of an NFT and claiming it as your own is illegal, to start with. It is forbidden to make a physical copy or post it online.