- Blockchain and NFTs have been touted as the next big thing for the gaming industry.
MIR4 allows players to use an utility token called DRACO to buy an in-game resource called Darksteel.- DRACO isn’t the first use of an utility token or the blockchain in games.
Today, on August 31, the price is down to $2 from its peak of $6.25 two days ago. While that may not be at the massive heights of Bitcoin or Ethereum, it’s not nothing either. And, that may be the secret to its success.
The game’s popularity, despite the many negative reviews on Steam and mobile devices, is being driven by the fact that players can mine for cryptocurrency as they play, according to PCGames review by Dustin Bailey. Those tokens, in turn, can be exchanged for dollars to spend in the real world.
The role of blockchain in gaming has been a much talked about subject event since non-fungible tokens (NFTs) started gaining prominence. Axie Infinity, another play-to-earn game, which is based on the Pokemon Go’s concept of collecting ‘pets’ recently hit $1 billion in trade volume. Over last month, the NFT-based game generated nearly $780 million in sales across 1.4 million transactions.
South Korean video game developer WeMade Co Limited announced MIR4 on August 26. It is available in 12 languages across 170 countries.
The game allows its players to collect utility tokens called DRACO, which can be exchanged for an in-game resource called ‘Darksteel’. Alternatively, players can mine for Darksteel as they complete tasks and spend more time in the game. Once they have enough Darksteel, it can be turned into DRACO.
Utility tokens like DRACO are blockchain based tokens that are used to fund a company, project or product. In this case, users buying DRACO will in turn help the developers fund the game.
To be clear, the game had been under testing since last year. The company says it offers a high level of character customization, the ability to create clans and 'free loot”. It’s likely that DRACO and Draksteel figures into these aspects of the game. Most MMORPG games allow users to buy in-game items using resources earned in the game, and this seems like a good way to put DRACO to use.
And, overall, the game has been around for over a decade. The Legend of Mir 3 shut down in February 2012. However, these older versions — 1, 2 and 3 — hardly made any headlines.
According to PCGames’ review, it plays more like CookieClicker than World of Warcraft (WoW). Its “vague take” on Asian mythology is made for casual gamers.
The reasons for using blockchains and cryptocurrencies in games has much the same reason as any other use case. Games like WoW and Defence of the Ancients (DoTA) have been plagued by hackers stealing players’ in-game items. Using blockchains and NFTs for selling in-game items could make it more difficult for such thefts.
“Games are basically a perfect vehicle for blockchain,” Serkan Toto, CEO and founder of Japanese Kantan Games, told Inverse. “Gaming is one of the areas where blockchain makes sense, where digital ownership makes sense, where NFT's makes sense.”
Of course, MIR4 isn’t the only game leveraging the blockchain. Decentralized app analytics company DAppsRadar lists no less than 25 games that are built around an utility token. Popular names include games like SafeHamster, AlienBlades, CryptoBlades and more. Of course, none of these games have become as big as DoTA or WoW just yet.
For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.
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