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<ul><li>Blockchain and NFTs have been touted as the next big thing for the gaming industry.</li><li><keyword id="11992922" type="General" weightage="20" keywordseo="mir4" source="Orion">MIR4</keyword> allows players to use an utility token called DRACO to buy an in-game resource called Darksteel.</li><li>DRACO isn’t the first use of an utility token or the blockchain in games.</li></ul>Blockchain-based games are giving people a new way to earn money. And, the tokens of a new multiplayer online role-playing game (MMORPG) called MIR4 — called DRACO — have seen a 200% jump within the first 24 hours of going live. 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 <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a> or Ethereum, it’s not nothing either. And, that may be the secret to its success. <div type="image" title="Screenshot (117)_edited" msid="85800020" hostid="261" caption="&amp;lt;p&amp;gt;MIR4 has &amp;#39;mostly negative&amp;#39; reviews on Steam as of August 31&amp;lt;/p&amp;gt;"></div> 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 <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> as they play, according to <a href="https://www.pcgamesn.com/mir4/draco-cryptocurrency">PCGames</a> review by <a href="https://www.pcgamesn.com/author/dustin-bailey">Dustin Bailey</a>. 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. <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-axie-infinity-hits-1-billion-in-trade/articleshow/85180646.cms">Axie Infinity</a>, 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. <cmsannotation type="cmsannotation" annotationid="What is MIR4?" comment="subhead" text="What is MIR4?">What is MIR4?</cmsannotation> 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 <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">utility tokens</a> 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. <div type="ExtQuote" text="“DRACO is a coin with a new concept to allow in-game assets to be freely exchanged, stored, sold, and purchased outside of the game. The intrinsic value of the coin is guaranteed through the value of resources derived from the game.”" auname="Description of DRACO by WeMade Co Limited on MIR4’s official website"></div> <cmsannotation type="cmsannotation" annotationid="MIR4 isn’t exactly a ‘new’ game" comment="subhead" text="MIR4 isn’t exactly a ‘new’ game">MIR4 isn’t exactly a ‘new’ game</cmsannotation> 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. <div type="ExtQuote" text="“Press auto and fall asleep.”" auname="Review by gamer on Steam implying that the game is not challenging enough"></div> <cmsannotation type="cmsannotation" annotationid="Games and blockchains" comment="subhead" text="Games and blockchains">Games and blockchains</cmsannotation> The reasons for using blockchains and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> in games has much the same reason as any other use case. Games like WoW and Defence of the Ancients (DoTA) have been <a href="https://www.engadget.com/2013-07-23-what-to-do-if-your-wow-account-has-been-hacked.html">plagued</a> by hackers stealing players’ in-game items. Using blockchains and NFTs for selling in-game items could <a href="https://www.livemint.com/technology/tech-news/how-did-dorsey-sell-his-first-ever-tweet-as-an-nft-11615398451986.html">make it more difficult</a> for such thefts. “Games are basically a perfect vehicle for blockchain,” Serkan Toto, CEO and founder of Japanese Kantan Games, told <a href="https://www.inverse.com/gaming/blockchain-games-online-gaming">Inverse</a>. “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 <a href="https://dappradar.com/rankings/category/games">lists</a> 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. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-kicks-off-in-less-than-a-week-but-the-protests-against-the-cryptocurrency-are-on-the-rise/articleshow/85767836.cms">El Salvador’s Bitcoin experiment kicks off in less than a week — but the protests against the cryptocurrency are on the rise</a> <a href="https://www.businessinsider.in/cryptocurrency/news/solana-is-flying-high-as-the-rest-of-the-crypto-market-struggles-to-keep-up/slidelist/85789493.cms">Solana is flying high as the rest of the crypto market struggles to keep up</a> <a href="https://www.businessinsider.in/cryptocurrency/news/imf-warns-accepting-crypto-as-legal-tender-is-a-step-too-far/articleshow/85764067.cms">IMF warns accepting crypto as legal tender is a ‘step too far’</a>

NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews

<ul><li>South Korean authorities are bringing down the hammer on play-to-earn (P2E) games by asking <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword>, <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> and other global app stores to stop distribution.</li><li>According to the regulators, these games are ‘speculative money-making’ instruments, which means any earnings are ‘prizes’ – not additional income.</li><li>This is only the latest development in the ongoing tussle between gaming companies and the country’s policy makers.</li></ul><keyword id="5565" type="General" weightage="20" keywordseo="south-korea" source="Orion">South Korea</keyword> wasn’t a fan of play-to-earn (<a href="https://www.businessinsider.in/investment/news/bored-apes-yacht-club-ties-up-with-animoca-with-metaverses-like-the-sandbox-decentraland-and-axie-inifinity-to-launch-p2e-nft-game/articleshow/88273162.cms">P2E</a>) to begin with. And, now the peninsular nation wants global app stores, like Google’s <keyword id="1470391" type="General" weightage="20" keywordseo="play-store" source="Orion">Play Store</keyword> and Apple’s App Store, to block their distribution locally. The issue, however, isn’t the fact that the games are based on the blockchain, according to a local media publication called <a href="https://n.news.naver.com/article/015/0004645498">Naver</a>, who first reported the development. Instead, South Korean authorities have beef with the fact that the P2E model lets people earn in <a href="http://coindcx.com">cryptocurrency</a>, which can then be exchanged for fiat money. According to the country’s Game Management Committee (GMC), this amounts to winning ‘prizes’, which is capped at 10,000 Korean Won – around $8.42 – under the Game Industry Promotion Act. According to Naver, the GMC has not only reached out to the two tech giants – Apple and Google – but has asked all major app distributors to block the domestic distribution of blockchain-based games. As the ropes tighten around the gaming industry in South Korea, game development companies are also expected to up-the-ante in the fight to keep the system open. <cmsannotation type="cmsannotation" annotationid="South Korea’s best performing stocks are gaming companies betting on crypto" comment="subhead" text="South Korea’s best performing stocks are gaming companies betting on crypto">South Korea’s best performing stocks are gaming companies betting on crypto</cmsannotation> P2E includes blockchain-based games that reward players, often using cryptocurrency, for their in-game actions. Such games also use non-fungible tokens (NFTs) to sell in-game items, virtual real-estate and more. By not allowing Google and Apple to host such games in their stores, the Korean government could deal a huge blow to their possible proliferation. In South Korea, six of the country’s <a href="https://fortune.com/2021/12/28/south-korea-best-performing-stocks-metaverse-wemade-giantstep-kospi/">10 best-performing stocks</a> of the year are linked to either the metaverse or non-fungible tokens (NFTs). This includes WeMade, the gaming company behind the P2E game MIR4, which has crypto to thank for the revival of its fortunes in 2021. <cmsannotation type="cmsannotation" annotationid="‘Speculative money-making games’" comment="subhead" text="‘Speculative money-making games’">‘Speculative money-making games’</cmsannotation> The GMC called P2E games “speculative money-making games”, and is worried that the trend has been gaining steam of late. Normal non-crypto games in South Korea need to acquire an age rating from the GMC in order to distribute in the country. However, they can rate themselves if they are being distributed through other app stores, like the ones set up by Apple and Google. However, South Korea also has a rule that prizes from gaming cannot exceed 10,000 Korean Won, which can easily be surpassed by cryptocurrency rewards. For instance, 1 ETH amounts to over 4 million Korean Won at the time of writing. “It is reasonable to keep P2E games from getting age ratings under the current law because cash rewards in games can be considered prizes,” the GMC said in a statement on December 28. <cmsannotation type="cmsannotation" annotationid="The metaverse is booming" comment="subhead" text="The metaverse is booming">The metaverse is booming</cmsannotation> To be clear, the GMC is not wrong about the fact that P2E games have grown recently. Axie Infinity, Decentraland and more have racked up billions in trades, and have millions of players worldwide too. According to blockchain tracking firm <a href="https://dappradar.com/nft">DappRadar</a>, Axie Infinity has racked up lifetime trading volumes of over $3.81 billion since its launch in 2018. Its 30-day trading volumes account of $563 million also show how popular the game, and the P2E segment has become. To be sure, the GMC isn’t banning blockchain games in general. It is only banning those that use the P2E model. In November, Kim Gyu-cheol, the chairman of the GMC, had clarified the same during a video game trade show. “It is a misconception that the game committee blocks new technology such as blockchain and NFTs. The game industry promotion act, unlike other laws promoting culture, is established to prevent speculation,” he said, according to a <a href="https://forkast.news/south-korea-nft-play-to-earn-games-still-banned/">report</a> by Forkfast. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/biggest-crypto-hacks-of-2021-over-4-billion-stolen/slidelist/88560280.cms">Hackers stole over $4 billion in cryptocurrencies this year — Here’s a full list of the biggest crypto heists in 2021</a> <a href="https://www.businessinsider.in/investment/news/15-most-expensive-nfts-of-2021-by-pak-beeple-cryptopunks-and-others/slidelist/88540923.cms">Pak, Beeple, CryptoPunks, the Internet’s source code – these are the 15 most expensive NFTs sold in 2021</a>

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NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews

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Apple and Google asked to axe crypto ‘money-making’ games by South Korea

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