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<ul class="summary-list"><li>Value for <keyword id="12453019" type="General" weightage="60" keywordseo="play-to-earn" source="Orion">play-to-earn</keyword> <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> games comes from a variety of sources, not just one thing.</li><li>A game's popularity and demand for its underlying crypto token are all part of the equation, along with transaction fees.</li><li>Such a business model relies on a constant new flow of players entering the ecosystem and adding value that can be extracted by others. </li></ul>Play-to-earn games like <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a> and <a href="https://markets.businessinsider.com/news/currencies/metaverse-real-estate-property-sales-virtual-land-sandbox-decentraland-2021-11">Decentraland</a> are blowing up across the crypto world. They seem to be revolutionizing the gaming industry with a new, <a href="https://markets.businessinsider.com/news/currencies/play-to-earn-crypto-gamefi-nft-games-axie-infinity-huobi-2021-10">highly engaging format</a> with huge appeal. <cmsannotation type="cmsannotation" annotationid="wazirx" comment="wazirx" text="wazirx">wazirx</cmsannotation> What is the source of the money? The value across all play-to-earn games comes from the currency that players earn within the platform. But not every game has the same model, and some small names are only looking to cash in on the <a href="https://markets.businessinsider.com/news/currencies/metaverse-crypto-blockchain-battle-facebook-meta-big-tech-axie-sandbox-2021-12?utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_source=markets">metaverse craze</a>. Most games have native tokens for in-game purchases and trading between players. They derive value through the use of their tokens which users and cryptocurrency traders <a href="https://markets.businessinsider.com/news/currencies/best-performing-cryptocurrencies-metaverse-tokens-of-the-year-2021-12">deem valuable</a>, according to blockchain developer James Bachini. For instance, the model used by <keyword id="11919548" type="General" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> counts on players making a chunky upfront investment in game-specific NFTs (or Axies, in this case). Gamers can then trade their in-game digital assets — earned from playing — at an appreciated price with other gamers, who continue the loop to inject value into the gaming economy. "If everyone decides to leave and exchange their Axie tokens for other digital currencies, then the token value collapses," Bachini said. "If the game continues to be successful, then demand for the token continues." The game's owners and investors have the belief that <a href="https://www.businessinsider.com/how-to-invest-in-axie-infinity-play-to-earn-gaming?r=US&amp;IR=T">people will continue playing and funneling money</a> into it. That's because digital asset ownership is gaining mainstream acceptance. Indeed, Axie's axs cryptocurrency gained an eye-watering 18,000% over the course of 2021, while <keyword id="12222085" type="General" weightage="60" keywordseo="decentraland" source="Orion">Decentraland</keyword>'s mana token rose by 4,000%, ranking the two of them among the best performers overall last year from the crypto space, all thanks to the popularity of play-to-earn games and the metaverse. Am I guaranteed to earn money through playing? No. But it depends on the amount of time you invest in the game, its popularity, and the demand for the in-game assets or underlying token. "Play-to-earn is not a magic pill that will make any game profitable for players, yet it sets a precedent and a canvas for such a value-distributing game," said Diego Di Tommaso, cofounder of open-source AR platform OVR. Is the business model sustainable? Possibly, but there are a number of problems associated with this concept because the appeal of earning money could dilute the gaming experience. One major risk is a game's ability to continue growing the economy it intends to build. The only way a play-to-earn model can be sustainable is having the game's users be of high quality, according to Adrian Kolody, founder of DeFi startup Domination Finance. Being entertained and actually having a good time while playing could be watered down by <a href="https://www.bloomberg.com/news/articles/2022-01-15/gamefi-is-a-new-crypto-craze-what-s-it-all-about-quicktake">people using bot-farmers</a> as a way to make the most of the game purely for the sake of residual income, he said. "Bot behavior also incentivizes the auto-dumping of the token rewards that you receive from these games," he said. "This leads to negative price action, and can mean certain death for some of these projects who rely on their token to do well for sufficient runway." Moreover, continuous trading of in-game assets creates the need for a constant inflow of new players to maintain the business model and develop revenue streams. How is the game itself earning anything? Easy one. Transaction fees! New players incur a fee for purchasing in-game currency, and this represents a major revenue stream for the game. The most appealing part of the game is the price appreciation of native tokens. Games with solid communities and brands have an edge over others. "Axie's sustainability will be based on how fast it can grow its player base and drive additional utility to its in-game assets," said Koh Kim, head of ecosystem at blockchain infrastructure startup Mysten Labs. "Axie has literally changed people's lives – that's their competitive advantage. No other play-to-earn game has that level of loyalty."

Play-to-earn crypto games have exploded onto the scene and are shaking up gaming business models. Here's how they work, and where the value comes from for investors.

<ul class="summary-list"><li>Evandro Rodrigues created his first video game at 14 and pushed into the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> world amid the pandemic.</li><li>Now 20 years old, he's set to launch a new <keyword id="12453019" type="UNKNOWN" weightage="60" keywordseo="play-to-earn" source="Orion">play-to-earn</keyword> universe called House Game on Sunday.</li></ul>Twenty-year-old Evandro Rodrigues attributes his deep-dive into <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> to three things.The Bored Ape Yacht Club — a series of "blue chip" digital collectibles he hopes to one day own one of. Beloved crypto influencer <a href="https://markets.businessinsider.com/news/currencies/gary-vaynerchuk-nft-market-valuations-gary-vee-friends-vaynermedia-2022-2">Gary Vee</a>. And his friends who hyped up blockchain technology.Those catalysts, he told Insider, caused him to go "all in" on on NFTs — which are digital collectibles minted on the blockchain — and invent <a href="https://medium.com/@housegamenft/house-game-whitepaper-8f8dc75e62a6">House Game</a>. In his play-to-earn universe, players can buy virtual houses and buildings, with each represented as unique NFTs that yield tokens and can be sold on the secondary market.But Rodrigues isn't new to gaming. The Boston entrepreneur created his first video game when he was 14 years old. Once the COVID-19 pandemic began in 2020, he started investing in little-known cryptocurrencies with money he made from his job at Target as well as income from a successful web project and allowance from his parents.The windfall from his crypto investments is powering his new venture creating the House Game, which he hopes will one day rival behemoths like <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Axie Infinity</a> and Decentraland.Rodrigues said he wanted to create an NFT collection that would be more useful than just becoming a Twitter profile picture. And he wanted the tokens in his game to outlast the initial hype and maintain their utility for the long-haul.Once it launches on Sunday, House Game will have 7,000 unique digital houses and 700 unique digital utility buildings that users can mint on the blockchain. According to the whitepaper, each piece of digital real estate will yield $CASH, which is the utility token players get by staking buildings and can burn to earn ethereum on a weekly basis. Upon launch, the game will have about 3,000 VIP players. On <a href="https://discord.com/channels/914243808017932321/945892862619422770">Discord</a>, though, the game already has 14,000 members. The "strong community," according to Rodrigues, who is a Christian, is thanks in part to his hard work and faith. The server even includes a daily Bible verse channel.After launching, Rodrigues said he and his team will continue working to add utility to allow players to do more with their NFTs and $CASH.The game is just the first piece in Rodrigues' push into the <a href="https://markets.businessinsider.com/news/currencies/nft-market-41-billion-nearing-fine-art-market-size-2022-1">world of NFTs</a>, a market that swelled to $41 billion in 2021. He said the market for digital collectibles has many gaps, and as a serial entrepreneur and long-time developer, he said he plans on "filling a lot of these gaps." NFTs, he said, are at the mere dawn of their capabilities."I really do believe, and we're not too far from it, but down the line, NFTs replacing documents, replacing titles, replacing all these things," he said. "The technology is really new, and right now it's mainly being used for art, but this is just the beginning. There's so much more utilization with NFTs, with blockchain."

A 20-year-old crypto entrepreneur launched his first video game when he was 14. He jumped into NFTs and is now launching a play-to-earn game with the backing of 14,000 players

<ul class="summary-list"><li>Former <keyword id="11896548" type="UNKNOWN" weightage="60" keywordseo="citigroup" source="Orion">Citigroup</keyword> executive Matt Zhang is launching a $1.5 billion <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> fund, Bloomberg reported.</li><li>He brought on former <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> banker and <keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> personality Sam Peurifoy to help.</li></ul>A former Citigroup executive is launching a $1.5 billion crypto fund and bringing on former Goldman Sachs banker Sam Peurifoy, who quit his job previously to make money in <keyword id="12453019" type="UNKNOWN" weightage="60" keywordseo="play-to-earn" source="Orion">play-to-earn</keyword> games, <a href="https://www.bloomberg.com/news/articles/2021-11-29/citigroup-alum-matt-zhang-launches-1-5-billion-crypto-venture?srnd=markets-vp">Bloomberg reported</a>.Matt Zhang, who was most recently a global co-head of structured products trading at Citigroup, is launching the investment firm named Hivemind Capital Partners and has already gotten interest from institutional investors like pensions, endowments, and sovereign wealth funds, according to the report. He hired Peurifoy to run the play-to-earn segment of the firm, Bloomberg said. <a href="https://www.businessinsider.in/cryptocurrency/news/a-27-year-old-left-his-goldman-sachs-job-and-became-a-crypto-capitalist-in-the-play-to-earn-video-game-world/articleshow/87470741.cms">Peurifoy makes money</a> in the ethereum-based video game world of Axie Infinity, where he's known as "Das Kapitalist" and lends digital tokens to new players and splits the eventual winnings. Zhang and Peurifoy did not immediately respond to LinkedIn messages from Insider. In a post, Zhang said he's "super excited about my new venture and second life."<a href="https://www.prnewswire.com/in/news-releases/former-citi-top-trading-executive-launches-hivemind-a-1-5b-venture-to-institutionalize-crypto-investing-851941635.html">In a press release</a> confirming the news, Zhang said, "We believe blockchain technology is a paradigm shift, and we are still in the early innings." New York-based Hivemind said it will focus on making venture investments in crypto companies, trading digital assets, and setting up a dedicated "play-to-earn" strategy. For the play-to-earn arm, Peurifoy told Bloomberg he would focus on building and scaling gaming communities to help individual members live and earn money in the digital world. As the crypto world has grown over the last several years, banks have been adding crypto-related roles and offering a sweet deal to new hires. On top of that, more crypto-oriented funds are coming onto the scene, like one <a href="https://www.businessinsider.com/sequoia-partner-coinbase-cryptocurrency-fund-2018-6">launched by the Coinbase cofounder</a> and former Sequoia partner Matt Huang.

Former bankers — including one who quit Goldman Sachs to play Axie Infinity — are reportedly launching a $1.5 billion crypto fund

<ul class="summary-list"><li><keyword id="12453019" type="UNKNOWN" weightage="60" keywordseo="play-to-earn" source="Orion">Play-to-earn</keyword> <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> will be the only type of games most people play in five years, according to <keyword id="11910046" type="UNKNOWN" weightage="60" keywordseo="reddit" source="Orion">Reddit</keyword> cofounder <keyword id="12452311" type="UNKNOWN" weightage="60" keywordseo="alexis-ohanian" source="Orion">Alexis Ohanian</keyword>.</li><li>"90% of people will not play a game unless they are being properly valued for that time," he said in a recent podcast.</li><li>He also expects most people will unknowingly participate in DAOs five years down the line.</li></ul>Reddit cofounder Alexis Ohanian thinks the <a href="https://www.businessinsider.com/top-play-to-earn-crypto-games-what-is-metaverse-2021-12">play-to-earn crypto phenomenon</a> will be routine for gamers in five years."90% of people will not play a game unless they are being properly valued for that time," Ohanian, who runs venture capital firm Seven Seven Six, said in a <a href="https://www.youtube.com/watch?v=-n5084IfnxU">recent episode of the "Where It Happens" podcast</a>."In five years, you will actually value your time properly," he said. "And instead of being harvested for advertisements, or being fleeced for dollars to buy stupid hammers you don't actually own, you will be playing some on-chain equivalent game that will be just as fun, but you'll actually earn value and you will be the harvester."Play-to-earn games are a crypto-powered virtual realm that <a href="https://markets.businessinsider.com/news/currencies/play-to-earn-crypto-videogames-popularity-developers-nft-axie-study-2021-11">grew in popularity</a> around the world in 2021. <keyword id="6357332" type="UNKNOWN" weightage="60" keywordseo="gaming" source="Orion">Gaming</keyword> worlds, like Axie Infinity and The Sandbox, use cryptocurrencies as in-game currencies. Gaming is one of the biggest use-cases in the <a href="https://www.businessinsider.com/metaverse-zuckerberg-facebook-virtual-world-leave-people-behind-2021-12">metaverse</a>, a futuristic virtual world that enables players to build, own, and monetize their gaming experiences on the ethereum blockchain using the platform's in-game utility token. Notably, a quarter of Axie players have never had access to a bank account before, meaning their Axie wallets are the first financial services they've been able to access.Crypto industry experts expect to see an increase in the adoption of popular gaming franchises and more players around the world flocking to play-to-earn games in 2022. Decentraland's MANA cryptocurrency currently has the highest market value among play-to-earn tokens, according to <a href="https://coinmarketcap.com/view/play-to-earn/">CoinMarketCap</a>. Aside from a play-to-earn boom, Ohanian shared two other predictions.According to him, most people will participate in a DAO, or a <a href="https://markets.businessinsider.com/news/currencies/what-is-a-dao-constitutiondao-bid-sothebys-us-constitution-auction-2021-11">decentralized autonomous organization</a>, in the next five years. A DAO is a fancy term for what refers to a bunch of internet contacts coming together for a common purpose, such as in the case of the <a href="https://markets.businessinsider.com/news/currencies/constitutiondao-crypto-people-token-meme-coin-cryptocurrency-2021-12">ConstitutionDAO</a>, where people clubbed together to try to buy an original copy of the US Constitution."They won't know it necessarily. I don't think that branding is whack," he said. "But they won't care, user experience triumphs over everything. So yeah, I think it will be pretty commonplace. Maybe not everyone, but like for all intents and purposes, it'll be a pretty normal thing."He also expects people to have more regard for their online identities than real-world ones, saying "they'll care more about some pseudonym they made up than their government name."Read More: <a href="https://www.businessinsider.com/nft-investing-strategy-blockchain-layer-one-metaverse-tokens-altcoins-buy-2022-1">A co-founder of a little-known blockchain shares 3 reasons he's beating out crypto heavyweights on NFT deals with major brands like AMC and Funko — and 2 metaverse tokens he's betting despite the digital world's current 'dollhouse form'</a>

Reddit cofounder Alexis Ohanian predicts play-to-earn crypto will be the only type of games people play in 5 years

<ul class="summary-list"><li>27-year-old Sam Peurifoy left his job at <keyword id="6361649" type="UNKNOWN" weightage="60" keywordseo="goldman-sachs" source="Orion">Goldman Sachs</keyword> to make money playing video games, Bloomberg reported.</li><li>Peurifoy, who has a PhD in chemistry from Columbia University, goes by "captain" in <keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword>. </li></ul>Twenty-seven-year-old Sam Peurifoy left his job at Goldman Sachs to seek wealth as a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> capitalist in the video-game world.He's a bit of a banker in his new role, too, according to the Oct. 30 story from Bloomberg News titled "<a href="https://www.bloomberg.com/news/features/2021-10-30/what-is-the-metaverse-where-crypto-nft-capitalism-collide-in-games-like-axie?sref=BWbpWjRm">Into the Metaverse: Where Crypto, Gaming and Capitalism Collide</a>." In the <keyword id="12407442" type="UNKNOWN" weightage="60" keywordseo="video-game" source="Orion">video game</keyword> known as Axie Infinity, which is based on the ethereum blockchain, players can earn tokens called Smooth Love Potions, as well as <keyword id="11901075" type="UNKNOWN" weightage="60" keywordseo="nfts" source="Orion">NFTs</keyword> called Axies, both of which can be sold on a crypto exchange. But to start playing the game, players need three Axies, which totals about $1,000, Bloomberg said. As the quasi-banker, Peurifoy lends his NFTs to new players, who earn more cryptocurrency and split the winnings with him.Players from the developing world have flocked to this <keyword id="12453019" type="UNKNOWN" weightage="60" keywordseo="play-to-earn" source="Orion">play-to-earn</keyword> game, <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">Insider wrote previously</a>, noting that Vietnam-based Axie Infinity brought in $485 million in revenue from July to August.In this gaming world, Peurifoy is known as the "captain" in charge of what he calls a gang of "kapitalist pirates." His online persona is "Das Kapitalist," a reference to Karl Marx's Das Kapital."Marx probably does not appreciate the joke," he wrote in messages to Insider.Peurifoy, who earned his PhD in chemistry from Columbia University, told Insider that gaming is just an evening and weekend hobby right now while he works full-time as a director at crypto-custody-and-execution firm Floating Point Group.Even so, he said if his "magic internet money" were converted to US dollars, his annual income from the gaming ecosystem exceeds his salary and bonus at the research division at Goldman Sachs."I left GS because of my conviction that 2020 would be a landmark year for institutional crypto, and we'd see a real structural shift in sentiment towards widespread adoption given better connectivity, use cases, and compliance tools," he told Insider.

A 27-year-old left his Goldman Sachs job and became a crypto capitalist in the play-to-earn video game world

<ul class="summary-list"><li>Undead Blocks is the first play-to-earn, first-person zombie shooter game for the <keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">metaverse</keyword> and <keyword id="12461337" type="UNKNOWN" weightage="60" keywordseo="web3" source="Orion">Web3</keyword>. </li><li>Founder Grant Haseley said the platform empowers users to earn tokens from the "sweat equity" they invest in gaming.</li></ul>Former Goldman Sachs analyst Grant Haseley is expecting at least 25,000 users to log on to his Web3, first-person-shooter, play-to-earn game the very first day it launches this summer. "Love of zombie-shooter <keyword id="11930905" type="UNKNOWN" weightage="60" keywordseo="video-games" source="Orion">video games</keyword> is international, particularly in emerging market countries where play-to-earn popularity is exploding," Haseley, the 28-year-old founder of <a href="https://www.undeadblocks.com/">Undead Blocks</a>, told Insider.The team behind the ethereum blockchain-based game has 45 developers, including staffers who worked on the uber-popular game Fortnite, Haseley said.But he has also frequently drawn parallels to another shooter, saying "it's like Web3's <keyword id="11957080" type="UNKNOWN" weightage="60" keywordseo="call-of-duty" source="Orion">Call of Duty</keyword>" though it's not part of that iconic franchise.Most play-to-earn games, such as Axie Infinity, focus first on the transaction ecosystem within the game, Haseley explained. But Undead Blocks prioritized engaging gameplay above all else."We created something genuinely fun, it feels like Call of Duty," Haseley said. "But we developed the game first, before the tokenomics, which is the opposite of most play-to-earns."Depending on skill-level, players will be able to earn about $5 in a couple hours of zombie-killing once the game launches in August, according to Haseley. But there will also be $1,000 up for grabs in daily tournaments.<div type="image" title="Undead Blocks" height="960" width="1920" msid="91325457" hostid="261"></div>Undead Blocks has pledged $10 million to pay gamers during the first year — a number that could go up as revenue increases, the company said. "We want people to feel empowered — gamers that are disenfranchised by traditional developers who keep putting games out where you can't earn anything even though you play so much," he said.<h2>Free-play mode, zero gas fees</h2>To start playing, gamers can pay upfront or play for free. There will be 6,000 NFT "weapons" available for purchase, which is how users can enter the play-to-earn platform, Haseley explained. The cheapest NFT is 0.15 ETH, or about $420 at current prices. The most expensive is 1 ETH, or about $2,800. There's also about 20,000 slots open for people to play for free, without buying an NFT. Haseley sees the free mode as a way gamers can hone their skills before buying an NFT and entering "the big leagues."Additionally, the game offers a passive-income opportunity for NFT owners to "rent" out their weapons to other players who want to test the play-to-earn mode. "Users are already playing other play-to-earn games for hours and hours a day, and this offers a way for gamers to earn something from their sweat equity," Haseley said. "People can start in free play, but once they see you can actually make money in it, they'll be more likely to buy an NFT." Users can earn ZBUX, an in-game stablecoin, during play-to-earn mode. It has zero gas fees because it is not stored on a blockchain.Haseley noted while that ethereum is the safest blockchain to use, transactions on that chain carry high gas fees."We're finally putting the power in the hands of the players, instead of the corporations that make games and require you to keep paying each year without being able to earn," he said. "The traditional gaming model where you pay and pay without earning, we want that model to die. Our game can let people still earn a living even if they can't get a traditional job."

An ex-Goldman Sachs analyst turned Web3 founder broke down the company's unique approach to the booming play-to-earn market: 'It's like Web3's Call of Duty'

<ul class="summary-list"><li>Nearly 60% of American and UK-based video game developers are starting to use blockchain technology, according to a study released Wednesday. </li><li>About half are incorporating NFTs into their games, respondents said in a study from Stratis. </li></ul>Blockchain technology is accelerating as a go-to foundation for video game developers, with the play-to-earn model growing in popularity, according to a survey released Wednesday. 58% of 197 video-game developers surveyed in the US and UK were beginning to use blockchain technology, and 47% have started to incorporate non-fungible tokens, or <a href="https://markets.businessinsider.com/news/currencies/nft-trading-volume-q3-crypto-blockchain-snoop-dogg-axie-infinity-2021-10">NFTs, in their games,</a> said <a href="https://www.prnewswire.com/news-releases/video-game-developers-reveal-overwhelming-appetite-for-blockchain-and-nft-technology-in-a-new-research-study-from-stratis-301420448.html">blockchain platform Stratis in a study</a> it commissioned and that was carried out by market research firm Opinium. NFTs are digital representations of artworks and collectibles that exist on a blockchain ledger, similar to <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and other cryptocurrencies. Game developers, at a rate of 57%, were most interested in decentralized finance, or DeFi, or GameFi in terms of blockchain capabilities. GameFi, a combination of DeFi and NFTs, offers financial incentives for people to play video games and is attracting mass attention from the crypto community. <a href="https://markets.businessinsider.com/news/currencies/top-nft-collection-q3-axie-infinity-crypto-gaming-expands-2021-10">Axie Infinity is currently the most popular play-to-earn game</a>, with the model allowing users to make real money by earning tokens, creating NFTs, and selling them. The Sandbox is another one, <a href="https://markets.businessinsider.com/news/currencies/metaverse-nft-startup-sandbox-funding-softbank-crypto-2021-11">allowing gamers to create virtual worlds</a> in an ethereum-based metaverse and monetize digital assets. <keyword id="11971138" type="UNKNOWN" weightage="60" keywordseo="axie-infinity" source="Orion">Axie Infinity</keyword> has drawn in more than <a href="https://www.businessinsider.in/investment/news/openseas-nft-trade-quadruples-to-10-billion-in-under-three-months-but-axie-infinity-continues-to-be-the-crowd-favourite/articleshow/87609137.cms">$3 billion in trading volume </a>since its launch in March 2018. It's gained in popularity particularly in <a href="https://www.businessinsider.com/crypto-game-axie-infinity-token-surge-nft-craze-opensea-altcoins-2021-8">developing countries hard hit by the COVID-19 pandemic</a>. 54% of the Stratis survey respondents said they see rewarding players with real-world value as a key use case for blockchain in games. Innovation and "more interesting game play" were the reasons behind 61% of respondents saying they see blockchain as valuable for the <keyword id="12507548" type="UNKNOWN" weightage="60" keywordseo="videogame-industry" source="Orion">videogame industry</keyword>."We commissioned this research to solidify what we already assumed - that blockchain and NFTs are the future of video games," said Statis CEO Chris Trew in a statement.

Play-to-earn crypto games are gaining popularity among developers, with nearly 60% surveyed saying they are utilizing blockchain in game design

<ul class="summary-list"><li><keyword id="12954410" type="UNKNOWN" weightage="60" keywordseo="amy-wu" source="Orion">Amy Wu</keyword>, head of <keyword id="13125116" type="UNKNOWN" weightage="60" keywordseo="ftx-ventures" source="Orion">FTX Ventures</keyword> Fund, said integrating <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> can enhance gaming experiences. </li><li>She urged video game developers to respect the voices of their fans. </li></ul>Amy Wu, head of <keyword id="11930688" type="UNKNOWN" weightage="60" keywordseo="ftx" source="Orion">FTX</keyword> Ventures Fund, said integrating cryptocurrencies into video games could enhance the overall gaming experience and urged developers to respect the voice of fans when making decisions about how to use crypto.In an episode of <a href="https://decrypt.co/92929/ftx-vc-amy-wu-how-crypto-nft-gamers-can-get-along">Decrypt's gm podcast</a>, Wu described how the first games to integrate crypto were play-to-earn, which she said garnered some pushback. And while some frictions have eased, she said she has yet to see studios develop games that seamlessly incorporate digital assets while also delivering great gameplay. For now, most revolve around tokenomics, she said."I wouldn't have been able to predict kind of how fierce the animosity has been with some gamers against NFTs and it's unfortunate, but it's interesting," she told Decrypt.A number of high-profile developers have announced they would integrate crypto into their games to mixed reception from fans. Developer <a href="https://markets.businessinsider.com/news/currencies/video-game-developer-drops-plans-nfts-fan-backlash-stalker-gsc-2021-12">GSC Game World nixed its NFT plans</a> just days after announcing they would be a part of its highly-anticipated S.T.A.L.K.E.R. 2 video game after backlash from its fan community. "Game studios should be a lot more thoughtful and careful about how to communicate with their player base, especially if you're taking a beloved game and adding blockchain components to it. It's different when you're creating a new game," she added.FTX Ventures focuses on a broad range of investment themes across social, gaming, fintech, software, and healthcare in multi-stage companies. Wu is a former partner at <keyword id="12954412" type="UNKNOWN" weightage="60" keywordseo="lightspeed-venture-partners" source="Orion">Lightspeed Venture Partners</keyword> and now helms the crypto exchange's <a href="https://markets.businessinsider.com/news/currencies/crypto-exchange-ftx-venture-fund-amy-wu-lightspeed-web3-sbf-2022-1">$2 billion venture fund</a> with a focus on advancing global blockchain and Web3 adoption.Wu said she understands why gamers are concerned their experiences will be altered should blockchain technology take over the industry. "There are few fan bases more passionate than a gamer is about their game. They're super protective of sticking to the integrity of the content, that the studio is doing the right thing, that their voice is being respected," she told Decrypt. <div type="image" title="Photo of Ramnik Arora, head of product at FTX, Amy Wu, head of FTX Ventures, and Sam Bankman Fried, founder of FTX." height="749" width="1498" msid="89601688" hostid="261"></div>Still, Wu, who is a prominent investor in gaming startups, is optimistic the right balance will be achieved in the next few years. "I think we'll be creating a lot of new Web3 gaming fans along the way as well, in addition to converting some of the existing gamers," she added.Crypto exchange FTX, founded by billionaire Sam Bankman-Fried, was valued at a whopping <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-valuation-fundraising-crypto-winter-bitcoin-2022-1">$32 billion</a> in its most recent funding round.

FTX's Amy Wu says crypto could enhance gaming experiences and urges developers to 'respect' fans' voices

<ul class="summary-list"><li>Axie Infinity's axs token has surged 44% since it revealed plans to cut the supply of Smooth Love Potion tokens.</li><li>The 'drastic' changes will halve the creation of SLPs by making it more challenging to earn the tokens.</li></ul>Axie Infinity's governance token, axs, surged more than 40% after the leading <keyword id="11919795" type="UNKNOWN" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> game said it's bringing in updates to eliminate two ways people can create play-to-earn tokens.The upcoming Season 20 release will include several changes aimed at rebalancing the economics of the game, <a href="https://axie.substack.com/p/upcoming-season-20-and-economic-balancing">the Axie Infinity team said</a>.These changes mainly affect the games play-to-earn token Smooth Love Potion, or SLP. Players will no longer be able to earn these by taking part in daily quests and playing adventure mode, Axie said."The daily quest, in principle, was great to encourage people to play everyday, but it's now become a mass emission mechanism for SLP. By removing the daily quest, we are able to reduce issuance by around 45 million SLP per day," it said in the latest edition of its newsletter, The Lunacian. People playing the game can collect creatures called Axies, represented by NFTs, that they can put into battle. The NFTs can be bought and sold on the Axie Infinity Marketplace, at a wide range of value. With the upcoming changes, the supply of SLP will drop by up to 56%, making them more scarce. As SLP tokens are needed to breed new Axies from old ones, that should make the NFTs in shorter supply, too — which has helped lift the price of the axs token they are traded in.The price of an axs token has risen 44% to $69.28 at last check Monday, from $47.80 around the time of the Axie news Thursday, according to <a href="https://coinmarketcap.com/currencies/axie-infinity/">CoinMarketCap data</a>.Meanwhile, SLP went up from $0.009 on Thursday to $0.016 on Monday, up 27% in the past 24 hours, <a href="https://coinmarketcap.com/currencies/smooth-love-potion/">according</a> to CoinMarketCap.Axie Infinity <a href="https://markets.businessinsider.com/news/currencies/ethereum-axie-infinity-cryptocurrencies-tokens-slp-axs-markets-2021-8">took off in 2021</a> as play-to-earn games grew exponentially, in tandem with the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> market, and axs <a href="https://markets.businessinsider.com/news/currencies/play-to-earn-crypto-axie-infinity-business-model-gaming-value-2022-1">rose by 18,000%</a> throughout the year. The Axie team said the game's economy requires change to ensure its long-term viability."We know that this is painful medicine. The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse. That would be far more painful," it said.The updates also include the creation of a $6 million prize fund, and changes to the games rewards structure. In season 19, Axie gave out 3,000 axs tokens to users in the top 1,000 gamers on the leaderboard. In the upcoming season, this amount has increased to 117,676 for the top 300,000 leaderboard slots. "Put simply, we've prioritized growth and on-boarding millions. Without this approach, it's likely that Axie would have remained a small, niche game with a few thousand players," Axie said.

You Searched For "play to earn" and got 9 results

Play-to-earn crypto games have exploded onto the scene and are shaking up gaming business models. Here's how they work, and where the value comes from for investors.

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A 20-year-old crypto entrepreneur launched his first video game when he was 14. He jumped into NFTs and is now launching a play-to-earn game with the backing of 14,000 players

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A 27-year-old left his Goldman Sachs job and became a crypto capitalist in the play-to-earn video game world

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An ex-Goldman Sachs analyst turned Web3 founder broke down the company's unique approach to the booming play-to-earn market: 'It's like Web3's Call of Duty'

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Play-to-earn crypto games are gaining popularity among developers, with nearly 60% surveyed saying they are utilizing blockchain in game design

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FTX's Amy Wu says crypto could enhance gaming experiences and urges developers to 'respect' fans' voices

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Axie Infinity's native token axs soars more than 40% after the game cuts back on supply of play-to-earn tokens and increases prize pool to $6 million

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