Since the introduction of Bitcoin (BTC) by Satoshi Nakamoto in 2009, the transformative properties of the blockchain have been spoken of in brilliant tones – books have been written, thousands of tables and presentations have contributed to its development. Despite these awards, the transition has been slow.

Whether the delay is due to the global COVID-19 pandemic or just the time it takes to innovate, we are now on the cusp of change that is creating new ways of interacting with people. With its strong amalgamation of game theory and blockchain, Metaverse creates a cryptographic focus in the virtual world. Decentraland has started revolutionizing people’s lives and interactions, and more similar platforms are being built. Metaverse will be expanded to include more cross-chain functions as the virtual economy becomes more important.

NFT and the game industry

GameFi, a term used to describe the growing interface between decentralized technology and the video game industry, is where real value is created. A Non-Changing Token (NFT) allows players to own assets of tangible, real value, and gives players an incentive to participate over time, and allows developers to create an in-game economy that is based on creativity and interaction of players such as creators and owners.

Related: Metaverse, the game of money and the game’s new economic model

Blockchain brings many advantages to GameFi:

• Transparency: By making gamification mechanisms clear, transparent and systematic through smart contracts, users tend to gain more trust and thus invest more resources in terms of money and time.
• Interactive ability: Blockchain enables the possibility of creating the mobility of virtual resources beyond the previously imposed restrictions.
• Liquidity: You can now buy, sell, and trade assets outside of individual games.
• automation With smart contracts, it is possible to enable multiple parties to interact with one another without human intervention.

NFTs can increase player engagement and create a better gaming experience, which ultimately increases the value of NFTs in games and tokens. Players are now free to choose which games they want to play and how those games will develop.

Axie Infinity’s rise to prominence is partly due to its social impact, lifting families out of poverty during the pandemic, and its player-created “scholar” program designed to encourage community growth is growing rapidly. It’s now a multi-billion dollar, player-controlled gaming ecosystem.

BlackPool is another example of an original Decentralized Autonomous Organization (DAO) designed for gaming and NFT trading. The platform is so community oriented that it combines a passion for games and art with data analytics and machine learning to help users. BlackPool has also launched Axie-like scholarship programs that open up new sources of income for the marginalized. Blockchain enables participation, coordination and monetization in an economy. Through interoperability, it is also possible to provide for the formation of networks of online communities with their exchange and interaction.

First community

The big story here is that we are seeing a shift from “company first” to “community first”. Community is formed around an idea or interest through participation and collaboration with the community, and concepts arise from the community. It’s called “Community first” and “Community Fast!”.

These communities are decentralized and managed by the community – the designs can be voted on and the artwork with the most votes from the community can ultimately be accepted for the design. Every time someone mints an NFT, the artists who worked on that asset earn royalties for every transaction. This will open new ground for the monetization of creative knowledge and skills.

Related: DeFi’s mission to reinvent finance must start from a community-driven design

The make-to-monetize model gives developers full control over the game studios and direct involvement in game development. This gives the community the ability to create in-game assets, generate NFTs, and sell them in secondary markets. This is a powerful emerging creative economy where players and developers can develop their ideas, improve their gaming experiences, and monetize their intellectual capital. This makes the gaming ecosystem more community driven, with content creators having an incentive to improve the overall gaming experience. Anyone with basic programming skills can contribute to the game.

This will also create new social networks between creators and fans. The attention economy is being replaced by social tokens in Metaverse to create a new fan-driven economy. Social tokens based on brand, community or influencer enable the community or celebrity to earn additional money themselves. You will create reciprocal relationships between creators and consumers that will benefit both. These 3rd Internet communities work together, evangelize, and create tribal network effects, all of which help each other promote the value of their platforms.

Digital communities form networks through token economies. The more players use or promote the community, the stronger the game and the underlying blockchain become. Players are stakeholders.

Related: DAO will be the future of the online community in 5 years

This creates the data infrastructure to enable a harmonized, interconnected metaverse that enables further encrypted NFTs to incorporate digital data rights as well as storage and tracking and to enforce these data rights. We are still at the beginning of this transition and the future rests in the hands of innovators and creators and the communities that support them. These communities are the new tribes of the metaverse and the only limit of what can be is your imagination!

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