It’s been a big week for the introduction of NFTs in gaming, and I’m left wondering how anybody can trust this ecosystem after seeing what we’ve seen so far.
The most significant tale is a hack that cost axie gaming $600 million in the game’s Ronin network, which the company now pledges to repay from…somewhere. However, axie gaming, by far the most well-known NFT blockchain game, and the one that everyone cites to as a success when doubt about the industry is raised, has had issues for a long time.
According to a recent VICE investigation into the world of axie gaming, the narrative of “managers and academics” is a symbiotic connection in which managers pay the NFTs of scholars, who then play the game and share the crypto profits with their employers. At the very least, one argument was that these professors, who are generally in areas like the Philippines, were making more money playing than they would working “normal” occupations in their region.
But, hack or no hack, that has altered over time, and axie gaming demonstrates that a full ecosystem cannot be built without a higher degree of stability. The falling value of the game’s NFTs has caused both these managers and their employees’ revenues to collapse over time, and in certain cases, playing axie gaming currently pays less than minimum wage in these areas. Axie Infinity has entered crisis mode, with drastic changes to its economy that have eliminated some of its earned cash sources. Learn more five games that resemble axie infinity.
“”We understand that this is a difficult medication,” said Axie Infinity in a recent blog post. “We must take severe and immediate action now to avoid catastrophic and irreversible economic collapse in the Axie Infinity economy.” That would be significantly more excruciating.”
We’re talking about the flagship NFT crypto game here, and if Axie Infinity can be dismantled in a few months, I see no reason to believe whatever the next Axie Infinity is won’t go through the same cycle, given that all of these economies are founded on identical houses of cards.
That’s the case with crypto web3 games, but AAA conventional companies are having comparable problems. Ubisoft has completed work on Ghost Recon Breakpoint, the game in which NFT treasure was first introduced as part of its Quartz/Digits crypto experiment a few months ago.
As a result, a scenario has arisen that everyone expected to occur. NFT loot may be A) paid out when you wish to depart a game and/or B) moved to a new game, according to the concept. The same cannot be said about Ghost Recon Breakpoint NFTs, given that there is no genuine market for NFTs from a game that has been practically proclaimed dead by its developer, not that there was ever a significant demand for these NFTs to begin with. No, this wealth can’t be moved to other Ubisoft games, since it was always a crypto pipe fantasy with no foundation in game development reality.
In fact, in any of these high-profile incidents, there has been zero trust built. There’s nothing stopping your popular web3 game from collapsing economically at any time. Nothing stops your NFT-issuing publisher from discontinuing support for a game, thereby eliminating the market for the “unique and precious” treasure you’ve claimed. All we’ve seen is our worst worries about crypto’s infiltration into gaming come true, and it happened far quicker than I expected.
We’re now in the realm of “controlling expectations.” Ryan Wyatt, who just left YouTube Gaming to work at Polygon, was interviewed recently (the web3 company, not the video game website). In an interview with Bloomberg, he admits that things have gone wrong in the past, but now wants to focus on improving existing marketplaces, such as CSGO skin swaps (a place already rife with scams and questionable economics).
“What if artists from these gaming communities developed skins for, say, the game’s AK-47 that also served as NFTs?” “Those markets ratify it,” Wyatt explains. The games that profit the most from NFTs are those “where the point system converts to tokens, the marketplace is free and prospering, and it has no impact on in-game dynamics.”
I’m still not sure that the blockchain is required for any of this. So far, reality has confirmed everyone’s worst suspicions regarding NFTs in gaming.
How to Begin (with a Word of Caution)
Before you can get started, you’ll need two browser add-ons (link goes to the comprehensive official guide). MetaMask and Ronin are required – Ronin for Chrome and Ronin for Firefox.
These two will assist you in creating an account on the Axie Infinity Marketplace, as well as the two items you’ll need to login and buy, give, and sell Axies, as well as claim SLP and transfer it to an external account for USD (or other currency) conversion.
Due to the popularity of the game, a number of malicious actors are attempting to phish and steal accounts, Axies, SLP, and Ethereum from unwary players.
So, if you’re going to make an account, don’t use Google to find MetaMask and Ronin to install. Many individuals have created phony Metamask and Ronin accounts, and after the transaction is completed, nothing will appear in your genuine account.
There is no official Ronin mobile app as of July 2021. There are a few bogus addons/plugins out there, so be cautious. It’s also a hoax if you see Ronin in the Play Store or App Store. MetaMask includes applications for both iOS and Android. These are direct connections from the Axie Infinity marketplace.
With the discussion here, you may feel somewhat reluctant to invest in Axie Infinity. Well, you shouldn’t as this article was meant to bring your attention to this risks involved.
I know it seems too good to be true, but the current trend is for more and more play-to-earn games to appear, and they will soon become popular, if not the default. Is it possible that subscription games may be phased out? We’ll have to wait and see. However, I am upbeat about it.