Metaverse Archives

NFT Gaming Business Model

It is not even funny; the way Non-Fungible Tokens (NFTs) have become a part of lives, just like the saying – start the day with coffee and end the day with NFTs. There was a point in time when most of us thought it was a scam, but now, NFTs have become a household name. Not deviating from the topic, but just take a moment to remise those days when we spent playing video games on play stations, computers, mobiles, etc. Overtaking these is the NFT Games. A report generated by Blo ckchain Game Alliance (BGA) stated that this industry generated $2.32 billion in revenue in the third quarter of 2021. NFT games like Splinterlands, Sorare, Alien Worlds etc., have taken the world by storm. There are various types of business models, which were introduced just to lure in the gamers. One of the most popular models is NFT play-to-earn. In this article, let’s understand the various aspects of NFT Gaming.

What is NFT?

Before we dive into the business models, let us focus on the concept of NFT. They are digital assets that are unique and cannot be directly interchanged with other assets. Every NFT, which is sort of like an autographed item, is made of metadata. This is what gives them their individuality. Its digital content is linked to the blockchain. NFTs are a form of cryptocurrency like Bitcoin, where instead of money, they host assets like tweets, text, images, MP3, artwork, domain names, trading cards, game items, etc. Allegedly, it all began in 2017, when CryptoPunks, developed by Larva Labs, released one of the first NFTs. It consisted of around 10,000 collectables that were unique and based on the Ethereum blockchain.

Why NFTs are so popular?

Although this concept is just in its nascent stages, in 2018 the market cap for global transactions of NFTs was $40.96, and in 2020 it grew manifold from $141.56 million (2019) to $338.04 million in 2020. Token-based sales have reached a new height of success in the recent past. And the launch of the NFT marketplace is making dreams come true for many. So, what makes NFT special?

Unique and authentic

As information about the NFT and the owner can be easily verified, it makes them unique. This is by far the most crucial feature of NFT where information is secure and legitimate.

Unified

Most tokens cannot be divided into smaller units. It is like a mark on the stone. However, if you can buy the complete cost of the item from the owner, maybe then.

Easy to work with

Marketplaces are a hub where you can buy and sell NFTs. Within a matter of minutes, you can create a profile. Buying and biding operations are pretty simple. Not just that, due to their versatile nature, NFTs can be traded on different crypto markets. The trading opportunities are truly beneficial.

Open to all

Owing to this instant tradability nature, it can act as a host to a variety of audiences, enhancing its liquidity.

Transparency

All the records pertaining to the trade – transfer, token issuance, and other activities can be authenticated before getting into it.

Sneak peak into the NFT Gaming industry

Word around the town is the NFT gaming scene began with Etheria. Created in October 2015, Etheria is a ‘civilization’ based NFT game where anyone can become a real estate agent and earn real money. Etheria.world states – Etheria is a virtual world in which players can own tiles, farm them for blocks, and build things. The entire state of the world is held in, and all player actions are made through the decentralized, trustless Ethereum blockchain.

Later, in October 2017, the market welcomed the CryptoKitties game which wooed the gamers instantly. This game allowed them to adopt and trade virtual cats. Created by Dapper Labs, CryptoKitties is developed on the Ethereum blockchain using the ERC-721 token standard. In March 2018, based on the same theme, Axie Infinity was developed by Vietnamese studio Sky Mavis. Axolotl-inspired digital pets as known as Axies are to be collected and minted by the players.

Now, let’s talk stats! The BGA, which is an advocate for NFTs games, came up with a report that suggests that the number of wallets in the gaming industry increasing exponentially. From 29,563 wallets during the first week of 2021 to 754,000 in Q3 2021, the market is surely booming. During which Axie Infinity made its place on the top overcoming CryptoPunks, as it reached a record-high trading volume of $2.5 billion in September of 2021. Although this industry is fairly new, it had gained a lot of popularity owing to its glamour quotient and the way it presents the ‘escaping the reality’ aspect.

What are play-to-earn NFT games?

Essentially, play to earn means, when you get to play games and in return earn some money. However, with a slight twist, in NFT language, you earn cryptocurrency and real-life value by playing the games. You can either play – free-to-play or pay-to-play. With the latter, you can pay money to play the game and earn a handsome amount of currency as well. Interesting, right? Wait till you know more. What keeps these transactions safe and authentic are the smart contracts. It is sort of an agreement in the form of a code, that has to be signed to make the smooth process.

• Playing and winning the game offers you digital assets. This tokenomic framework converts the playing time into financial incentives.

• The concept of in-game economics and different business models help the players to earn income.

• Each game is different. Players can earn money via staking or generating a tradable or rare NFT item. The rarer the item, the more value it has.

• Once the NFTs are acquired, you can sell them for real money or public blockchain exchange.

• The cheapest Axie on the marketplace is for $93.

• Income can be generated via in-game cryptocurrency and trading in-game NFTs.

• Players can earn millions through pay-to-play. They can also make use of freemium models to make the most of gaming and earning.

How to earn the big bucks?

To attain success and fame in anything, one needs to add passion and value. The same goes for earning money with NFT games. Let’s find out some of the ways through which one can do so.

1. In-game tokens

Most NFT games offer a whopping number of tokens. But the thing is, you’ll have to earn it. Staking tokens is one of the ways you can encash on these games. Staking is means of gathering money for holding certain cryptos.

Take, for instance, Axie Infinity. A gamer can make money through two types of tokens – Smooth Love Potions and Axie Infinity Shards. These tokens can be sold in return for monetary yields.

2. Assessing the value

In NFT, items like characters, avatars, real estate, weapons, and other items, hold immense value. One can make enough money by speculating the value of these items.

3. In-game NFTs

This is another way through which players can earn money. This play-to-earn format allows players to gain ownership while permitting them to earn money through swapping items, selling, or purchasing. The value of the items depends on their rarity or utility.

Summoners Arena has refined the play-to-earn concept. As for the ‘earn’ aspect, they have made sure all the grounds are covered. In this game, each Hero has an assigned value that depends on its rarity. Players can add different parts to their Hero ranging from 1 to 10 rarity. The more you upgrade, the more valuable it is.

4. Become an NFT game influencer

Once you broaden your horizons, the means of earning money through NFT games are limitless. And for that you ought to become a professional NFT gamer, gather enough technical know-how and become an influencer on social media. Soon, when you set up a great foundation and acquire a considerable number of followers and views, money will start flowing. Collaborating with other influencers and brands, and brand promotions will add value to your work and success. Coin Bureau, a YouTube channel is run by a person named Guy. He makes informative videos about cyrtos and NFT games. Guy, has over 2 million followers on YouTube.

5. Create a brand

To start your brand takes enough courage and determination. That comes only when you’ve known the industry in and out. Once you feel comfortable, you can soon launch your brand. Develop creative merchandise and connect with the fans. The merch can be digital or physical.

6. Game Testing

There are many reasons why companies would pay you to test NFT games. The market has seen the influx of several games, and only those that are picture-perfect stand the test of time. To do so companies hire gaming enthusiasts to find the bugs in the games. As the gamer’s time and effort are at stake, they are offered a good amount of money.

Be a part of the future

The above article very well articulates the importance of the NFT and the way NFT gaming is booming. If the present is so promising, imagine the future. The gaming sector is flourishing, courtesy of the integration with NFT. In this process, the sector has become glamorous and exciting. App-Scoop understands this technology better but when we collaborate with companies, their business sure skyrockets. Do drop in a message on https://app-scoop.com/contact-us.html to know more.

By App-Scoop, 3 yearsApril 18, 2022 ago

Metaverse

5 ways Metaverse technology will change our world

It is funny how we pick up on things so quickly, rather easily. Be it Artificial Intelligence or Machine Learning or NFTs or cryptocurrency or AR/VR, we humans have accepted these latest technologies with open arms the moment they came into our lives. Now, take, for instance, the metaverse, the internet is abuzz with this word. Talking about the net, incidentally, the metaverse is like stepping inside the internet. Believe it or not, within a matter of a few months, $10 billion has been invested in metaverse technology by Meta. And by 2024, the metaverse’s market will reach around $800 billion. Here is our take on the future of Metaverse. So, as we step into the metaverse, which translates to beyond the universe, let’s find five ways in which this concept will transform our world in the near future.

1. The immersive life

The technologies used to build the metaverse will provide an immersive experience that is unheard of. Although in its nascent stages, the metaverse, is an ambitious project that will provide the users with an up-close and personal learning experience of anything present under the sun. For instance, sitting in the comfort of your home, you will be able to watch and feel a football match taking place in Madrid’s stadium, as though you are physically present there. In one of the biggest updates pertaining to this field, Disney patents the metaverse technology for its theme park. This will track the visitors while projecting personalized 3D images for them. “Our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse,” said Bob Chapek, CEO Walt Disney. This brings the company a step closer to creating its virtual world simulator for the theme park. Living an immersive life will be a way of living in the future, and the metaverse opens up these doors for us.

2. Virtual Concerts and exhibitions

The art and culture sector is revamping itself, and how! Meeting people virtually, when you are physically at your home and for that matter anywhere on earth, is no longer a dream of the distant future. This change has already begun. Concerts held on metaverse are making artists a millionaire. When the Fortnite concert began, it instantly become a hit. Dressed the way they want, fans from any part of the world, were able to attend the concert virtually. One of their earliest concerts was attended by 11 million people. Soon, artists like Travis Scott, Marshmello, Ariana Grande, Justin Beiber, and others, set foot in this virtual world. A few months back Travis Scott, an American rapper, performed his first concert via metaverse. Fans who attended the immersive concert raved about the experience tagging it ‘surreal and spectacular’. And like in the actual gig, fans here can buy merchandise and live the life that they dream of.

Urban Break 2021, Asia’s largest urban art fair, which took place in August 2021 at COEX, revolutionized the cultural experience of the people. They used ‘ifland’ SK Telecom’s metaverse portal to exhibit artists’ work. Art and culture all across the world are getting their due credit as people are showing interest in understanding it. With COVID shutting a lot of doors for travellers, art and exhibition enthusiasts, technology like the metaverse will come in handy for people like them to continue their passion and bridge the gap.

3. The virtual yet real estate

In all fairness buying property in the metaverse is just like buying houses in the real world. Just that in the metaverse, the real world exists in 3D. Properties in the verse are going on sale and selling just like hotcakes. In the metaverse, although the risks are high, the rewards are even higher. Just last year, real estate sales in the metaverse reached $500 million, and studies suggest this number will double this year. On the same lines, taking real estate to the next level is Metaverse Property, a leading virtual real estate company offering exposure to this burgeoning industry via the Metaverses. Their mission is to build better places to call home begins with doing what’s right.

Creating a jaw-dropping concept in this arena is Republic Realm, a leader in metaverse and NFT innovation and investment. Recently they paid almost $4.3 million to purchase a mammoth land on Sandbox, the largest real estate platform. Thinking beyond imagination, Republic Realm is creating a luxury, master-planned real estate development in the Sandbox named Fantasy Island. Reports suggest that 90 per cent of the land is already sold. Real estate in the metaverse is one of the segments whose outreach grow beyond boundaries. Investing in this concept is surely futuristic. Buying land in the metaverse is legit like securing your future. But the golden rule is to research thoroughly before spending the money.

4. Dating on the flipside

Online dating has always been a huge concern for many. They do want to meet a nice partner but look at the amount of work that goes behind just one date. Not to mention, the seeping tension about the genuineness of the person who you are about to meet. Technology creates magic, and magic is what you need when you are dating someone. The lockdown and outbreak of COVID made the dating scene quite tacky and at times, scary as well. Several dating apps, put their best foot forward to end this problem. Tinder, an online dating app, has been in this business for a long time. Taking a cue from the buzz around metaverse, Renate Nyborg, CEO Tinder, at the recent conference announced that they are “exploring how to blur the boundaries between offline and online worlds”.

Bumble is also setting foot into the race of integrating the metaverse, Web 3.0, and online dating. This move will create new engagement, participation, and creator models. On November 10, 2021, during Bumble’s third-quarter earnings call, Tariq Shaukat, President Bumble, said, “On the metaverse piece, we’re really taking a Web 3 lens on this, in particular, meaning we are – I’m sure somebody will build a more virtual experience and we will happily engage and be there when they do that with avatars, etc. But what we think is really interesting in the near term is the application of blockchain and crypto in general to the experience that our communities have. Fundamentally, we are not just an ecosystem, but we are a community of people.” Dating in the metaverse will not make meeting people ‘more real’, but it will give them a chance to be themselves.

5. The games that we play

Be it Minesweeper, Mario, Roadrash, Unreal, The Lord of the Rings Online, or any other online game; the gaming segment has always made sure to capture the mind and soul of the audience. And the inception of the metaverse has given the gaming industry a look that was never imagined. In the metaverse, gaming will almost be social, as though you are playing it in the real life. Secondly, the experience is flexible and more immersive, as the gamers can transform the game as per the convenience. Another thing is, play-to-earn will gain a lot more momentum. The assets won by players can be sold off for cryptos. Here Virtual Reality (VR) will play a great role. It is said that 59 per cent of the industry believe that VR will dominate the gaming segment.

Eyeing the boom in the metaverse, Spire Animation Studios raised $20 million in the funding round. Epic Games pitched in this round to collaborate and build a metaverse experience. “Meta-distribution, where audiences engage with stories before, during and after film release, has disruptive potential,” said Spire CEO and co-founder PJ Gunsagar. “Audiences will live and interact authentically and persistently with characters and worlds without having to wait years after a movie’s release. Story-living through VR, AR and metaverse experiences is the future.”

Final Thoughts

The kind of traction this technology is getting is simply stunning, and why not? It is here to potentially create a whole new world in our already existing universe. The metaverse is giving the segments like gaming, dating, fashion, real estate, art, and others, an opportunity to grow beyond boundaries. The science fiction movies that we saw is about the come true, thanks to the metaverse, a realm that creates the future while we are in the present. Barely a toddler, this concept is here to create waves and stay for years to come. Let us know in the comments section, how according to you will metaverse will change your world?

By App-Scoop, 3 yearsFebruary 22, 2022 ago

Metaverse

What is metaverse, and where are we headed ?

We humans are social animals, we mean, most of us are. And we do yearn for social connections. In literal terms, it means a feeling that we belong and are connected to a group, where a lot of emotions are involved. With technology, all this has been possible, giving us a chance to explore the unheard of. Now, as technology progresses, the phenomenon of social connection will have a new face. Rather it already has. Welcome to Metaverse – the next evolution of social connection.

Wouldn’t it be just awesome to sit in the comfort of your home and meet up for coffee with your friend who lives on a different continent, walk through quaint lanes of Oslo – while you are working in say Delhi, or just get over your frustration by killing a monster? Well, to do all of this at one time is quite difficult in the real world. But this is what Mark Zuckerberg promises in the metaverse. In this article, we will have a look at the origin of the metaverse, what it means, how does this world functions, the tech support it requires, and much more!

Meta – what? The origin of the metaverse

“Today, I think we look at the internet. But I think in the future you are going to be in the experience” – Mark Zuckerberg

Technologies like Augmented Reality (AR), Virtual Reality (VR), and others, are helping us be a part of the virtual world experience. But the metaverse is a completely different ball game. So, in essence, the metaverse is an amalgamation of the words ‘meta’ and ‘universe’. Meta, which means beyond, give a whole meaning to the metaverse, that is beyond imagination. In totality, the metaverse is a network of 3D virtual worlds whose focus is on social connection.

Some might say that the word metaverse only recently existed. But the reality is, it was devised by Neal Stephenson in his 1992 novel Snow Crash. This science-fiction novel is roughly about Hiro, touted as the protagonist, who sells pizza for the mafia, and in his spare time, this nerd loves to sword-fight in the metaverse, something known as the parallel universe. Post that, there are a few other movies and novels that spoke about this technology, but what gave it a moment was the Connect 2021 conference, where Mark dropped the news of the ambitious metaverse project. The metaverse, in short, will give us the power to express ourselves better, explore further social connections, and experience the world with a lot more originality.

Giving us a clear idea of what metaverse brings to the table, Mark in a founder’s letter said, “In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop and create completely new experiences that don’t really fit how we think about computers or phones today. We made a film that explores how you might use the metaverse one day.” He further added, “The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this.”

Metaverse: Powered by different applications and technologies

The metaverse development is a bold project which will take some time and a lot of innovative technologies. Known for creating an artificial yet real environment, metaverse uses a combination of technologies like AR, VR, IoT, blockchain, AI, cryptocurrencies, 3D reconstruction, and others. For instance, the application of IoT will make the metaverse smarter. IoT will provide valuable data from the real world, which in the process increases the accuracy of the metaverse. With the use of these technologies, the Meta team is working on displays, audio, mixed reality, eye tracking, haptics, hand tracking, input, sensors, graphics, computer vision, perceptual science, and others.

1. AR and VR

Metaverse is known as the future of AR and VR. And what these technologies will do is provide a gateway to enter the magical yet real world of the metaverse, also known as the embodied internet. What AR will do is provide you with an enhanced and virtual version of the real world. This is achieved through the use of visual elements, sound, and other sensory stimuli delivered through technology. While VR lets you deep-dive into the 3D virtual environment by using 3D computer modelling, each technology has a great role to play.

Touted as ‘Project Cambria’ by Meta, it is said this venture will surely push the boundaries of the existing technologies. Project Cambria is a high end virtual and augmented reality headset. Meta informed that this will power the avatar to make natural eye contact and reflect your facial emotions in real-time. This device will be realized in the running year, and it comes with better face tracking, color-pass through mixed reality, and a great lens.

2. 3D Reconstruction

This technology is a process through which the true essence and appearance of real objects can be extracted. 3D reconstruction gained weight especially during the pandemic and in the real estate segment, as people refrained from visiting the properties in person. The global 3D reconstruction was valued at $816.6 million in 2020. And studies suggest that is bound to touch a value of $1292.22 million by 2026. The metaverse intends to create a virtual yet real world. The 3D reconstruction technology will act as a catalyst in doing so!

3. Artificial Intelligence (AI)

The application of AI in today’s world is commendable. Come metaverse, and AI will again show its worth. This technology helps in understanding human capabilities – reasoning, communication, planning, understanding, and perception. Combine this with Machine Learning (ML), and it will leverage it to revamp the concept of learning from previous iterations taking a lot of scenarios into consideration. AI will make metaverse more inclusive, it will help make the avatars more life-like; pair it with 3D reconstruction, and it gives us a better picture of our environment.

In short, with metaverse, AI can act as an agent that augments our experience, helps in better communication and allows the system to be empathetic, whilst providing a better user experience. For instance, Observe.AI is the world’s first Intelligent Workforce Platform that revolutionizes contact centres by using AI to optimize the customer experience, boost agent performance, and surface insights in seconds that lead to a better customer experience. This experience will give metaverse users a rich experience and a sense of living in the real world even while they stay in the comfort of their homes.

4. Blockchain and Cryptocurrency

Blockchain provides decentralized and transparent solutions for any transactions that will take place in the metaverse. While cryptocurrency will allow the users to buy, purchase, or sell, their work in the virtual world. The key advantages of incorporating these technologies with metaverse will offer transparency, proof of ownership, adequate governance, interoperability, and will safeguard the trust of the users. Studies suggest that cryptocurrency has all the abilities to become the official currency of the metaverse. App-Scoop embraces this growing blockchain trend by developing new digital products that will transform the future generation.

Where are we headed?

Let’s face it – metaverse will surely be our present and our future too. As we head into our future, social connections will still be on the priority list. These social connections although virtual will surely be immersive. That’s where we are headed – a world beyond imagination. And the opportunities metaverse will create will certainly revolutionize the world. App-Scoop’s motto is to stay abreast with the latest technologies and provide a seamless world to our customers. To understand this world better, do tag along with us, this journey will surely be amazing. https://www.app-scoop.com/contact-us.html

By App-Scoop, 3 yearsFebruary 18, 2022 ago