You're embarking on a journey to explore the fascinating world of "Play-to-Earn" gaming and how work is evolving in the realm of Web3. In this article, we will delve into the phenomenon of Axie Infinity, the leading play-to-earn game operated by Sky Mavis, a Vietnam-based company. Join us as we uncover the unique aspects of this game and its impact on the global gaming community.

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Glasp

Jul 13, 20235 min read

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You're embarking on a journey to explore the fascinating world of "Play-to-Earn" gaming and how work is evolving in the realm of Web3. In this article, we will delve into the phenomenon of Axie Infinity, the leading play-to-earn game operated by Sky Mavis, a Vietnam-based company. Join us as we uncover the unique aspects of this game and its impact on the global gaming community.

The concept of play-to-earn gaming revolves around players acquiring digital pets called Axies and engaging in battles with other teams of Axies. But what sets Axie Infinity apart is its focus on connecting the production of new non-fungible tokens (NFTs) to actual work and effort. This idea stemmed from the experiences of the original Axie community members and founders who were previously involved in the CryptoKitty community.

To scale efforts and introduce more people to the world of play-to-earn, Axie Infinity introduced the concept of guilds. These guilds serve as a means to provide access to the game and its assets through a scholarship program. The program aims to extend opportunities not only to players in the Philippines but also across Southeast Asia, India, Latin America, and other countries.

The Philippines, in particular, holds a unique position in the play-to-earn gaming landscape. The country has a strong affinity for mobile games and possesses relatively high crypto literacy. Additionally, the communal culture of the Philippines allows information and trends to spread quickly, making it an ideal environment for play-to-earn gaming to thrive.

One of the core beliefs driving the play-to-earn movement is the idea that those creating value should participate in the upside. This belief aligns with the principles of Web3, where individuals can earn their livelihood through platforms like Axie Infinity. By empowering the community and sharing the value generated by the platform, a new economic paradigm emerges, challenging the traditional model where middlemen extract a significant portion of the revenue.

In the case of Axie Infinity, the game has eliminated the need for app stores and game publishers, who traditionally take a substantial percentage of revenue generated by a game. By removing these middlemen, Axie Infinity allows for a more equitable distribution of value among the users and stakeholders of the platform.

While Axie Infinity currently relies on capital inflows, similar to emerging market economies, the long-term goal is to foster a self-sustaining economy driven by players who genuinely find the game enjoyable and see opportunities for trading and growth within the ecosystem. Axie Infinity has been positioned not just as a game but also as a social network from its early days. This multifaceted approach ensures that players join the community for various reasons, resulting in a robust ecosystem of participants.

In terms of capital flows, Axie Infinity has witnessed a significant influx of funds into its ecosystem, with more deposits than withdrawals. This demonstrates the growing interest and engagement from players who view Axie Infinity as an avenue for fun, financial empowerment, and social connections.

The stickiness of legacy systems is a challenge that the play-to-earn movement aims to overcome. However, Axie Infinity has managed to build more than just a gaming community; it has created a nation with shared cultural values, entertainment, and even a distinct language. Ownership of Axie tokens, Axies themselves, and virtual land within the Axie Infinity universe further strengthens the economic and social relationships among community members.

This shift from Web2 to Web3 emphasizes opt-in communities that are incentivized by shared economic ownership and cultural alignment. Unlike the fragmented nature of social media in Web2, Web3 communities foster a sense of belonging and shared goals.

One notable outcome of play-to-earn gaming is the behavioral shift that occurs when individuals have excess income for the first time in their lives. This newfound financial freedom can lead to changes in spending habits and contribute to the growth of the ecosystem. In the case of Axie Infinity, the emergence of low-value transactions within the user base in emerging markets highlights the significance of providing accessible and inclusive opportunities for players.

To navigate the challenges of scalability and accessibility, Axie Infinity introduced Ronin, a blockchain infrastructure designed to empower users and enable them to determine their growth path. Ronin allows Axie Infinity to control its destiny without being dependent on external factors such as market conditions and gas prices on Ethereum.

The community plays a crucial role in the growth and success of play-to-earn gaming platforms like Axie Infinity. By replacing traditional middlemen like Facebook and Google with community-based structures, the onboarding process becomes more personalized and supportive. Community members guide newcomers, teaching them how to play the game, earn money, and navigate the world of cryptocurrencies.

As we explore the realm of play-to-earn gaming, it becomes evident that gaming will play a pivotal role in onboarding the next wave of users into the world of crypto. Historically, the barriers to entry in crypto have been high, but gaming offers a familiar and engaging entry point. Through play-to-earn platforms, individuals can create content, learn new skills, and transform their lives through financial empowerment.

In conclusion, the rise of play-to-earn gaming and the evolution of work in Web3 present exciting opportunities for individuals worldwide. Axie Infinity, with its innovative approach to gaming and community building, exemplifies the transformative power of the play-to-earn movement. By aligning economic incentives and fostering cultural connections, play-to-earn gaming platforms are reshaping the way we work, play, and interact in the digital age.

Actionable Advice:

  • 1. Explore play-to-earn opportunities: Take the time to research and understand the potential of play-to-earn gaming. Look for platforms like Axie Infinity that offer accessible entry points and the potential for financial empowerment.
  • 2. Engage with the community: Joining a play-to-earn gaming community can provide valuable support and guidance as you navigate the world of crypto and gaming. Connect with experienced players, learn from their insights, and contribute to the growth of the community.
  • 3. Embrace the multifaceted nature of play-to-earn gaming: Recognize that play-to-earn gaming extends beyond just playing a game. Embrace the social network aspect, participate in content creation, and explore various avenues for earning money within the ecosystem.

As we continue to witness the evolution of work and the transformative power of play-to-earn gaming, it is crucial to stay informed and open to new opportunities. The play-to-earn movement represents a shift towards more inclusive and empowering economic models, where individuals can shape their destinies and create meaningful connections in the digital realm.

Resource:

  1. "'Play-to-Earn' Gaming and How Work is Evolving in Web3 | Future", https://future.a16z.com/podcasts/play-to-earn-gaming-and-how-work-is-evolving-in-web3/ (Glasp)
  2. "We Know Less About Social Media Than We Think", https://clickdomedia.com/2022/06/03/we-know-less-about-social-media-than-we-think/ (Glasp)

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