Video game hours are now rewarded with cryptocurrencies and NFTs.
Nonfungible tokens (NFTs) and play-to-earn games are widely regarded as the gaming industry’s future as they gain popularity around the world.
Success stories like Axie Infinity show that if a play-to-earn (P2E) product is well-refined, it can easily find a solid player base. P2E games allow players to earn in-game digital assets by completing daily quests, defeating monsters, and battling other players. The digital rewards they receive have real-world monetary value and can be sold on cryptocurrency exchanges.
Loot boxes are a major source of revenue in traditional games, giving players access to packs or chests to unlock items in-game, where players must pay a large sum of money to acquire their favorite items and characters. However, while the money spent by gamers is real, the items they buy are not.
In fact, if you pack or unbox the best item in the game, you will be unable to use it outside of the game. Smart contracts on blockchain, on the other hand, allow users to fully own each item. Gamers associate the items with their blockchain wallets, which can then be sold or exchanged.
Idle Mystic is an example of a project that provides real-world value to its community while also giving its players power. Users and holders can participate in making decisions and voting on the game’s direction by using a governance token, Idle Mystic Token (IMT).
Idle Mystic, which was originally built on the Polygon (MATIC) network and is now supported by Binance Smart Chain (BSC), has a new game mode called Kingdom, in which players use Heroes to fight, Mysterious NFTs called “Cubes” to acquire and upgrade land, and mine an in-game Magic Stone Token (MST) to build their own Kingdom. In this expanding multiplayer mode, players can also hire other teams to protect their land or conquer someone.
Idle Mystic players can also create new heroes and use them in the game or trade them on decentralized marketplaces. IMT and MST tokens are both ERC-20 tokens that can be traded on exchanges.
Idle Mystic battles, which are available in both PvP and journey modes, award tournament winners with tradeable NFTs. Annual rewards in 2022 will be equal to 20 ETH.
Gamers and developers can now be compensated handsomely for their efforts and hundreds of hours spent in-game.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.