It is hard to bring traditional gamers into Web3 gaming. The solution that made games like Angry Birds worth billions of dollars is free-to-play. How can we make Play-To-Earn games free-to-play when players need NFTs? Rent-To-Earn is the answer to this question.
A Growing Market with Falling Attention
The blockchain gaming industry has grown 2,000% over the past year, adding $2.5 billion in the first quarter of 2022. GameFi alone received 41% of the funding in the cryptocurrency space in 2021. The growth of GameFi funding would have been just enough to cause an entire bull run like we saw during the DeFi Summer of 2020, but multiple barriers are working against the growth of the GameFi Space. Most games fail to gain the anticipated usage and adoption after their launch leaving analysts confused about the exact motivation behind gaming. Web2 gaming needs a complete overhaul. There is more to it than all that, and gamers are ready to play as they have always been.
NFT Requirements in Gaming Economies
Developers have continued to build interesting blockchain games since the time of Cryptokitties, a cat-minting game on the Ethereum blockchain. Today, the number of crypto games is in the hundreds, with new genres spread across Solana, Polkadot, Avalanche, BSC, Shiden, Cronos, and Moonriver, to mention a few. Since these games run on the blockchain, they need some inherent economics to prevent spammy actions and reward user effort. Hence players of these games need to buy non-fungible tokens, a unique asset class that qualifies the players to participate fairly in the game.
In virtual experience games like Decentraland, the NFTs are the pieces of land you need to buy to get involved in the game. There is nothing inherently wrong with buying an NFT that remains yours forever to play a game. Traditional games can be better if all the required improvements are put in place.
If you still think the idea of having to pay for in-game assets is hard to understand, consider the gas fee paid to process simple blockchain transactions, such as the transfer of ETH from a user, Alice, to her friend Bob. The cost is necessary and a part of the fundamental mechanics that makes the blockchain secure and valuable. Crypto games use the same economics to establish and sustain a fair gaming environment for all participants.
Unlocking GameFi Through Rent-To-Earn
We cannot remove the underlying economics from blockchain games, but we can use a Rent-To-Earn NFT rental model to remove the barriers. Renting NFTs to access games is similar to buying a house after making a downpayment for your mortgage, except in some more efficient rental models like ours, you keep the rewards and access a world of unending gaming and renting opportunities. Like Play-to-Earn, the mechanics of Rent-To-Earn allows gamers to continue and thrive with an unlimited number of players, including those who intend to experiment before fully committing along the way. As players get to play along and win in the exciting adventures of these games without initial costs, Rent-To-Earn makes free-to-play possible in GameFi. The audience and participants in GameFi will start to expand into the traditional gaming space. After all, everyone wants a reward for their time. The expansion leads to a bigger GameFi ecosystem and a more sustainable economy for everyone involved as players can now access decentralized gaming in ways they could only imagine.
How UNITBOX Protocol is Building the Future of GameFi
You can already see how Rent-To-Earn, although simple, has the potential to change GameFi and create a new experience for players. The next question that comes to mind is where these NFTs will come from, who will rent the NFTS out, and under what terms players will use the NFTs.
UNITBOX Protocol is building the first Rent-To-Earn model that aggregates opportunities across hundreds of thousands of guilds, players, games, and NFT owners. While players may not be in the position to acquire the assets needed in their favorite games, they may be absolute badass at winning and finding their way in the gaming universe. By contrast, owners with the funds and all it takes may only have NFTs and struggle to find the time or maintain their success in the game.
UNITBOX Protocol brings all parties in the GameFi space together, connecting each to the most rewarding opportunity according to their skills, preferences, and passions. Our platform is a limitless investment tool for NFT owners and home of options for gamers. UNITBOX Protocol supports all games in GameFi through multi-standard wrapped NFT (wNFT) technology. Our platform also distributes gaming rewards proportionally to gamers and owners, with an extra reward for holders of UNIT tokens. We make passive earnings possible for owners in GameFi, unlocking numerous possibilities that will lead to the next yield fiesta in crypto.
What Can We Expect in the Future?
Web3 gaming is taking a new turn, as newer and more exciting games are evolving across blockchains. Following this growth will be the inflow of lots of gamers who are simply passionate about the newfound world and experiences in these games. Aside from improved graphics, storylines, and irrestible genres, the immersive experience in the metaverse makes decentralized gaming second to none.
If simple 2D games could hold players spellbound for hours on end, imagine what inhabiting these worlds where it all goes down would look like. Blockchains like Ethereum and Cardano are also implementing newer upgrades to make the networks efficient. As more people start to believe and join the decentralized community, their choice of fun and overall adoption of Web3 gaming will grow tremendously. That said, their need to earn passively will also be met through Rent-To-Earn offered by fair-based revenue sharing protocols with multichain support like UNITBOX Protocol.
Join the GameFi Revolution!
UNITBOX Protocol is growing in leaps and bounds. We started as a small DeFi community and now boast thousands of users spread across the globe. If you are a degen chit-chatter, you feel free to join the banter on Twitter and reshare our posts to all your followers. The noobs can do the same, and everyone should join the Discord channel to get it live as it happens. The OG’s are also on Telegram, just in case you prefer to record big wins unnoticed.
Note: This post was published on behalf of clients. Publish0x does not vouch for the accuracy of the statements made in this post. The post should not be considered as an Publish0x endorsement of the products, services, or people mentioned.