Play To Earn & The New Leisure Economy – What are the Options?
28 Septembre 2021 - 08:26AM
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In recent times, those in the DeFi and metaverse space have
encountered yet another way in which ordinary people can earn
considerable amounts of money on the blockchain. Coming in the form
of play-to-earn communities, platforms such as Yield Guild Games
(YGG) and UniX are early adopters of ecosystems that provide gamers
in developing countries with these financial opportunities. Such
business models, in theory, could utilize leisure as a way to help
reduce unemployment around the world. Although the idea of the
play-to-earn model is still in its infancy, it is an idea that is
turning heads. “PLAY-TO-EARN | NFT Gaming In The Philippines” is
the title of an 18-minute documentary funded by YGG and created by
Emfarsis Consulting about a group of people in the Philippines, a
country that suffered unemployment as high as 40% during the
pandemic. People in the Philippines had been playing Axie Infinity
(a blockchain-based game that rewards its players) during the
pandemic, discovering that they could earn two or three times the
minimum wage by playing. It is apparent that this new “Leisure
Economy” could be the dawn of something huge. However, if you are
considering joining a play-to-earn gaming guild, don’t let FOMO
lead you down the path of making a decision too quickly. New
investors in crypto, for instance, have a tendency to jump on the
bandwagon of whatever is trending, without doing their own
research. Let’s not forget the number of disappointed DOGE holders
who filled their pockets with the popular token prior to Elon
Musk’s SNL appearance, anticipating a surge in price, only for
Musk’s remarks to send the value of the cryptocurrency down rather
than up. Evidently, when investing time or money in anything, it’s
better to weigh up your options beforehand. So what exactly are YGG
and UniX offering players, and how do they differ? Scholarships
& Revenue As the price of the NFT pets known as Axies needed to
play the game has significantly increased, a profit-sharing model
known as scholarships are issued to bring willing new players on
board without them having to pay large amounts. UniX and YGG sell
or lease their Axies to these new players, known as scholars,
providing them with recruitment, coaching and management, in
exchange for a percentage of the revenue they earn in the game.
Yield Guild Games currently splits the revenue of its scholars in
the following breakdown – 70% to the scholar, 10% to YGG, and 20%
to a Community Manager. UniX, on the other hand, takes 50% – but
don’t let that fool you. Comparing 8,000 scholars from both guilds,
4,000 from YGG produced 580K revenue, whereas 4,000 UNIX scholars
would make 1.44 million. Community & Governance
Decentralised Autonomous Organisations (DAO) like UniX and YGG
issue governance tokens in order to establish levels of voting
power among holders. Holders of these tokens will determine how the
platform develops. Therefore, community-conscious players may want
to consider who exactly the individuals are that have the highest
investment in the platform. Although Yield Guild Games ensure that
each investor of their Seed and Series A rounds are carefully
selected for their depth of understanding of the play-to-earn
model’s potential, they are largely composed of venture capitalist
firms. Also, in terms of community size, while YGG’s Discord is
approaching 60,000, UniX recently surpassed 130K. UniX’s
Charity & Educational Programme UniX’s Scholar and Education
programme has currently onboarded 1,000 people, giving them access
to some of the best teachers from their native country. These
teachers don’t only work with UniX Scholars, but also with their
100,000+ community. This free education programme intends to
identify and place talented individuals in jobs in blockchain and
companies that UniX already has partnerships with. Regular creative
and research competitions are run throughout the community in order
to scout talent while rewarding members with tokens and points that
will later equate to either a scholarship or employment.
Furthermore, through the UniX Foundation Fund, access to the
education programme will be available to everyone and not just
scholarship holders. As the originator of the concept of playing to
earn in developing countries, Yield Guild Games is a tempting
prospect for newcomers to the metaverse’s leisure economy. However,
with UniX’s own native play-to-earn game, Unity, currently, in the
works, it will be interesting to see how much more the NFT and the
play-to-earn market will shift in their favour going forward.
However, one thing we do know is that it is good to shop around.
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