The Rise of NFT Games in the Philippines

The Rise of NFT Games in the Philippines

The Rise of NFT Games in the Philippines – Covid-19 has been labeled as a pandemic by the World Health Organization nearly two years ago. Lockdowns have affected millions of Filipino people. Since then, unemployment rates have reached an all-time high. Families are attempting to cope with the pandemic while also looking for new employment. Many industries have seen changes as a result of the Pandemic’s widespread influence. Most businesses allow employees to work from home using computers and the internet. However, the situation is more complicated for small people. Offline firms are facing problems as a result of the lockdown. As a result, during the epidemic, the Make Money Online trend is heavily promoted in most regions around the world. In some markets, there is also a “play-to-earn” trend on Blockchain platforms to create extra revenue without requiring too much expensive equipment. Axie Infinity, a pioneer project in the Philippines, has seen a growth of up to 2 billion dollars because of the combination of online games and blockchain. However, the strong growth raises financial barriers for later entry in other global marketplaces. Many individuals regret missing out on this massive wave of NFT Games due to the exorbitant cost of AXS.  

(The Rise of NFT Games in the Philippines, marvill.com)

The Rise of NFT Games in the Philippines
Image Source: https://www.mobileappdaily.com/nft-nonfungible-token-blockchain-explained

WHAT IS NFT AND HOW DOES IT WORK?

The term NTF refers to a “non-fungible token”. It is necessary to explore the notion of fungibility to comprehend what non-fungible means. This refers to an asset’s ability to be swapped for similar assets of equal value. Currency is an example of a fungible asset. If you want to get rid of your four five-peso coins, take them to your nearest sari-sari store and exchange them for one twenty-peso note. They may differ in appearance, but they each have the same PHP 20 value. When something is non-fungible, it means it’s one-of-a-kind and can’t be simply replaced with something of equal value. NFTs are cryptocurrency tokens that are one-of-a-kind. They are kept in a blockchain ledger as a string of numbers and letters and contain information such as who owns the NFT, who sold it, and when it was sold, among other things. Every piece of information saved on NFTs is encrypted, assuring its validity and scarcity. NFTs are digital files that have been authenticated using digital certificates.  

(The Rise of NFT Games in the Philippines, marvill.com)

The Rise of NFT Games in the Philippines
Image Source: https://www.nftsstreet.com/how-to-make-money-with-nft/

HOW TO EARN MONEY PLAYING CRYPTO GAMES? 

NFT enables game designers to include real-world stakes in video games. Players can purchase, sell, and trade with other players in the game by creating NFTs for their characters and items. As a result, cryptocurrency gaming was born. Crypto games, often known as play-to-earn games, are a type of video game in which players can buy digital objects and unlock bonuses to improve their gaming experience by using cryptocurrency. Because crypto games are non-fungible tokens, all of the stuff you own in the game is genuinely yours. The game’s creators will not influence what you may do with them, and it will be nearly impossible to take them away from you. Crypto games are more likely to remain alive for years if there is an active economy driving them. That means you’ll have plenty of opportunities to buy, sell, and earn money simply by playing games. You’ll use cryptocurrency to purchase characters and goods, as well as play the game itself. You can receive special things that are either common or unique to the game every time you win. Then, using your favorite crypto platform, you can convert your products into cryptocurrency and cash them out in the real world. Fortunately, practically everyone in the Philippines can play most crypto games. You can play on your smartphone (Android or iOS) or your desktop computer as long as you have a stable internet connection (Windows or macOS). There’s no need to be concerned about the specifications because most crypto games can be played on modern smartphones, and some can even be played through web browsers.  

(The Rise of NFT Games in the Philippines, marvill.com)

CRYPTO GAMES YOU CAN PLAY IN THE PHILIPPINES

 

Axie Infinity
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. Axie Infinity

crypto games – axie infinity Platforms: Windows, MacOS, Android, iOS Cryptocurrency: Ethereum Axie Infinity is like if you can earn money from playing Pokemon. No wonder this play-to-earn hit took the Philippines by storm in late 2020. To get started, you need to buy three adorable Axie monsters to build your team and battle other Axie teams to earn Smooth Love Potions (SLP), which you can then convert to cash. You can also sell and trade Axies and other in-game items to either increase your earnings or strengthen your Axies team, which then leads to more SLPs. Unfortunately, the price of one Axie has skyrocketed to PHP 15,000 due to the game’s popularity. If you don’t have that much money to spare, you can apply for an Axie Infinity Scholarship. This involves an existing player lending you three Axies, so you can play the game for six to eight hours per day. You’ll have to agree with your sponsor to split your earnings 50-50, 70-30, or 80-20.  

(The Rise of NFT Games in the Philippines, marvill.com)

Crypto Blades
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games

2.  CryptoBlades crypto games – cryptoblades Platforms: Windows, Android Cryptocurrency: Binance Coin Another game you can try simply by playing it on your browser is CryptoBlades. It’s a roll-based fighting game where you aim to earn SKILL points per battle by buying and trading weapons and items. The more SKILL points you earn, the more money you can cash out. If you’re the most casual of players, the laid-back approach of CryptoBlades could be the perfect fit for you.  

CryptoFights
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. CryptoFights

crypto games – cryptofights Platforms: Windows, Android Cryptocurrency: Ethereum (Enjin Coin) If you want a more thrilling turn-based, roll-based game, you can try CryptoFights. Just like other crypto games on this list, you’ll need to spend real money to create a character and buy weapons and items. Playing enough games on the free single-player campaign unlocks the battle portal, where you can battle other players and earn NFT items that are tradable on the game’s marketplace.  

CryptoKitties
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. CryptoKitties

crypto games – cryptokitties Platforms: Chrome, Firefox Cryptocurrency: Ethereum Don’t want violence in your crypto games? You can just collect and breed cute cats with CryptoKitties. You can buy a kitty from the in-game store, and if you have two kitties, you can have them breed to make a new one. Collect and trade kitties with other digital car lovers on the in-game marketplace or on other NFT stores. Plus, you can enter the KittyVerse and join catfights or solve puzzles. You know, in case you just want to play with your digital fur babies.  

League of Kingdoms
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. League of Kingdoms

crypto games – league of kingdoms Platforms: Android, iOS, any modern browser Cryptocurrency: Ethereum Strategy games have also adopted NFT technology with League of Kingdoms being one of the first. It plays like a typical tower defense strategy game; instead this time, each land is a real estate NFT. You can build towers, fortify your defense, and rewards by simply owning a piece of digital real estate in the game. You can also simply sell your land to other players, just like how real-life real estate works.  

Lost Relics
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. Lost Relics

crypto games – lost relics Platforms: Windows, MacOS Cryptocurrency: Ethereum (Enjin Coin) Now here’s one for the most hardcore gamers out there. Ever played the Diablo series? Then you’ll love Lost Relics. It’s a hack-and-slash game where you can go nuts hunting monsters. Each successful kill earns you a drop ranging from weapons to accessories. These items can then be traded with other players online for real money. Just be prepared to spend in-game crystals when transferring items to other players.  

My DeFi Pet
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. My DeFi Pet

crypto games – my defi pet Platforms: Any modern browser Cryptocurrency: Binance Coin Now for some more pet collecting and battling. My DeFi Pet combines the traditional gaming experience and the power of blockchain technology in this play-to-earn browser game. You’ll be spending money on DPET tokens, the game’s main currency. You get to earn these tokens after every successful battle and by selling your pet monsters with other players. Just like Pokemon, you can collect, breed, and level up your monsters to help you earn DPET tokens.  

SplinterLands
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. Splinterlands

crypto games – splinterlands Platforms: Windows, Android, iOS Cryptocurrency: Hive Trading digital cards fit the definition of NFT so well, they just had to make a video game out of it. Splinterlands is an online card trading game where players get to build their own deck of powerful NFT cards by buying fighters, stats, and abilities. You can then increase your level by battling other players, which then unlocks more powerful cards. Play enough games and you can earn yourself some rare cards for you to sell or trade with other players.  

Nine Chronicles
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. Nine Chronicles

crypto games – nine chronicles Platforms: Windows Cryptocurrency: Libplanet Unlike most crypto games on this list, Nine Chronicles is free-to-play and open source, which means the game is completely governed by its players. It plays like the usual side-scrolling platform game, but modders can add more game mechanics to their liking. You earn money by selling or trading items for Nine Chronicles Gold (NCG), which are convertible to cash. You can also refer other players, and when they reach level 20, you instantly earn 20 NCGs.  

The Rise of NFT Games in the Philippines
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. The Six Dragons

crypto games – the six dragons Platforms: Windows Cryptocurrency: Ethereum Are you more adventurous when it comes to gaming? Then an open world game like The Six Dragons is the perfect fit for you. You start with nothing, so you must craft weapons and other helpful items so that you can raid dungeons and kill monsters. Of course, crafting and item management require spending money to use properly. All items are NFTs, so you can buy, trade, and sell them to other players online.  

The Rise of NFT Games in the Philippines
Source: https://www.moneymax.ph/personal-finance/articles/crypto-games
  1. Town Star

crypto games – town star Platforms: Any modern browser Cryptocurrency: Ethereum (Gala) Town Star is basically if Farmville generated income for you. Only this time, it’s more challenging than asking your friends to farm your crops. Town Star resets every six days, which means every player starts from scratch. From there, you can build your farm by hiring workers and trading crops and equipment. After every cycle, the top players are awarded with Gala Coins, in-game NFT items, and more. Source: Crypto Games You Can Play in the Philippines (https://www.moneymax.ph/personal-finance/articles/crypto-games)  

NFTS: THE PROS AND CONS

 

The Rise of NFT Games in the Philippines
Source: https://www.artshub.com.au/2021/04/06/nfts-the-pros-and-cons-262268/

(The Rise of NFT Games in the Philippines, marvill.com)

  1. Market value, or devaluing 

Pros: The upside of blockchain and cryptocurrencies is that it is a decentralised marketplace, and that the buyers are largely independent of the traditional art market as we know it. It means that there is a potential market for your work outside of cliquish circles of art dealers and art advisors. Cons: While the crypto economy thrives on utopian rhetoric about freedom and democratisation, in reality it is for all.  

  1. The Environment

Cons: Many have warned in the recent months, that the platform on which NFTs sit – the Ethereum blockchain – is outdated and unable to adapt to the increasing volume adopting the medium. The greater peril however, is the energy consumption required to mine Bitcoin and Ethereum. Some reports liken it to the annual carbon emissions of Aotearoa New Zealand or Ecuador, and is on track at this growth rate to parallel London’s energy consumption. Pros: One pro is that this work is usually done from home, so while blowing out energy consumption, the flipside is that travel costs and office rental are reduced in terms of their green footprint. One positive resource to help arm you with information before diving in is the recently published, A Guide to Eco-Friendly Crypto Art, that helps you get started ‘the greener way’.  

  1. Authentication, ownership and provenance

Pros: The big pro is that blockchain is super safe. Because blockchain is a network, rather than a central authority, you can trust the system without having to trust any individual contributor. ‘Once data is “on-chain,” it cannot be deleted … This means each NFT’s scarcity and provenance are secure, which in turn amplifies demand, which in turn builds a more confident, more robust market than we’re used to seeing for digital artworks without blockchain backing,’ says market writer Tim Schneider. Cons: While that might be the case, others have suggested that art theft is a growing concern with NFTs. ‘Over the past few months, stories have emerged of artists discovering their work in online marketplaces, where they’re sold as NFTs without their consent,’ says Raccoon. ‘The value proposition of NFTs is that the proof of work ensures your original piece has a unique token attached to it, which means that the person who owns it knows that they have the ‘original’. But the problem is that someone can take a JPG and throw it up on a different marketplace, with a different token attached to it and sell it. There is no ‘original’.’  

  1. Smart Contracts

Pros: NFTs become fascinating when it comes to contracts – more specifically ‘smart contracts’ as they are being called. In a nutshell, the “smart contract” is a set of commands on the blockchain that are executed without human intervention, and meet certain verifiable conditions. What this means is that an NFT artist can ensure they get a cut in resale royalties – a percentage set into the terms of the sale. While Australia has an active Resale Royalties Scheme, in the UK royalties are capped at €12,500, while in the US there is effectively no scheme. So for a global marketplace – which art occupies – this is a big win. Cons: Artists tend to use the standard Ethereum smart contract (known as ERC-721), which currently has no resale redistribution component, with each platform dictating its own resale royalty limits.  So if you want to cover yourself and reap on the resale then you have to get a contract drawn up by a tech lawyer.  

  1. Permanence and conservation

Pros: There are two positives built into NFTs. One is that the blockchain (which it sits on) contains the work’s complete provenance and copyright details, with the potential to add a wide range of additional information. It will always sit there in the code and not be separated from the NFT artwork. Furthermore, in terms of provenance – a tetchy topic in our 21st Century where colonialist collecting practices are questioned and art theft is on the rise – an NFT’s full transaction history can be audited all the way back to its minting. This means that a claim to ownership and authenticity is proven ‘on-chain’. Cons: Artnet’s Tim Schneider makes the very valid point however.  ‘Glossed over in most descriptions of NFTs is a crucial fact: what lives on the blockchain is data describing and tracking the asset, not necessarily the asset itself.  Remember, the token is basically just an inventory number. It links to an artwork, but … “the vast majority” of cases, the artwork is hosted off-chain somewhere else.’ Schneider believes that rather than concrete, this setup opens up a ‘horde of uncertainties about ownership, copyright and preservation … For example, if an animated GIF is actually stored on a server controlled by the marketplace where you acquired its NFT, do you own the GIF… or just a license to access it?’ And while the idea might be permanent and revolutionary, websites often succumb to time maintenance. How many times have you got a 404 error on a no longer existing webpage. So what happens if the NFT marketplace goes out of business – does your NFT and its value evaporate? Like any elevator pitch, there is a lot more to the sell to get an idea across the line. And while NFTs are having a huge impact, bespoke questions for their art world application are starting to arise. Will this just mean a case of ironing out the wrinkles like any new product, or could this round peg not be the fit it was first thought to be for an alternate art market. Only time will tell. Source: NFTs: The Pros and Cons (https://www.artshub.com.au/2021/04/06/nfts-the-pros-and-cons-262268/)  

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