The new crypto paradigm redefining the future of work

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Even as the 21st century workforce continues to redefine itself from more traditional methods of compensation to a labor economy, most of us are still used to working for organizations – a company, an LLC, a legal structure run by another human or another team. humans. But what if the future sees us instead working for a digital protocol?

Crypto economies have already started to shape the future of work. They blend the way we play, learn, organize, socialize and create, with ownership and income generation. In this sense, what is happening now is much larger than the work, Stephen McKeon, professor at the University of Oregon.

LEIPZIG, GERMANY – FEBRUARY 15: Participants sit in front of a computer screen to play a video game at the … [+] DreamHack Video Game Festival 2019 on February 15, 2019 in Leipzig, Germany. The three-day event brings together game enthusiasts mainly from German-speaking countries for events such as eSports tournaments, cosplay contests and a LAN party with 1,500 participants. (Photo by Jens Schlueter / Getty Images)

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In the crypto economy, we have smart contract nodes, where the movement of resources is dictated by code rather than a human intermediary relying on a traditional legal structure. This means that individuals are now able to collectively form complex contractual relationships even in the absence of a third-party coordinator. This is a game-changer for human organization and resource management.

These smart contracts allow us to modernize current coordination mechanisms that convert human input into capital, resulting in whole new models of working to earn and making more viable income opportunities accessible to previously underserved people around the world. .

New work-to-win models include:

Learn to Win and Participate to Win, where users are paid by the protocol for simply using it. For example, on decentralized social media apps like Minds, users can earn tokens by posting, liking, and sharing. The more people use the network, the more valuable it becomes and therefore the more it can afford to reward its users. Create to Win, where users can create artwork (via NFTs) and playlists (via companies like Audius) to earn network tokens. Play-to-earn – By far the most developed of the categories, play-to-earn allows players to participate in the development of the game and win just by playing.

Drawing inspiration from decentralized finance, Play-to-Earn, also known as GameFi, aims to transform regular users into a driving force behind major decisions within the gaming industry. GameFi facilitates a gamer-owned economy when it’s about exchanging valuables and generating additional income with non-fungible tokens.

The player-owned system is implemented through governance tokens, which can be represented as various game assets. Each governance token gives its owner the power to participate in game development and allocation of games. internal funds, this power being of course proportional to the number of tokens that each user holds. This type of system is transparent to everyone and guarantees fairness in the exchange of objects between players.

Players can also receive a share of the revenue from the games while enjoying the gameplay. Conventional gaming business models are typically designed so that all revenue goes to the publisher. In contrast, crypto games strive to create player-owned universes, allowing players the freedom to play and win.

Here are a few examples submitted by the play-to-earn ecosystems community.

Infinite Axis

Axie Infinity, a Pokémon-style online game where players compete for special redeemable tokens, became one of the first major crypto games to attract many new players, despite having a relatively high entry threshold. In a few months, his community has come up with a unique strategy for those who cannot afford to buy Axie monsters to play the game. By organizing a monster rental service, it is the players who have made the accessible and profitable game for all, bringing the total number of players to more than one million. Axie Infinity Protocol revenue jumped 85% in the past month to reach $ 364 million in August 2021.

StarTerra

StarTerra is a gamified launch pad built on the Terra ecosystem that includes Play-to-Earn, gamified NFTs, and multi-asset staking. The platform allows users to create a unique in-game avatar and upgrade their avatar using NFT tokens such as weapons, armor, creatures, and artifacts. The revenue generated from these NFTs goes to fund the game-to-win feature, creating payments for players in stablecoins.

Wave ducks

Waves Ducks is another rapidly growing game based on the Waves blockchain. Players collect original NFT ducks that can be bred together for the chance to get a new duck with a unique set of genes. These ducks generate game tokens (aptly named EGGs), and the rarer the duck, the more EGG it can produce. Still in the early stages of development, Waves Ducks has assembled a large community of supporters, with plans to expand to include NFT Ducks in the metaverse. At the time of writing, Waves Ducks was in the top 10 NFT marketplaces with over $ 2 million in weekly sales volume, $ 25 million lifetime, 70,000 active players, and 15,000 ducks created.

Players collect original NFT ducks that can be bred together for the chance to get a new duck with a … [+] unique set of genes. These ducks generate game tokens (aptly named EGGs), and the rarer the duck, the more EGG it can produce.

Photo provided by the Waves Ducks team.

The game’s spike in popularity for winning plays a major role in the adoption of cryptocurrency as a whole. The possibility of making decent money from Play2Earn games can save the lives of people in developing countries. The gamification of the crypto environment facilitates acceptance of the DeFi ideology, which is sure to advance the way of doing business and our daily lives, says Sasha Ivanov, Founder of Waves Protocol.

With a growing community of gamers on all platforms actively entering the blockchain ecosystem system, it seems likely that game studios and publishers will soon want to claim their share of the pie by developing their own crypto games based on popular franchises. . Gamers are already starting to see the benefits of playing for-profit online games, and the emerging community is urging them to continue with the transition to a decentralized world.

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