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Metaverse and the Gaming World of Play-to-Earn

 

In the phrase "metaverse," the terms "meta," which means "beyond," and "verse," which means "universe," are combined, which indicates an otherworldly place, to form a compound word. It is possible to buy and sell virtual lands, avatars, and even whole structures inside the Metaverse. The most widely used way of doing this is via the use of cryptocurrency. Several of the metaverses that are now in existence are driven by blockchain technology, which is a decentralized database of transactional information.

Gaming has seen enormous development in recent years, and when the topic of gaming is brought up, it is now immediately linked with huge amounts of money, which is not surprising. According to projections, the global gaming business will be worth $152 billion by the end of this calendar year. Customer spending on games in the mobile applications sector is expected to reach $143 billion by 2020, according to the industry. Despite the fact that a new economic model has finally been adopted, players have spent a considerable amount of time and money on gaming in the years preceding up its implementation. In order to transact in these virtual worlds, a user would need to have bitcoin in order to utilize the blockchain technology that drives many of the metaverses that are already in existence today, a user would need bitcoin or nonfungible tokens (NFTs) This gaming paradigm, which is founded on the idea of an open economy, rewards every player who participates in the game and adds value to it by doing so with monetary compensation.

It is estimated that about $9.6 billion was invested in the global gaming industry in the 18 months leading up to January 1, 2019, according to the International Gaming Industry Association. During the first six months of 2021 alone, a total of $476 million was invested in 24 blockchain-based gaming companies, representing a total investment of $476 million. One example of the Play to Earn Game is that a Vietnamese developer Sky Mavis has created Axie Infinity, a blockchain-based game inspired by the Pokémon brand, which uses the Ethereum blockchain. The final goal of the game is to get an in-game token known as Smooth Love Potion, which serves as a reward (SLP). It is possible for players to breed their Axies with the use of SLP and AXS, which gives them the advantage of earning more money. 

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