GROWING GAMING ECONOMY IN THE $280 BILLION METAVERSE INDUSTRY WHERE IS IT LEADING TO?
METAVERSE ECONOMICS The metaverse exists virtually and offers a variety of virtual environments, experiences, and assets. One gains entry to this new and potentially highly profitable economy by owning a cryptocurrency or a non-fungible token (NFT). The key to successful economic growth within the metaverse is integration. Metaverse is freedom. The freedom to own property is critical. It creates numerous financial incentives to satisfy the drive for wealth. Most importantly, it does not limit one’s creativity.
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THE FUNDAMENTAL THEORIES BEHIND BUILDING A GAMING ECONOMY As gaming develops in complexity, with currencies and NFTs being created, used, and exchanged, a free-standing economy starts to form. Understanding the fundamental theories behind the economics of gaming is crucial. https://departmentofplay.net/the-principles-of-building-a-game-economy/
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In short and simply put, the following factors contribute towards a successful game: 'Taps' and 'Sinks' - resources, where they come from and go to (e.g., virtual currency and shops) The 'pinch point' is the balance between the taps and sinks to keep the players motivated Inflation is a tool used in the balance and monetization of a game. 'Anchor Values' (e.g., time spent earning currency) is the basis on which a gaming economy is built. Overpowered mechanics ('OP') need adjusting when unbalanced 'anchor values' threaten to make a game dull.
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THE FUTURE OF GAMING IN METAVERSES The plan is for gaming companies to partner with each other, thereby growing this lucrative economy and benefitting from it. With the advent of cryptocurrencies and NFTs, the gaming world is looking to open up its silos. The potential for the multiverse to be the ‘host’ of all these makes it the umbrella of future technologies.
By introducing blockchain and NFTs, players will have absolute ownership, and as the masses catch on and join in, economically viable metaverse will take shape. Players can move assets between games, metaverses, businesses, and virtual reality worlds.
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Virtual land platforms like https://nextearth.io/ Next Earth, whose core idea and key to success have been formulated by enhancing the fundamentals of other successful virtual projects, connect buyers and sellers in a transparent, decentralized land ownership platform.
Every NFTs, virtual assets, businesses, and games have a new earth Next Earth.
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