Although the COVID-19 pandemic has deprived many people of work, it has also accelerated a wave of technological development, accelerating the social transition to the era of the Industrial Revolution 4.0. In this wave of innovation, blockchain technology in the crypto economy has introduced entirely new forms of work.
In crypto, smart contracts connect everything. These smart contracts allow us to create new Labor To Earn models, expanding earning opportunities for many people around the world, especially low-skilled workers. New Labor to Earn models include:
-Learn to Earn & Participate to Earn: Users get paid just by using a certain protocol.
-Create to Earn: Users can create artwork (via NFT) and music playlists to earn tokens.
-Play to Earn or GameFi: By far, this is the most advantageous form of making money. They allow players to participate in the development of the game and earn money just by playing the game.
In fact, when the COVID-19 pandemic hit the Philippines, many people in the city of Cabanatuan north of Manila started playing gamefi, to earn money to make ends meet while in lockdown. College students who can’t find a job, unemployed drivers, old men and women whose business is sluggish because of the epidemic, etc. have all found a way out in GameFi.
What is GameFi?
Normally, in traditional game business models, all the revenue goes to the publisher, but GameFi is trying to build game universes owned by players, giving them the freedom to play the game and made money. GameFi creates a player-owned economy, by allowing them to trade items and earn more by playing games.
Why is GameFi attractive in developing countries?
The best example of this GameFi phenomenon is Fairy Cat . Fairy Cat is a blockchain-based game in which players adopt magical cats called Fairy Cats and collect treasures with them. Players who complete daily quests will earn an in-game currency, called Gold Diamond (GD). GD can be exchanged for USDT coin.
Fairy Cat represents a new business model based on blockchain, where game creators share their revenue with players. Every dollar that players earn can go straight to the developers’ pockets. However, instead of charging access, selling ads, or forcing users to buy in-apps and keep all the profits for themselves, the developers of Fairy Cat decided to share the profits with players, hoping that The game will be widely used.
To better understand the operation model and profit sharing of Fairy Cat, you can refer to: Fairy Cat code: aB3jth
It is undeniable that GameFi is an attractive proposition for the unemployed or low-skilled workers. Especially, for young people, this is one of the few areas where they have an advantage over experienced elders thanks to their relatively abundant time and technology skills. Furthermore, GameFi allows anyone to convert wasted time into income with relative ease. Now you can use your time waiting for the bus or queuing at the bank to earn a little extra money. Instead of surfing TikTok or watching Youtube, you can play games to earn money. What do you think about this new way of making money? Please comment below to discuss with us!