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How Metaverse Gaming Ecosystems Are Taking Over Crypto Industry

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by Olowoporoku Adeniyi · 3 min read
How Metaverse Gaming Ecosystems Are Taking Over Crypto Industry
Photo: DoRac

Metaverse gaming platforms extensively use NFTs to ensure that users have complete control of their assets.

The metaverse has emerged as the next big thing in the crypto industry, with its massive potential to change how we interact with people in the future. It has also expanded the roles of NFTs and digital assets beyond a store of value which can be integrated into different sectors and use cases. 

The popularity of the metaverse has also spun unique games that provide immersive experiences for users and allow them to earn rewards for gaming. Unsurprisingly there’s been a major surge of crypto enthusiasts to a metaverse-based ecosystem for good reasons. 

The global pandemic caused many to lose their jobs, and blockchain gaming represents a great opportunity as a source of steady income. Unsurprisingly there are tons of blockchain gaming platforms in the market. Let’s explore some of the major characteristics of metaverse gaming platforms. 

Immersive Ecosystem

Most metaverse gaming platforms provide users with an ecosystem where they can have fun and earn crypto by performing various activities. Some of which include purchasing lands e.g. Decentraland, fighting battles e.g. Axie Infinity and participating in races, e.g. DoRac

Each ecosystem is built to ensure that users have the ultimate gaming experience by building their characters and leveling up to earn more rewards and win competitions. 

For example, in Axie Infinity, users have to purchase a minimum of three Axies (pokemon like characters) to compete against other players. While on DoRac, users can own and breed special dogs to compete in racing events with other players. 

Application of NFTs

Metaverse gaming platforms extensively use NFTs to ensure that users have complete control of their assets. Unlike traditional games where in-game characters are limited to the games and cannot be sold, metaverse games mint these characters as NFTs. 

NFTs are digital assets that are unique and cannot be easily replicated. The use of NFTs to create in-game assets means that gamers can sell their prized gaming collections on popular NFT marketplaces like OpenSea, BakerySwap and more. 

Unsurprisingly the gaming metaverse games highlighted earlier enable users to sell their Axies (Axie Infinity) and Dog (DoRac) as NFTs on supported marketplaces. DoRac and Decentraland enable users to buy and sell lands and buildings within their metaverse ecosystem.  

Tokenomics

Tokenomics is an essential aspect of any gaming metaverse, with some having multiple tokens within their ecosystem. For example, Axie Infinity has two major tokens, AXIE and SLP tokens, that users can earn within the game. 

Gaming metaverses use these tokens to incentivize gamers, with some tokens serving as utility tokens while others serve as governance tokens within the game. For example, in DoRac, users can earn its native token called $DRT when they participate in racing events with their doges characters. 

Metaverse tokens are also used by gamers to power up their characters and increase the value of their NFTs. Therefore, crypto enthusiasts are always on the lookout for metaverse platforms with excellent tokenomics as they provide great value in the long term. 

Community

Community is an essential factor as metaverse gaming platforms with loyal and large communities tend to bolster the overall value of their games. For example, Axie Infinity and Decentraland have well-established communities with celebrities buying lands on Decentraland. 

DoRac is still an emerging gaming platform but has an active community of over 130,000 members, resulting in its first NFT collection selling within hours of launch. Like Axie Infinity, DoRac also has partnerships with top gaming guilds like Breedfi, AxB Esports guild and Triple Crown Guild. 

These characteristics listed above are some of the major factors that define a metaverse gaming ecosystem. 

Guest Posts
Julia Sakovich
Author: Olowoporoku Adeniyi

Olowoporoku Adeniyi is a crypto evangelist and journalist based in Africa. He's a believer in novel financial solutions and loves all things crypto.   

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