Place/Date: - December 2nd, 2021 at 12:17 pm UTC · 4 min read
Source: Beast Legends
Blockchain gaming is the latest crypto frenzy, and the entire industry seems to promote a “revolution from gaming to making money”. The birth of Beast Legends is using cryptocurrencies to build a new blockchain game in which players can earn considerable income simply by playing the game. And Beast Legends uses the Ethereum blockchain to ensure its open and transparent ownership and liquidity, as well as a safe market. With ownership of beasts, the player can trade and sell them safely.
What kind of game is Beast Legends exactly? It is a game centered on collecting, breeding and fighting beasts. Fight against fantasy creatures called Beasts. The game offers turn-based combat between teams of different cartoon monsters; Each Beast has powers originating from their type (Dragon, Tortoise, Nine-tailed Fox, etc.) and their various body parts. Beasts have a wide variety of body parts which makes each beast special. The game is not available in app stores; you can download Beast Legends onto your desktop.
Where it differs from others is that Beast Legends is a decentralized, community-driven GameFi platform that empowers users by rewarding users for their participation and enjoyment. By using innovative tokens ($ARTS), while also combining the essence of DeFi and NFT, a truly unique and permanent free game is created; Existing owners must “breed” them by spending currency earned within the game or purchased from the game store. Those earnings can then be sold on the open market for real money, generating income for players.
In Beast Legends, players buy, breed, and pit monsters against each other to win in-game currency – that can be exchanged for real money. This business model is known as “play-to-earn”, where players earn crypto rewards for playing a game. Each Beast is a non-fungible token (NFT), which is a unique collectible item that can be bought or sold on an exchange outside the game.
At present, full-time players earn thousands of dollars a month by playing blockchain games. As reported by “The Rest of the World” in August, this phenomenon is particularly significant in the Philippines. Under the combined influence of low wages and coronavirus pandemic-related lockdown, players have flocked to the game to seek economic opportunities. This is undoubtedly good news for blockchain games. The media interviewed a man who doubled his income by playing blockchain games to $2,000 per month.
This business model will have a very optimistic outlook. Impressive results from a certain blockchain game platform: about 50% of users worldwide have never used cryptocurrency, and 25% have never had a bank account. Meaning that the game wallet of these players is the first financial services they have received. That helps explain what’s behind the soaring price of blockchain games, and how blockchain games’ total transaction volume going up so high?
Venezuela’s minimum wage is about US$2.40 per month, and Venezuela has the highest annual inflation rate of any country, according to the World Bank. That’s why many locals are forced to find alternative ways to support their families.
Juan Tirado, 32, is unemployed and lives with his family at his in-laws’ small home in Maturín, the capital of Monagas state in Venezuela. He earns his living by playing the cryptocurrency-powered video game full time.“It has helped me pay off years of debts and cover not only my own food expenses, but for my daughter, too,” Tirado said in an interview in Spanish via Discord.
There are many Venezuelans like Tirado. Their enthusiasm for blockchain games can show that crypto games can easily find new audiences among people suffering from soaring inflation, economic shrinking and daily struggles to make ends meet.
As play-to-earn spreads, will more people achieve financial freedom through it? Crypto games are forcing young people to educate themselves about the new world of digital finance. Blockchain gaming has become a significant source of income for people in other developing countries, including Brazil and Vietnam.
Beast Legends co-founder Arthur Madrid said:
“The explosive growth in the number of players demonstrates how quickly monetary rewards in the form of cryptocurrencies can reshape the gaming industry… It’s too soon to say, of course, but I do think that what’s happening in the Philippines and Venezuela today will come to other countries – and possibly even more developed countries – in the near future, and when it does, the idea of making money by playing video games might introduce a lot of people into cryptocurrencies along with it.”