P2E series the complete 101- part 4
The virtual worlds of the Metaverse leverage the benefits of blockchain to offer a slew of benefits to users. Namely:
· Decentralization: Unlike early virtual worlds, which were owned and controlled by corporations, a crypto Metaverse is often decentralized, with some or all Metaverse game components based on blockchain technology. As a result, a blockchain Metaverse tends to deviate from today’s game industry’s mainstream corporate structures and value extraction strategies. The unique structure of blockchain games can provide participants with more equitable involvement options. It also implies that individuals in the Metaverse share ownership of the Metaverse. Even if the Metaverse blockchain’s original designers abandoned the project, the game might remain indefinitely.
· User management: Decentralized autonomous organizations (DAOs) and governance tokens are used by blockchain Metaverses like Decentraland to help put their players in charge of the game’s future, letting them vote on modifications and upgrades. Metaverses can grow into full communities with economies and democratic government in this fashion, becoming more than just crypto games.
· Verifiable provenance: In blockchain Metaverses, in-world things are represented by blockchain tokens, such as non-fungible tokens (NFTs). Achievements and purchases in gaming environments can be quite valuable to players. NFTs modernize in-game item standards by providing much-needed openness and access to asset markets. Metaverse tokens and things may be coded to easily help authenticate the provenance of in-game user-generated material and NFT gaming assets because each NFT is unique.
· Economic worth in the real world: Blockchain Metaverse economies are inextricably linked to the broader crypto-economy since they utilize blockchain tokens and infrastructure. Holders of Metaverse currencies, avatar skins, and digital real estate can now trade them on Decentralized Exchanges ( DEXs) and NFT marketplaces for real-world value.
The In-Game/In-World Utility of NFTs
With eSports and iGaming continuing to grow at an exponential rate, it was only a matter of time before NFTs found their way into the vast world of blockchain gaming. As is typically the case with most things digital, all of the cutting-edge innovation in NFTs was found in the gaming industry.
The eSports, iGaming, entertainment and betting scene is rapidly evolving from simple amusement into a full-fledged digital entertainment phenomenon as people prefer to do everything online. Sharing snapshots of experiences, engaging directly with brands and stars, and claiming new digi-physical assets are now the norm in these dynamic sectors. Immersive engagement is the future of digitalization.
The video gaming, eSports, betting and entertainment markets offer tremendous business opportunities if merged with NFTs and blockchain technology. The vast majority of gamers are familiar with cryptocurrencies and agree that it is a game-changer for the industry.
While the Esports industry is growing rapidly, with an annual growth rate of 33% and over 450 million viewers, it remains limited to professional players and teams. There is a big demand for participation in eSports from amateur players, but only a few get the chance to participate. Participation fees only in Esports tournaments can reach millions of dollars. The number of professional eSports players worldwide is less than 1000, while the number of gamers surpasses 2 billion.
Game developers are starting to use eSports as their preferred marketing tool to provide high-quality entertainment not just for players and teams, but also for game viewers and fans. The opportunities are endless: eSports will have over 1Bn fans and viewers by 2023, which is nearly ⅓ of all gamers. But even so, there are still other issues that need to be addressed in the eSports tournament sector to make it a globally attractive venture with limitless monetization options.
Given the projections for further growth of these multibillion-dollar markets, the current moment provides a great opportunity for introducing NFTs into th sectors so users can interact, engage, buy, trade and get rewarded for their participation in games.
The current market environment in the eSport, iGaming, entertainment and P2E sectors is opening new opportunities by tapping into the NFTs segment, which will be a trillion-dollar market by 2030. That means USD 999.9 billion in future opportunities. For the first time in history, we have an opportunity to bring real value to the market of video gaming through the novel model of NFTs. According to the last Narus Advisers report, the size of the global skin gambling market alone is $7.4 billion where 92.5% of all bets are placed using skins instead of cash.
Many games have been developed along these lines, with blockchain ensuring the uniqueness of artefacts generated algorithmically within the game environment.
Nitro League and the General Metaverse Landscape
Games are self-contained digital environments that function according to their own rules. Online, multi-player, role-playing worlds like The Sims or Second Life have been around for nearly 20 years. Minecraft, World of Warcraft and Fortnite have hundreds of millions of users, and huge supporting economies. We are now at an inflection point where new technologies have come together to enable this vision of the metaverse. Augmented reality (AR) and virtual reality (VR), digital currencies and NFTs could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand.
Within the Nitro League metaverse, players can enjoy different racing modes to build up their skill and performance or earn crypto. Nitro Prime is a hyper-realistic, 3D, video game paradise. Famous for the intergalactic hyper-racing event, Nitroleague. You may race on a track that starts from the ruins of a hippodrome (left by earlier settlers of Nitro Prime), and continues winding against the rocky facade of Mount Kulin. It’s a perfect mix of the great ancient and modern tech equipped for hyperspeed races.
Nitro League is a skill-based game with unlimited possibilities for expansion to provide endless entertainment to the gaming community. Nitro League presents an open-world metaverse with beautiful landscapes and structures as far as the eye can see. As the game community grows, players will be able to freely roam around in different cities and own garages, tracks, factories, and land. Our vision is to leverage the true power of blockchain technology to make every aspect of the game decentralized so the community can hold all the power in the game. Players will be able to create and host racing events and other activities and broadcast them online for a real-world sporting experience. Nitro League will also invite sponsors and advertisers to help support the developers in the continued delivery of high-quality, fresh, and exciting content to expand the Nitro metaverse.
Nitro League allows players to stake their $NITRO to unlock reward multipliers, gaining access to exclusive races and more. As they progress in the game, more features such as designing tracks, starting their own clan, and recruiting friends to join their clan become available. Nitro’s ‘blueprints’ are their breeding mechanism, where gamers can obtain the blueprints for a car and customize and design it. This deals with uncontrollable supply via unlimited breeding. Nitro is also metaverse linked, meaning that you can bring your Cryptopunk, Bored Ape or VFlect into Nitro League as your avatar or feature in your garage which is your gameplay and social hub.
Players can collect Nitro League NFT cars, race with them online, trade them on any NFT marketplace, and or showcase them across the metaverse. They can upgrade their Upgrade your NFT car with rare parts to increase market value, as well as increase their chances of winning more races. Custom designs, skins and more in-game items will become available as Nitro League onboards new partners!
About Nitro League
Nitro League is a decentralized play-to-earn racing game, bringing together great gameplay, token economies, and the metaverse. This NFT game is built by a team with 500M app store downloads, crypto projects, and economies worth more than US$3B. All in-game assets and utilities are NFTs with cutting-edge gameplay mechanics.
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