The world is facing massive economic crises. In low to middle income countries, people are struggling for basic services. Play-to-earn games could be one way of solving this problem.
David Beasley, Executive Director of the World Food Program (WFP), sounded the alarm in December 2020 about global hunger and food supplies. At that time, the number of people “starving” rose from 135 million to 270 million as a result of government measures.
Beasley warned that 2021 would be disastrous. "The famine is literally at hand and we are talking about the next few months," he said. He recalled how the World Food Program (WFP) organized aid deliveries when the global aviation industry collapsed at the start of the pandemic. He also warned that 2021 threatens to be the worst year of crisis since the founding of the United Nations, “and we will have to intervene”.
In most of the low- to middle-income countries, NFT games are starting a new currency revolution and mitigating the damage caused by the local economic turmoil.
Inflation is eating the world
According to the Food and Agriculture Organization of the United Nations (FAO), food prices are around 33.9% higher than last year and have reached their highest level since July 2014 . The IMF describes the government shutdowns beginning in early 2020 as the “Great Lockdown”. This interrupted the supply chains and restricted the supply of food and its availability.
In sub-Saharan Africa, nutrient-rich foods such as eggs, fruit and vegetables are now ten times more expensive than staple foods such as rice or wheat. And prices keep rising. In Syria, monthly food costs have skyrocketed 240% while the number of people affected by food shortages has risen by 1.4 million. Wheat and cassava prices have increased 62% and 41%, respectively, since February 2020. In Kenya, the cost of corn increased 60% in 2019. The price of rice in Nigeria, meanwhile, rose by over 30% and food prices in South Sudan tripled in March 2020. The price of staple foods in Ghana rose by as much as 33%.
The gaming market as a lifesaver
The crypto market has long been viewed as a protection against the uncertain economic developments. Indeed, that may well have been Satoshi Nakamoto's intention. But what about the gaming sector? Could the $ 152 billion market also become a life raft to free yourself from sinking fiat currencies?
Web3 has opened a new internet, and Web3 games are growing and becoming more popular. As we've seen in the crypto markets, attention is attracting more attention. It seems that the play-to-earn model could be the future of video games. This is a huge plus for the cyberpunk savvy crypto enthusiast who believe in open economies.
In the play-to-earn model, participants create added value by spending time in the game's ecosystem. Games are no longer just about having fun. In the 18 months to 2019, a total of 9.6 billion US dollars flowed into the global games industry. In the first half of 2021, two dozen blockchain-based game companies invested $ 476 million.
How play-to-earn can save livelihoods and lives
Bitcoin , Ethereum, and other cryptocurrencies have already changed people's lives. Now play-to-earn games have the option to do the same. Play-to-earn is a model of gaming where players can earn real money or other rewards by playing. Players can earn tokens which can then be converted into liquid cryptocurrency and sold on the well-known exchanges. This could be life changing in low wage countries.
“The crypto economy has already started changing the future of work. Crypto technology unites the way we play, learn, organize, socialize and create. And that in combination with property rights and income opportunities. In that sense, what's going on goes well beyond employment, ”Stephen McKeon, professor at the University of Oregon, told Forbes.com.
Play-to-Earn startet in Asien
The Great Lockdown resulted in an official unemployment rate of 8.7% in the Philippines in February 2021. In addition, almost 10% of the working population were looking for more work. In January 2020 the unemployment rate was still 5.3%. According to the Global Hunger Index 2020, the Philippines ranks 69th out of 107 countries listed in the Global Health Index.
Especially in Southeast Asia, countries like Vietnam, the Philippines and others are making a fortune with these “play-to-earn” models. Just playing games like Axie Infinity can bring in over $ 40 a day . That is more than most of the minimum wages in developing countries. Now there are even more lucrative opportunities in the play-to-earn area, where you can buy entire collections of playable characters, for example, and even lend them to others who do not have the necessary money.
Crypto not only solves financial inclusion through various financial services, but now also opens the doors for those who do not have access to applications with high entry barriers or who find it difficult to participate. Andreessen Horowitz (a16z) sees the problem and wants to be part of the solution. In addition, a16z invested in Yield Guild Games, a play-to-earn community based in the Philippines. The real potential of play-to-earn games to feed families in developing countries is becoming increasingly evident.
Play-to-earn games will enable a life-saving token economy. Individuals around the world can take part in a variety of online tournaments and play for different levels of status and income. For example, a player can take part in binary stock-picking duels and tournaments. If his portfolio outperforms that of his competitors, he can earn rewards, for example in the form of NFTs , ie objects that are in demand in the real world.
It's not just play-to-earn
It's not just play-to-earn. Furthermore, it's not just the play-to-earn model that is prevailing right now. In addition to this earning model, there are other ways that individuals can make money. So new models keep popping up. With “ Learn-to-Earn ” and “ Participate-to-Earn” , users earn tokens by posting, linking and sharing content. The more people use the network, the more valuable it becomes and the more users earn from the rewards. With “ Create-to-Earn ” models, users create works of art, such as NFTs, in order to earn tokens.
An online community that is motivated by income opportunities? There is little doubt: play-to-earn games, along with a wider adoption of cryptocurrencies, are an extremely useful thing .
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