Play-to-Earn, Move-to-Earn, Create-to-Earn, Wear-to-Earn: X-To-Earn, Find out how Web3 makes money.
Blockchain technology stood out when we were about to drown in all our shifts and deadlines. Now that “X-to-Earn” and “work for the reward” income models are part of our lives, we all have a good answer to the question, “How can we make money from the things we do every day?”
This blog post will view at the different ways to use blockchain technology’s “Earn” opportunity.
“Play-to-Earn” was the first step (P2E)
We woke up one morning to find that we could make money from X-To-Earn. The things we did daily for fun. When you say it like that, it sounds like magic. We were used to the pay-to-earn model before the P2E model came along. In this model, we had to spend real money on different items and characters to move forward in the games we play. The pay-to-earn model, which makes games less fair and goes against the main point of entertainment, has caused gaming ecosystems to create their closed market. In theory, it is impossible to transfer assets or in-game earnings to the real world. However, players have found ways to keep their marketplaces going by bartering and selling.
Statista says that about 3 billion people will play video games in 2021. This number, about 40% of the world’s population, is thought to have vast money-making potential for the people.
When the play-to-earn model came along, it turned everything on its head. We used to have to pay for many things that we can now get for free through assignments, in-game tasks, or achievements. Also, digital assets like tokens and objects with functions can be moved into the real world. Even though the play-to-earn model makes entertainment sound like a boring business idea, some of us are willing to make this trade-off if it means we can make money doing something we enjoy.
Metaverse Gaming and the Rise of Game Tokens
What’s the point? To escape the chaos or maybe the sameness of everyday life? Or is it to sharpen our desire to win by competing with ourselves and sometimes with our competitors on a large scale? As GameFi becomes more popular, the core idea of gaming is also changing.
With NFT technology, ambitious and skilled players can make their favorite characters’ things come to life. Even though a lightsaber or mage’s level of wisdom isn’t instrumental in real life. It can now open up several ways for players to make money, thanks to genuine marketplaces that have been add to the in-game economy. Digital assets can now be moved from one game to the player’s wallet and from the player’s wallet to another player’s wallet. You can keep your unique attributes and objects to make your game more robust or distribute them to somebody who wants them for a profit.
For now, the buzz around Metaverse and the world of seemingly endless possibilities it offers is still a big part of what keeps players interested. Play, earn tokens, move them to your digital wallet, buy things from the marketplaces, or even better, stake your tokens! There are a lot of options.
Move-to-Earn: This is Good for Your Body and Your Wallet
If we could make more money by killing our wild enemies or buying a farm in a picture of the Metaverse, what was wrong with what we did every day in our world? The fact that something as simple as playing games could be turned into a source of income (which could also be see as adding value) made us all think about what else could be a new way to make money. Move-to-earn (Move2Earn) lets people improve their health and make money simultaneously. It makes exercise count for real things. Although many Move2Earn apps follow the traditional concept of a pedometer while walking, apps like Menzy focus on rewarding many activities that take effort. From running to yoga. At the same time, you can stand toe to toe with other players in the same lane or learn from expert trainers.
Create-to-Earn: Use your creativity to make money
Create-to-earn may be the most real-world example of the sub-models we discuss here. So far, artists in many fields have made money by using third parties to market their work. Today, artworks, songs, and even famous internet moments like Jack Dorsey’s first tweet can be sell without a middleman. The new name for this is the “creator economy.” Painters are making NFT collections, and musicians share their songs in NFT format. This create-to-earn model lets creators make money not only from the first sale but also from subsequent sales.
“Wear-To-Earn” is a fantastic way to make money.
Brands, designers, and retailers will work together to add “wear-to-earn” models to help businesses grow in the digital fashion space. Brands and designers can now give money to customers who wear virtual items. This also helps them get to know their customers better and build long-term relationships. This system of rewards gives loyal customers things like cryptocurrency, early access to wearable items, fashion items dropped into their digital wallets or sometimes fungible tokens. Soon, we’ll get a digital copy of every clothing we buy, and if we wear them in different virtual worlds, we’ll get pay. That’s so cool!
There will soon be a new digital world. How ready is your brand?
Even though most people still don’t trust “X-to-Earn” ideas. It seems that when digital transformation is do, it will be as easy as eating. At some point, you can even make money by going out to eat (Eat-to-Earn?).
If you have a brand and are looking for new ways to digitize your products and store in light of all these changes, you can contact our X-to-Earn App Development team right now and be ready when the new digital age arrives.
