Web3 Gaming: Genres, Regulations, and Beyond - In-Depth Insights

Web3 Gaming: Genres, Regulations, and Beyond - In-Depth Insights

Play-To-Earn Games News, P2E Games News | 26 Sep 2023 17:39 UTC

Dive into the $200 billion video game industry, where Web3 gaming promises revolutionary opportunities and NFT rewards.

The video game industry is massive, with revenues exceeding $200 billion, providing top opportunities and corresponding rewards. Similarly, a revolutionary branch of the video game industry, Web3 gaming, has seen tremendous growth in recent years. The figures show a lot of promise and high rewards for both developers and investors. Every day, millions of people play video games on their mobile devices, PCs, or consoles. People interact in-game, and there are in-game economies with valuable in-game assets. Despite its rainbows and sunshine, the web3 gaming domain has its own set of hidden traps and landmines. These hidden challenges are among the most visible in the Legal and Regulatory fields.

The Regulatory Concerns in Web3 Gaming Industry

The biggest problem in the world of blockchain gaming is that people don't know what the rules are. Where are legal boundaries and how long are these boundaries going to stay? Developers and game studios have a lot to think about. Games don't just have to deal with issues like intellectual property rights, consumer protection, and gambling. Web3 games also have to deal with new problems, such as special digital money (NFTs), virtual currency, and financial laws.

All of this is happening at a time when the rules about cryptocurrencies in general are still not clear to this day. Moreover, it differs from region to region, some countries have an embracing attitude while others aren’t giving any space to it. If game developers don't follow these rules, they could get fined or even be charged with a crime. So, it's very important to know how the law works.

The Money Transmission Conundrum in Web3 Games

A good game takes a lot of blood, sweat, and tears to reach its final form. Take for example a popular MMO game that has a lot of concurrent players and downloads after putting in a lot of effort in terms of development, research, marketing, and whatnot – only to be found that the game is used by criminals. Such MMO games have massive microtransactions in the shape of trading of assets, buying, and selling.

Most of these transactions take place using unofficial channels, this is where the bad actors jump in to exploit the game. Popular games like CSGO and World of Warcraft have been a victim of these actors. Now, with web3 gaming and DeFi having in-game currencies, and NFTs, the bad actors have zoomed in on the niche.

So the movement of money is controlled by certain institutions varying from country to country and compliance is necessary. It is better to keep in mind the regulations of money transmission whilst making a game.

When developers add new features to a blockchain game, they need to carefully consider how these changes might impact the regulation of the game. They should determine if their actions, such as taking possession of players' assets like tokens or non-fungible tokens (NFTs), could qualify as regulated money transmission activities, especially if these assets are convertible virtual currencies (CVCs).

Also, developers should know that the Commodity Futures Trading Commission (CFTC) is in charge of commodities, which includes virtual currencies. If parts of a game involve financial contracts like derivatives, they may fall under the CFTC's watch without being meant to.

There is also a bill called "The Digital Commodities Consumer Protection Act of 2022," which could give the CFTC more power to watch digital currency markets. It is very important for blockchain game developers to know about these legal issues.

Knowing how to follow KYC and AML rules in blockchain gaming

Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance are two important steps that often cause problems in the world of blockchain gaming. These steps are important because blockchain gaming platforms are required in many regions and countries to collect and confirm user identity information. However, these rules can sometimes go against the privacy and decentralization that are at the heart of blockchain technology.

Meeting these rules can be hard for decentralized gaming platforms, where users have more control over their data and transactions. A major concern is finding a way to keep compliance while keeping blockchain gaming's focus on users.

Taxes and Recognizing Income in Blockchain Games

Tax issues are also complicated when it comes to blockchain games. When in-game items are bought, sold, or traded, capital gains tax can be triggered in different places. When it comes to making money, game developers have their own set of problems. This is because blockchain transactions are fluid and player-driven economies could make it possible to keep making money.

Even the players themselves might have to deal with tax issues, especially if they make money from playing games. All of these tax issues show how important it is to have clearer and more specific tax rules for blockchain gaming.

DeFi Features Integration in Web3 Games

We can expect Decentralized Finance (DeFi) features to be added to web3 games as they keep getting better and more complex. One of the most exciting parts of putting a game on the blockchain is using features that only work with cryptocurrencies.

Here's a simple example: say you can stake your governance tokens inside the game to earn in-game currency. This means that if you help make decisions about how the game is run, you can get more in-game resources.

Now, let's look at a more complicated situation: you could risk both your governance tokens and in-game currency tokens to get a powerful NFT sword. This special sword can make you much better at the game and get you better rewards when you beat enemies.

Players could also use their tokens as collateral to borrow a sword like this from another player or a liquidity pool. In exchange, they can split the money this powerful sword brings in. You can either burn the sword or give it back when you're done with it. When you do this, your governance and in-game tokens become available. This works in a way similar to how DeFi protocols like Curve or Uniswap bring in liquidity.

In the end, these DeFi features in web3 games give players exciting ways to improve their gaming experience, earn rewards, and take part in the game's economy in new and interesting ways.

Frequently Asked Questions (FAQ) - Web3 Gaming Industry

What is Web3 gaming, and how does it differ from traditional gaming?

Web3 gaming represents a new frontier in the gaming industry, combining traditional gaming elements with blockchain technology. Unlike traditional games, Web3 games utilize decentralized platforms, NFTs (Non-Fungible Tokens), and cryptocurrencies to enhance gameplay, in-game economies, and player ownership of digital assets. Examples of Web3 games include "Axie Infinity," "Decentraland," and "CryptoKitties."

Who are the key players in the Web3 gaming industry?

Prominent game studios pioneering Web3 gaming include Sky Mavis (the creator of "Axie Infinity"), Decentraland (known for its virtual real estate platform), and Dapper Labs (responsible for "CryptoKitties" and "NBA Top Shot"). These studios are at the forefront of developing games that leverage blockchain technology and NFTs.

What are NFTs, and how are they used in Web3 gaming?

NFTs (Non-Fungible Tokens) are unique digital assets verified on blockchain networks. In Web3 gaming, NFTs are utilized to represent in-game items, characters, and collectibles. Each NFT has distinct attributes and can be owned, bought, sold, or traded by players. For instance, in "CryptoKitties," each digital cat is an NFT, and its ownership is recorded on the blockchain.

Which game genres are prevalent in Web3 gaming?

Web3 gaming encompasses a wide range of genres, from role-playing games (RPGs) like "Axie Infinity," where players collect and battle creatures, to virtual worlds such as "Decentraland," offering users a platform to buy, sell, and build on virtual land. Other genres include card-based games, strategy games, and collectible card games with blockchain-backed assets.

What are the regulatory challenges in Web3 gaming?

Web3 gaming operates in a regulatory gray area, raising concerns about issues like intellectual property rights, consumer protection, and gambling. Additionally, the compliance with evolving cryptocurrency and financial laws can vary by region. For example, the Commodity Futures Trading Commission (CFTC) oversees virtual currencies, impacting certain aspects of Web3 games. Developers must be aware of these legal issues and adapt their games accordingly.

How do in-game economies function in Web3 games?

In Web3 games, in-game economies revolve around the exchange of assets, often using cryptocurrencies and NFTs. Players can buy, sell, or trade these digital assets within the game ecosystem. For instance, in "Axie Infinity," players can trade Axies (NFT creatures) and earn cryptocurrency for participating in battles. These in-game economies can be intricate and player-driven, adding depth and value to the gaming experience.

What role does DeFi (Decentralized Finance) play in Web3 gaming?

DeFi features are increasingly integrated into Web3 games, providing players with novel ways to interact with the game's economy. For instance, players can stake governance tokens to earn in-game currency or use tokens as collateral to borrow powerful in-game items, enhancing their gameplay. DeFi elements like liquidity pools and yield farming are integrated, creating opportunities for players to participate in the game's financial ecosystem.

How do Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance impact Web3 gaming?

KYC and AML rules are essential in many regions for blockchain gaming platforms. These regulations require collecting and verifying user identity information, which can conflict with the privacy and decentralization principles of blockchain technology. Striking a balance between compliance and user privacy is a significant challenge for decentralized gaming platforms.

What tax considerations should players and developers be aware of in Web3 gaming?

Taxation in Web3 gaming can be complex, with capital gains tax implications when in-game items are bought, sold, or traded. Players earning income from playing games may also face tax obligations. Clarity and specificity in tax rules for blockchain gaming are crucial to navigating these complexities successfully.

How does player ownership of in-game assets work in Web3 gaming?

In Web3 gaming, player ownership of in-game assets is facilitated through NFTs and blockchain technology. These digital assets are unique and provably owned by individual players, enabling true ownership and the ability to trade or sell them outside the game environment. For example, in "Decentraland," players own virtual land represented as NFTs on the blockchain, giving them full control over its use and resale.

Can you explain the concept of play-to-earn in Web3 gaming?

Play-to-earn is a central concept in Web3 gaming, allowing players to earn cryptocurrency or other valuable rewards by engaging in gameplay. In games like "Axie Infinity," players can earn cryptocurrency tokens by participating in battles and other in-game activities. This economic model incentivizes players to invest time and effort into the game, potentially generating income.

What are the challenges associated with securing NFTs in Web3 gaming?

Securing NFTs in Web3 gaming is crucial due to their real-world value. Players must safeguard their private keys and wallet information, as losing access to these can result in the loss of valuable digital assets. Hacks and scams in the NFT space are a concern, making it vital for players to prioritize security measures and choose reputable platforms.

Are there any notable decentralized marketplaces for trading NFTs in Web3 gaming?

Yes, several decentralized NFT marketplaces have emerged, providing platforms for buying, selling, and trading NFTs. Examples include OpenSea, Rarible, and Nifty Gateway. These platforms enable direct peer-to-peer transactions and offer a wide range of NFTs from different Web3 games and projects.

What are the energy and environmental concerns related to blockchain gaming?

Blockchain technology, which underpins Web3 gaming, often requires substantial computational power and energy consumption. The energy-intensive process of mining cryptocurrencies can raise environmental concerns, leading to debates about the sustainability of blockchain-based gaming. Some game studios are exploring more eco-friendly blockchain alternatives to address these concerns.

How can players and developers mitigate risks associated with volatile cryptocurrency prices?

Cryptocurrency prices can be highly volatile, impacting both players and developers in Web3 gaming. Players may experience fluctuations in the value of their in-game assets, while developers may face challenges in pricing in-game items. Risk mitigation strategies may include hedging, stablecoin integration, and the use of oracles to provide real-time pricing information.

Are there any efforts to establish industry standards and best practices in Web3 gaming?

Efforts to establish industry standards and best practices in Web3 gaming are ongoing. Industry associations and consortiums, such as the Blockchain Game Alliance, work to develop guidelines for developers, players, and platform operators. These standards aim to promote fairness, security, and transparency in Web3 gaming ecosystems.

How can players ensure fair and secure transactions when trading NFTs in Web3 gaming?

Ensuring fair and secure NFT transactions involves several precautions. Players should thoroughly research the reputation of the marketplace or platform, use secure wallets, and consider using escrow services for high-value transactions. Additionally, conducting due diligence on the authenticity and provenance of NFTs can help prevent fraud.

What is the potential impact of Web3 gaming on traditional gaming platforms and publishers?

Web3 gaming's rise has the potential to disrupt traditional gaming platforms and publishers. The shift toward player ownership, decentralized economies, and play-to-earn models could challenge the conventional revenue streams of publishers. Traditional platforms may need to adapt and incorporate blockchain elements to remain competitive in the evolving gaming landscape.

How can developers address scalability issues associated with blockchain technology in Web3 gaming?

Blockchain scalability is a concern in Web3 gaming due to the need for fast and efficient transactions. Developers are exploring various solutions, such as layer 2 scaling solutions, sidechains, and sharding, to enhance the scalability of their games. These technologies aim to reduce transaction costs and increase the throughput of blockchain networks, ensuring a smoother gaming experience.

Are there any notable partnerships or collaborations between traditional gaming companies and Web3 gaming projects?

Several traditional gaming companies have begun to explore partnerships and collaborations with Web3 gaming projects. These alliances seek to bridge the gap between the traditional gaming industry and the blockchain space. For example, Ubisoft Quartz, a blockchain-based initiative by Ubisoft, is exploring opportunities to integrate blockchain technology into its games.

What are the future trends and developments we can expect in Web3 gaming?

The future of Web3 gaming promises to be dynamic and innovative. We can anticipate trends like the metaverse, where interconnected virtual worlds provide immersive experiences, and further integration of DeFi features into gameplay. Moreover, as blockchain technology evolves, Web3 gaming may see improvements in scalability, energy efficiency, and cross-chain interoperability, expanding its potential and reach.

Dive into the $200 billion video game industry, where Web3 gaming promises revolutionary opportunities and NFT rewards

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Let's play a game of worldwide web-hopping!

So, wherever you are in the world, the gaming universe is just a c

When reading this article on Web3 gaming, several key takeaways should be at the forefront of the reader's mind:

  1. Web3 Gaming is Transformative: Understand that Web3 gaming represents a significant transformation within the gaming industry. It leverages blockchain technology, NFTs, and cryptocurrencies to redefine gameplay, in-game economies, and player ownership of digital assets.
  2. Diverse Game Genres: Web3 gaming covers a wide range of game genres, from RPGs to virtual worlds and collectible card games. It's not limited to a specific type of game, offering diverse experiences.
  3. Ownership and NFTs: Player ownership of in-game assets, facilitated by NFTs, is a defining feature. Players have the power to buy, sell, trade, and truly own their digital assets.
  4. Play-to-Earn: The concept of play-to-earn is central, allowing players to generate income through gameplay. Earning cryptocurrency rewards for in-game activities is a distinctive feature of Web3 gaming.
  5. Regulatory Challenges: Be aware of the regulatory challenges in the Web3 gaming landscape, including legal boundaries, intellectual property rights, and compliance with evolving cryptocurrency laws.
  6. Secure NFT Transactions: Ensuring secure NFT transactions is crucial. Conduct research on marketplaces, use secure wallets, and consider escrow services for high-value transactions.
  7. Environmental Concerns: Understand the energy and environmental implications of blockchain gaming. Some blockchain technologies are energy-intensive, and the industry is exploring eco-friendly alternatives.
  8. Scalability Solutions: Developers are actively addressing blockchain scalability issues to ensure a smooth gaming experience. Solutions like layer 2 scaling and sharding are being implemented.
  9. DeFi Integration: DeFi features are being integrated into Web3 games, offering exciting opportunities for players to participate in the game's financial ecosystem.
  10. Industry Standards and Future Trends: Keep an eye on efforts to establish industry standards and best practices in Web3 gaming. Additionally, stay informed about emerging trends, such as the metaverse and collaborations between traditional gaming companies and Web3 projects.
  11. Personal Security: Given the value of NFTs and cryptocurrencies in Web3 gaming, prioritize personal security by safeguarding private keys and wallet information to prevent potential loss.
  12. Adaptive Traditional Gaming: Recognize that the rise of Web3 gaming has the potential to challenge traditional gaming platforms and publishers, prompting them to adapt and explore blockchain technology.

In summary, Web3 gaming offers exciting opportunities but also presents regulatory, security, and environmental challenges. Readers should keep these aspects in mind to navigate this evolving landscape effectively.

Related Tags

Web3 Gaming, NFTs, Blockchain Gaming, Game Studios, Gaming Genres, Play-to-Earn, Decentralized Marketplaces, Regulatory Challenges, In-Game Economies, DeFi Integration, Metaverse, Traditional Gaming, Player Ownership, Environmental Impact, Scalability Solutions, KYC and AML Compliance, Tax Considerations, Security, Industry Standards, Future Trends

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    ArchLoot has become a leader in the rapidly growing world of blockchain games, which is pushing the limits of what is possible. This 2022 RPG takes players on an exciting journey through ALTvers, a remote realm in a very large galaxy, and offers a fully realistic experience on the Binance Smart Chain. The game is unique because it focuses on User-Generated Content (UGC) and Non-Fungible Tokens (NFTs). ArchLoot lets players not only take part in the game, but also make their own virtual world. Adding interactive NFTs, especially monster parts that can be moved around, gives games a new, dynamic aspect that wasn't there before. Players spend most of their time on ALTvers, the game's center island in the vast universe. Crafted monsters fight both local creatures and other players. They are ma...

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    Final Form: Mastering Strategic Evolution in the Interdimensional Card Battler

    Final Form: Mastering Strategic Evolution in the Interdimensional Card Battler

    Ex Populus has made a significant impact in the gaming industry with the release of "Final Form," a digital card-based auto-battler game that premiered on the Xai platform. What distinguishes Xai from other platforms is its unique "layer-3" status, designed specifically to cater to game creators operating in the Web3 space. "Final Form" offers players a distinctive gaming experience as they build new decks for each match, and their choices unfold cinematically. The game's logic is built on Arbitrum Nova, a cutting-edge decentralized blockchain, ensuring transparency and long-term sustainability for the game. "Final Form" takes trading cards to the next level, providing peer-to-peer card mobility while adhering to high ERC standards. Importantly, it's not just a product of Ex Populus but a ...

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    DEFY Mobile Game: Metaverse Move-to-Earn Augmented Reality

    DEFY Mobile Game: Metaverse Move-to-Earn Augmented Reality

    DEFY is a groundbreaking mobile game that introduces a novel concept known as "move-to-earn" while merging elements from both the virtual and real worlds to create an immersive metaverse experience. Running on the Polygon blockchain, DEFY focuses on restoring digital identity and personal data ownership within the framework of the decentralized Defiance Of Society. Players of DEFY find themselves in a world where a faceless organization called Future Systems has taken control of global networks, promising free internet access to all but at the cost of privacy and individuality. People now rely on Future Systems for basic needs, leading to dissatisfaction among some. In this scenario, players take on the role of operatives assisting a character named Kha0s, a systems administrator within...

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    Dark Throne: Exploring a Demon-Ridden RPG with NFTs & Heroes

    Dark Throne: Exploring a Demon-Ridden RPG with NFTs & Heroes

    The world of "Dark Throne" is an action-packed RPG drawing inspiration from the "hack and slash" genre. Set in a dark fantasy realm plagued by demons, the game offers players the chance to embody various heroes such as the Paladin, Assassin, and Demon Hunter, each with distinct abilities and combat styles. The storyline revolves around the kingdom of Balos, shattered by darkness and demonic invasion, pushing survivors on a mission to rid their world of the malevolent forces. Notably, the game boasts exceptional graphics and gameplay immersion, attributing this to Jeehyung Lee, an artist renowned for work with Marvel and DC Comics, who contributed as the art director. The article emphasizes the game's use of NFTs in the form of Totems, representing playable characters and providing both col...

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    Deadrop: Free To Play NFT Shooter - Game Review

    Deadrop: Free To Play NFT Shooter - Game Review

    "Deaddrop" is a newly released free-to-play AAA vertical extraction shooter (VES) that incorporates non-fungible tokens (NFTs) to elevate the online multiplayer gaming experience. Developed by Midnight Society, a game studio founded by the well-known YouTuber and content creator Dr. Disrespect (Herschel "Guy" Beahm IV), the game has garnered rapid popularity due to its unique take on the battle royale genre. Released on July 30, 2022, "Deaddrop" offers fast-paced, competitive gameplay reminiscent of titles like Call of Duty, making it suitable for players of all skill levels. One notable addition to Midnight Society's offerings is the "Founders Pass," which includes unique NFTs that grant access to special in-game content. These NFTs serve as a token of appreciation from game developers to...

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    Parallel: Sci-Fi NFT Trading Card Game with Unique Parallels

    Parallel: Sci-Fi NFT Trading Card Game with Unique Parallels

    "Parallel" is a unique trading card game set in a captivating science fiction world that distinguishes itself from traditional card games by utilizing non-fungible tokens (NFTs). These NFTs allow players to have true ownership of in-game assets, granting them the freedom to buy, sell, or trade them without restrictions. The game also offers an open-world experience, enabling players to explore and engage with the game's universe in ways that were previously impossible in conventional card games. "Parallel" periodically releases packs containing valuable Parallel NFTs, further enhancing the opportunities for players to acquire and trade valuable items. The creators of "Parallel" have dedicated considerable effort to ensure the game provides a visually stunning and immersive experience. The ...

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    Ev.io - Solana-Based Blockchain First-Person Shooter Game

    Ev.io - Solana-Based Blockchain First-Person Shooter Game

    Addicting Games Inc. created the instant-play blockchain game Ev.io. Ev.io is a first-person shooter game available on ev-io, an online gaming platform. EV.IO, a Solana-based blockchain first-person shooter game, offers players instant access to seven different game modes, including team deathmatch, battle royal, capture the flag, and more, with the added feature of custom map creation. The game follows a Halo-esque battle style where players start with one gun and a sword and can find additional guns throughout the map, while also customizing their character's abilities. With a PVP style that levels the playing field for all players and NFTs that have no impact on gameplay, EV IO offers simple yet engaging gameplay, and the project's focus on creating a fun game with potential earnings ha...

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    NFL Rivals: Manage Your NFL Team - NFT Game - Mythical Games

    NFL Rivals: Manage Your NFL Team - NFT Game - Mythical Games

    Manage your own NFL team in NFL Rivals, the NFT game developed by Mythical Games and the NFL. Build a powerhouse team and dominate the competition! In the Game, players have the opportunity to live out their fantasy of becoming a manager in the NFL and earning real money through gameplay. This NFT and play-to-earn game allows players to take control of their own team, building and managing it to success on the virtual gridiron. Its an exciting mobile game developed by Mythical Games that allows players to live out their dreams of being a general manager of an NFL team. The game features fast-paced, arcade-style gameplay that is easy to pick up but difficult to master. Let get into NFT Rivals review! NFL Rivals Review: Players can collect and trade player cards featuring their favorite NFL ...

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    Cyball: Sports Strategy Trading Card NFT Game - Crypto Rewards

    Cyball: Sports Strategy Trading Card NFT Game - Crypto Rewards

    "Cyball" is a sports strategy trading card game that combines player-versus-player matches with the excitement of collecting and trading non-fungible tokens (NFTs). The game features appealing character designs and a diverse range of collectible NFTs, adding a unique dimension to the gaming experience. A standout feature of Cyball is the utilization of CyBlocks, which are cryptographically secure NFTs with distinct IDs, making them non-replicable. These NFTs hold significant value within the game, with lower-numbered CyBlocks being the most coveted. Owning a CyBlock NFT is a prerequisite for participating in Cyball gameplay, emphasizing their importance in the game's ecosystem. Cyball provides a selection of game modes to cater to various player preferences: Friendly Mode: This mode offers...

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    Kingdom Karnage: The Revolutionary NFT Card Game

    Kingdom Karnage: The Revolutionary NFT Card Game

    Kingdom Karnage is a card game unlike any other in the NFT/cryptocurrency format with a huge range of cards. These cards let players fight battles for dominance in the Kingdom. Kepithor Studios is behind the creation of the game. Kingdom Karnage is simple in its format but requires dedication, skills, and strategy to progress. In order to participate in the battle, each player would begin with an army of 30 cards with the goal of defeating the enemy card army by reducing their health before they reduce yours. This is achievable by attacking the opposition cards through various attacks, spells, and combinations. Furthermore, players can upgrade cards by adding weapons, defense, and pieces of equipment. The variations in attacks are possible by combining together different cards, or either d...

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    Big Time: NFT Third-Person Action RPG And NFT Marketplace

    Big Time: NFT Third-Person Action RPG And NFT Marketplace

    "Big Time" is an innovative NFT (Non-Fungible Token) third-person action RPG that offers a cooperative gaming experience. In this game, players have the opportunity to form groups of up to six players and embark on adventures within a vast 3D overworld, including a hub called Epoch City, which bears a visual resemblance to popular games like No Man's Sky, Destiny, Fortnite, and Skylanders. The central mechanic of the game revolves around time machines, which bear a striking resemblance to black hole portals. These machines are used to transport player teams into dungeon instances, where they engage in real-time combat against a variety of adversaries. Combat in "Big Time" combines magic-based, melee-based, and hybrid combat styles. Interestingly, these time machines can be customized using...

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    Defi Kingdoms (DFK): Cross-Chain RPG, Harmony Network NFTs

    Defi Kingdoms (DFK): Cross-Chain RPG, Harmony Network NFTs

    Defi Kingdoms (DFK) is an innovative role-playing game (RPG) set in a captivating pixelated 8-bit world. Players have the freedom to create their own characters and engage in real-time battles with other participants, offering a unique gaming experience that combines mythical cards, castles, dungeons, and strategic gameplay. The game operates on the Harmony network and employs a native token known as DEFI for all in-game transactions. DEFI also serves as the currency for purchasing items within the game. Furthermore, Defi Kingdoms features two additional tokens: ONE and JEWEL. ONE tokens are used for covering gas expenses, while JEWEL is the primary token within the game, facilitating in-game purchases and paying gas fees on the DFK chain. A noteworthy aspect of Defi Kingdoms is its implem...

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    The Sandbox Game: Creative World-Building, NFTs, Play-to-Earn

    The Sandbox Game: Creative World-Building, NFTs, Play-to-Earn

    The Sandbox is a living, breathing virtual environment filled with user-made creations. Players can develop and create their own NFTs, such as avatars, virtual items, and even games. The Sandbox is a game in which players can make their own worlds and explore them. With thousands of different-sized plots to choose from, players can build games, social places, or anything else their imaginations can come up with. The game is made up of voxels, like Minecraft, and each voxel object can be added from an outside editor. The Sandbox Game Maker is based on Unity and has a scripting language that keeps getting better. This lets builders make something truly special. The owner of a plot has full power over what is built on it. This makes it possible to make a wide variety of games, from RPGs to da...

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    Explore Decentraland: A Blockchain-Powered Virtual World

    Explore Decentraland: A Blockchain-Powered Virtual World

    Decentraland is a 3D virtual reality platform that operates on the Ethereum blockchain, offering users a decentralized metaverse where they can create, trade, and explore immersive digital experiences. Founded by Ari Meilich and Esteban Ordano, Decentraland has evolved into a groundbreaking virtual world that empowers creators and users while utilizing blockchain technology. Here's an extensive summary of Decentraland's key features and dynamics. Land Ownership and Building: At the core of Decentraland is the concept of land ownership. Users can purchase virtual plots of land called LAND. Each LAND token represents a 33x33 ft. piece of virtual land within Decentraland's metaverse. These LAND tokens are non-fungible tokens (NFTs) based on the ERC721 protocol, making them tradeable assets ju...

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