How Does Play-to-Earn Work

The twenty-first century labor force continues to redefine itself, moving from traditional methods of earning toward a gig economy. Most of us are still used to working for organizations—a company, an LLC, or a legal structure led by another human or team of humans.

Crypto economies have already begun to shape the future of work. They blend how we play, learn, organize, socialize, and create, with ownership and income generation. In this sense, what is currently transpiring is much broader than work.

In the crypto economy, we have nexuses of smart contracts. These smart contracts allow us to modernize the current coordination mechanisms that convert human input to capital, resulting in brand-new play-to-earn models and making more viable earning opportunities accessible to previously underserved people worldwide.

Play-to-earn is a new phrase that has got a lot of people excited as it paves the way for new opportunities in gaming. And in this case, the biggest party that could benefit is the players themselves. Play-to-earn means that players of games can earn rewards and even money in games that they play.

It has exploded this year with the growth of Axie Infinity, a game by Vietnam’s Sky Mavis which uses nonfungible tokens (NFTs).

How does play-to-earn work?

The play-to-earn phenomenon took off with Axie Infinity in the Philippines, where players played it during the pandemic to make wages that paid three times better than minimum-wage jobs amid 40% unemployment.

In fact, play-to-earn can create things of value inside the game. Players can subsequently sell them to other people. This creates a future, where people are willing to do more things inside these games and virtual worlds instead working in a factory or office.

Play-to-earn utilize NFTs and blockchain to authenticate unique digital items. It enables game makers to create rare items that players can collect and resell. That’s what they do in Axie Infinity, where players create characters for a fee, level them up, and sell them.

About RoboFi

RoboFi (www.robofi.io) is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the $VICS token.

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