Play-to-earn is the most prominent feature of GameFI, to earn real income from playing a game has been a dream of many and an excellent alternative to earn extra income during hard times such as the pandemic. For example, Axie Infinity was a big hit in the Philippines during 2021, amassing over a million users at a time. This article will take PARALAND as an example and elaborate on GameFi gaming mechanics, how to turn in-game assets into real assets, and why numerous game developers have been wanting to invest in their own GameFis.
How to earn from GameFi? Characteristics and Risks that you should know
GameFi is a form of blockchain game and possesses the same advantages as DeFi in the Perpetuity of Virtual Assets, which is also its biggest variation from conventional online games. Due to this characteristic, in-game items such as character appearances, equipment, accessories, virtual real estate, rewards and tokens can all be transacted as NFTs or transferred into cryptocurrencies and stored in a crypto wallet or converted into physical currencies or assets.
Characteristics of GameFi
GameFis have a Play-to-Earn mechanism which allows players to earn rewards and in-game assets in the form of NFTs that are permanently stored and non-fungible, which rids the risk of the assets being confiscated or deleted by the game distributors, as long as players are connected to the internet, they can continue trading, earning and carry on playing the game.
Risks of GameFi
Although in-game assets cannot be lost, these assets are still merchandise and will vary in rarity, value, properties and deemed at different value by members of the community due to popularity. Therefore players need to keep up with the reputation of distributors and the fairness of the rewarding system when the game begins operations to minimize the risk of the virtual assets depreciating due to unanticipated fluctuations in the market trend.
GameFi Mechanism Case Study | PARALAND
Using the first Taiwan based gamfi that integrates AR functions into metaverse gaming PARLAND as an example and study its gaming mechanics and assets operations.
How to earn income from PARALAND, a mandarin GameFi from Taiwan?
In PARALAND, there are two types of characters, Landers and Jumpers, Landers lead Jumpers in various game events to earn rewards, and in return,
Jumpers gain resources and territories for Landers to level up in income and ranking.
Players can customize their avatars according to their preferences whether it's a shiny suit of armor, a bionic arm or a mythical creature. There are also various equipment and items that boosts and buffs in-game abilities, which are in the form of NFTs and can therefore be transacted.
The content mentioned above can be obtained through completing missions and contributing to the community, either in the form of rewards or in-game tokens(mPARA), which can then be redeemed into $PARA and stored in a crypto wallet, implementing true play-to-earn.
These are 3 methods to earn income in PARALAND for your reference:
1.Complete designated missions and clan up to earn tokens
Players can initiate Encryption Squads, contend for territories, intercept and plunder income that is transit to other Lands, and gain territories to rise in ranking to receive token rewards. Other methods include collecting hash boxes that drop items and participating in time-limited events. $PARA can be exchanged for other crypto currencies.
2.Start your own community(SocialFi)
PARALAND stresses on community based interactions by integrating SocialFi elements, not only are players able to leave comments or share their visited locations, most game modes support multiplayer so players can experience territory rooting and roaming different Land with friends, old or new.
3.Issue IP Merchandise and earn income from NFT sales
To encourage creativity from players and content diversity, PARALAND will hold design contests for creators to showcase their skills, and winners of the contest will be awarded hefty rewards of course. PARALAND also encourages Landers to release music or video content on PARALAND to share with their Jumpers through UGC features to personalize their Lands and even issues their own NFT series for profit, enhancing their fanbase while enriching game content.
For more info on PARALAND's game content and all the newest news, please refer to PARALAND's whitepaper。
How do I convert in-game items into crypto currencies?
Before you begin playing the game, you can start off by registering for a crypto wallet to store all the virtual assets that you will be collecting in
the game, not only is it convenient for this purpose, you can also conduct conventional trades and investments in crypto, manage your assets and store
NFTs that you've minted, which all require you to have a wallet. After you've registered a wallet, you can set up an extension on your browser so it's
more convenient to go on websites that require you to connect your wallet and especially to connect to your account so you can begin trading with other players.
Take PARALAND as an example, after a player has connected their wallet, users can pin their wallet on the website and access it freely to buy in crypto or begin conducting in-game transactions and blockchain events.
GameFi Recommendations | Embark on a Journey in PARALAND
Join PARALAND now to enjoy territory rooting, clan battles, construct Lands and all sorts of cool stuff! With the AR feature, you can traverse into
parallel virtual worlds with your friends! Earn rewards by completing missions and experience true play-to-earn!
PARALAND invites all to come over to this parallel wonderland. Join PARALAND on Facebook and Discord for the latest info!