- Venezuela and Argentina are two South American countries where these games in NFT format are gaining more followers every day.
- Among the most popular games are Axie Infinity and CrytoBlades, both of which are “employing” many young people and adults who are out of work.
- NFT-based play-to-earn games have great growth potential in less developed countries.
The fever for NFTs in Venezuela and Argentina, the two South American countries where these games are most entrenched, is constantly growing. Many young people are making money through these video games linked to cryptocurrencies in the middle of the economic crises in their respective countries.
The idea behind play-to-earn games developed through the major blockchain networks is very simple. Players must make an initial investment by acquiring some game NFTs: cards, figures, character memes, and after several hours of waiting, they earn tokens.
The most popular games are Axie Infinity (AXS) and CryptoBlades (SKILLS), which have become more popular since the pandemic closures. Players have fun while earning tokens that later, when they manage to accumulate enough, they can exchange for fractions of Ethereum, Wax or Matic.
But there are others like Zoo Crypto World, Polkamon, My Defi Pet, Plant vs. Undead, Dragonary, Mist, Guild of Guardians and Mirandus, who also have their followers. In this way, thousands of young people and adults can earn money to help with everyday necessities.
Venezuela and Argentina Compete with the Philippines and Vietnam
NFT games have several virtues. They offer users a unique gaming experience by allowing them to earn cryptocurrencies while playing. But, in addition, they can be run from any browser without the need for high-end computers or phones.
This is one of the factors that has contributed to making these games more popular, especially in developing countries. It also explains why in the first half of 2021, the global trade volume of NFT reached $2.5 billion.
In blockchain-based games, players make money in various ways: buying tokens in the markets, teaming up with other players, forming clans or factions, and competing against other teams during the game.
The de facto adoption of cryptocurrencies in South American countries as a means of payment and exchange given the scarcity of dollars has also contributed to popularizing games based on digital money.
In Venezuela and Argentina, the NFT player community competes with their peers in the Philippines and Vietnam, other countries where play-to-earn games are played the most. Blockchain technology has served in these countries to protect people from inflation, low wages and recurring economic crises.
“Huge Potential” for Growth
A former Venezuelan oil worker identified as Matu, interviewed by a local media outlet, reveals that he is living off NFTs.
“I started doing a lot of research and when I was ready to invest, I got COVID-19. That completely undercapitalized me, as medical care here is absurdly expensive. "
“In the midst of all this, I decided to bet my last cartridge on CryptoBlades and it was a huge success. Nobody expected it to be a success,"
The game, launched by Binance Smart Chain in 2014, consists of choosing a randomly generated character and an enemy to fight against. Thus, the player gets rewards with each fight.
For his part, YouTuber Manuel Terrones Godoy (KManuS88) points out that play-to-earn games have “enormous potential” for growth. He maintains that Axie Infinity turned play-to-earn into a “new” genre of video games that “today many people make a living playing.”
By the way, in Venezuela, Axie Infinity gamers will be able to pay through their SLP token in more than 300 associated businesses, as announced by the company Delivery Piiddo.
On The Flipside
- Play-to-earn video games have been accused of promoting excessive violence, vulgar language and hypersexual characters. Additionally, excessive internet use can put people at risk for obesity, anxiety, stress, lack of concentration, loss of visual dexterity and other risks.
Why You Should Care?
This is a growing field for the cryptocurrency industry, and it is captivating a very young audience. Many people see great business potential and even a livelihood in blockchain-based games.