FANDOMVERSE – 5 Essential Guides
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5 Essential Guides For getting started and for any level of interest
- Digital Wallet Guide: In this guide, we’ll be covering exactly what a digital wallet is and how to create, set up, and use one for Play-to-Earn games. Digital wallets (sometimes referred to as a crypto wallet) can be used to hold cryptocurrency, make purchases, and some wallets will even hold and display digital goods such as NFTs. Additionally, this guide will cover the importance of seed phrases in terms of a digital wallet’s security, the most common wallet/s used, and discuss a few frequently asked questions. Getting a wallet is a common first step for entering the world of Play-to-Earn games.
2.Crypto Marketplace Guide:
Digital currency and items have been centralized to various marketplace services for convenience. A marketplace is any platform that sells or trades cryptocurrency, NFTs, and other digital goods through blockchain technology. Exchange of cryptocurrency through a marketplace is often compared to the stock market where prices can fluctuate based on market trends. NFTs (non-fungible tokens) can also be purchased through a marketplace. An NFT, in its current form, is often found as a unique piece of art or an in-game asset. In the United States, marketplace platforms have simplified how users interact with blockchain assets, integrating 3rd party services such as credit, debit, bank wire, and even loans.
Currency and digital assets are stored in a digital wallet.
3.Token Guide:
A token is a digital asset that is verified, tracked, and housed on a blockchain platform. As a collection of code, these are comparable to files on one’s computer or mobile device. The advantage of creating a blockchain token is that it is nigh impossible to copy. Imagine a family photo as a token, that exact photo cannot be replicated and the ownership is tied to the user through a digital wallet. That photo could be sold on a marketplace or traded to another individual but it couldn’t be replicated. That photo could also be used across multiple services or media that support that token, so in this same scenario someone could take that family photo and display it in a video game house.
Let’s frame tokens in another hypothetical situation. A young gamer streams their gameplay online and they’ve amassed a lot of viewers. One day they find a rare sword that is a blockchain token after a particularly challenging level. The player names the sword “Red Lighting” and carries it through multiple games, spending years using it as their audience cheers. Years later, that player decides to quit playing games and instead focus on cancer research. They could sell Red Lighting, alongside a digital record of all the monsters and adventures it has seen, which could be enough to help the player move to a new city because of the value it has. Some tokens even allow for royalties, so Red Lighting could continue making that player money over time from future sales. We haven’t really seen this sort of scenario yet using a blockchain token but it is possible and the technology seems perfect for these sorts of situations.
4.NFT Guide: An NFT is a Non-Fungible Token. These tokens are composed of unique, non-interchangeable data that is stored on a blockchain. NFTs can be used in interactive experiences such as games and they have a unique advantage in the potential use in multiple projects plus they can be sold, traded, and people can sometimes earn royalties when they’re exchanged. NFTs currently can be found as digital images, videos, and audio. Essentially, most digital files can be saved as an NFT through blockchain processes. Minting is required for NFTs that are to be sold or traded on a marketplace.
Currently, there are a few excellent examples of NFTs but there is a ton of potential for meaningful application of the technology. In Axie Infinity, a game where players nurture and breed cute monsters to battle other players, the creatures themselves are NFTs in order to create unique characters and stats. Meanwhile, collectors are enjoying owning and trading various art pieces like the punk rock-style apes of Bored Ape Yacht Club; these items double as a membership to events. Even the real estate industry has found a use for NFTs, mostly for verifying important documents and tracking essential paperwork. However, picking an NFT or a product that uses them should be a process and one should always try to avoid scams.
5.P2E Games Guide: P2E, or Play-to-Earn, games are based on a blockchain where users can earn tokens or NFTs with the potential to exchange those items for traditional currency. Players in these games have the potential to earn through player-vs-player battles or through general gameplay but other ways are also available depending on the game. Sometimes players can buy, sell, and trade within the game but an additional appeal is the ability to sometimes take those assets to a market outside of the game. Effective players can usually earn at a faster rate through mastery of the game’s mechanics and systems but chance and market value are often factors.
For example, Axie Infinity’s tokens Super Love Potions (SLP) can be sold on the marketplace for Ether (ETH) because of its creation and use of the Ethereum blockchain. Ether can then be exchanged for traditional currency such as USD.