Search
Close
  • Home
  • Business News
  • Crypto News
    • Binance
    • Bitcoin
    • Cardoso
    • Dogecoin
    • Ethereum
    • NFT X Metaverse
    • Shiba in
    • Other alt coins
  • Market News
  • Technology News
  • Tools
    • Crypto Table
    • Exchange Rate
    • Currency Converter
Menu
  • Home
  • Business News
  • Crypto News
    • Binance
    • Bitcoin
    • Cardoso
    • Dogecoin
    • Ethereum
    • NFT X Metaverse
    • Shiba in
    • Other alt coins
  • Market News
  • Technology News
  • Tools
    • Crypto Table
    • Exchange Rate
    • Currency Converter
Search
Close
Home Crypto News Binance

Everything You Need to Know About Play-to-Earn on Algorand in 2022

by
April 19, 2022
in Binance, Bitcoin, Business News, Cardoso, Crypto News, Dogecoin, Ethereum, Market News, NFT X Metaverse, Other alt coins, Shiba in, Technology News
152
SHARES
1.9k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The gaming industry is diverse and ever-increasing, and recent developments prove that this also applies to blockchain-powered gaming. As the latest estimates suggest, the number of crypto wallets related to gaming witnessed an astounding increase from 29,563 at the start of 2021 to a whopping 754,000 in the third quarter of 2021. With this impressive growth rate, it is no surprise that savvy crypto investors have started to focus on the next big thing in the crypto market: play to earn gaming.

Axie Infinity, for example, touched an astonishing market cap of $7.8 billion, which some experts believe led to a frenzy for P2E games. Other P2E games, such as The Sandbox, saw an upsurge in activity, reaching millions of users globally. So far, most of these popular P2E titles are based on the gold standard of smart contracts, Ethereum.

However, similarly to the DeFi space, users and investors alike have started to voice their concerns about Ethereum’s limitations, namely scalability and high transaction fees. To tackle these issues, P2E game developers turned their attention to Ethereum alternatives that can truly support the growth of this nascent industry.

Boasting a multi-billion dollar market capitalization, Algorand ($ALGO) is undoubtedly among the most prominent Ethereum challengers in 2022. Since its launch in 2019, the ecosystem has seen plenty of migrations from both existing and new projects – including various P2E developers. Thus, without further ado, let’s take a look at everything Algorand has to offer to the P2E industry right now.

Why choose Algorand over Ethereum?

Algorand fans often describe the blockchain as one of the world’s most decentralized, scalable, and secure DLT infrastructures. It has a vast ecosystem of projects, including cutting-edge NFT marketplaces, some of the leading crypto tools and resources available in the market, and projects that are trending in the DeFi economy.

Technologically, Algorand comes with all the Layer-1 features and capabilities that crypto enthusiasts know since Ethereum – including its smart contracts, Algorand Virtual Machine (AVM), atomic transfers, and rekeying features. Among its most stand-out features is the AVM.

What AVM brings to smart contracts is that it interprets TEAL (Transaction Execution Approval Language) programs, consisting of a set of opcodes, to implement the logic of Smart Contracts and Smart Signatures. In a nutshell, it makes the process more scalable, fast and secure, less risky, low-cost, and fast. And with a block time of fewer than five seconds and a transaction fee of less than $0.0013, Algorand is currently among the most efficient Layer 1 solutions on the market.

RelatedPosts

EagleBank Provides Bridge Financing to Triangle Development Associates for Park Triangle Property

Solar Integrated Roofing Corp. Secures $25.0 Million Term Note to Finance Growth

Emotion Analytics Market is expected to witness growth opportunities worth USD 7.95 Bn by 2029, Technological advancements, Research and Development

The atomic transfer features of Algorand help make complex transfers smooth and high-speed. Complemented by a nominal transaction fee, these transfers are significantly low-cost for execution. These atomic transfers are compatible with all Algorand assets and multi-party transfers, which is a substantial advantage for P2E developers and players

Finally, the rekeying feature of Algorand helps solve operational bottlenecks by entrusting users with the option to change their private spending key without changing their public address. Apart from efficiency, rekeying also brings flexibility without losing continuity in the process.

Algorand and P2E

The Algorand ecosystem is growing, and it’s growing fast. According to official numbers, there are now more than 500 organizations worldwide leveraging the blockchain. When it comes to play-to-earn, the Algo Gaming Guild could verify north of 40 projects that are currently building on Algorand. This includes trading card games like Algo Clash, racing games including Drone Racing League, and real-time strategy games such as zCircuit and Cosmic Champs.

While speaking of the utility benefits of Algorand as a platform for P2E Games, Sayan Mukherjee, the Head of Business Development of Zone, an Algorand-based P2E game, says his development team chose Algorand because of two primary reasons.

First, there are speed, scalability, and low transaction costs. “The Algorand blockchain is really fast with immediate transaction finality. It enables us to give a near web2 experience to gamers globally with respect to speed,” Mukherjee says.

Secondly, Mukherjee says, Algorand is carbon negative. “Zone has a massive NFT ecosystem with the AFK Elephants (afkelephants.com), which also act as P2E rewards. Building the GameFi ecosystem on Algorand solves global ESG concerns while the users have a top-notch user experience. It gives the popular gaming term “gg” a new meaning altogether – green gaming!”

Earn vs. Play

Even though the P2E industry is growing every single day, experts have already spotted a bottleneck that could curb the popularity of the space. While gamers usually appreciate economic rewards for their playing time, many have pointed out that contemporary P2E titles are more “earn” than “play.” In other words, they just aren’t fun to play.

Unsurprisingly, the Algorand community has developed high hopes for one of its most promising upcoming P2E titles, Cosmic Champs. The project, which was already named as one of this year’s top NFT games by CoinMarketCap, and praised by the media as Algorand’s “most technically advanced game design,” is on a mission to become a contender for the top P2E release across all blockchains in 2022.

Developed by the gaming studio Mad Shapes, Cosmic Champs, a universe of real-time battle arenas, is the first three-dimensional real-time P2E game to land on Algorand. The studio has significant experience developing 3D mobile games and has been involved in the creation of various successful titles prior to its venture into P2E.

Additionally, unlike most P2E projects, Cosmic Champs is frictionless and immensely user-friendly – players aren’t even required to have a wallet or prior crypto-knowledge. As Matt Blanchard, a co-founder of Cosmic Champs says, “our game will be free to download and free to play. It’s important that the P2E economy has a level playing field that welcomes everybody, anywhere in the world. That’s the key to mass adoption.”

Of course, despite its focus on gameplay, Cosmic Champs still offers considerable economic incentives to its player base. In fact, as a result of better gameplay mechanics, the team expects player loyalty and thus user rewards to be quite competitive, potentially surpassing the earning potential of most of its peers. To reinforce this notion, the developers have added a native token to the game’s NFT rewards, which is scheduled to launch on April 21, 2022.

According to Blanchard, the utility of the $COSG token and a future DAO will not only make users feel actively involved in the governance of the game, but it will also help to further grow the Cosmic Champs game into an entire gaming metaverse. Among $COSG’s use cases are staking rewards, purchases on an NFT marketplace, minting new NFTs, and benefits for the gameplay.

Additionally, Cosmic Champs also allows for fractional NFTs that help maintain high-quality character aesthetics, necessary for the game to succeed in the long run, while helping to mint a significant number of NFTs that set the ground for a thriving user base.

Cosmic Champs is about to take #GameFi on Algorand to a whole new level

High quality, 3D graphics
P2E with their $COSG token
NFT Marketplace
Modelling for multi-games in Multiverse
Built to transition into a community DAO

Read more in their Medium article https://t.co/EC5i8sZI7K

— DA̷REN.Algo (@Bmorecmore) April 4, 2022

 

Overall, the game is inclusive, engaging, and exciting for casual and novice participants and hardcore gamers. It is a highly democratic arena that allows anyone to play without having the Cosmic Champs NFTs. In the future, by utilizing and expanding on successful DeFi concepts like staking and earning, the project could grow exponentially – and this, of course, also foreshadows a bright future for the whole Algorand ecosystem.

 

Tags: BitcoinbusinessBusiness AnalysisGold PriceInvestment LossMarket StoriesOil MarketSillicon ValleyunUnited StatedVenture CapitalWall StreetWater deep
Share61Tweet38Send

Related Posts

EagleBank Provides Bridge Financing to Triangle Development Associates for Park Triangle Property

February 1, 2023

Solar Integrated Roofing Corp. Secures $25.0 Million Term Note to Finance Growth

February 1, 2023

Emotion Analytics Market is expected to witness growth opportunities worth USD 7.95 Bn by 2029, Technological advancements, Research and Development

February 1, 2023

Linear Motion Products Market Size Worth USD 18.1 Billion, Globally, by 2029 at 6.7% CAGR

February 1, 2023

Flexible Packaging Market Predicted to Gain $315.5 billion by 2027 Globally, at a CAGR of 4.8%, says MarketsandMarkets™

February 1, 2023

Original Terra Lending Protocol Mars Hub Deploys Mainnet, Issues Airdrop

February 1, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
  • Trending
  • Comments
  • Latest

Is The Ethereum Merge About To Have A Confirmed Delay?

April 15, 2022

Data Leak At Unchained Capital, NYDIG, Swan & BlockFi. At The Same Time

March 21, 2022

Fantom Foundation Responds To Andre Conje’s Departure

March 6, 2022

The Andy Milonakis NFT Show, EP. 20 – Goat Soup’s Dark Night Of The Soul

April 26, 2022

IRA Financial Breach: Hackers Snatch $36 Million From US-Based Fintech Startup

0

Bitcoin Hash Rate Balloons To Record High — Will Price Go Up As Well?

0

Ethical Blockchain: Are Crypto, NFTs And DeFi Bad For The Environment? Here’s Why They’re Not

0

Mexican Billionaire Says It Again: Buy Bitcoin Today — And Thank Him Later?

0

EagleBank Provides Bridge Financing to Triangle Development Associates for Park Triangle Property

February 1, 2023

Solar Integrated Roofing Corp. Secures $25.0 Million Term Note to Finance Growth

February 1, 2023

Emotion Analytics Market is expected to witness growth opportunities worth USD 7.95 Bn by 2029, Technological advancements, Research and Development

February 1, 2023

Linear Motion Products Market Size Worth USD 18.1 Billion, Globally, by 2029 at 6.7% CAGR

February 1, 2023

Categories

  • Binance (49,301)
  • Bitcoin (92,113)
  • Business News (97,512)
  • Cardoso (40,802)
  • Crypto News (48,593)
  • Dogecoin (40,802)
  • Ethereum (41,176)
  • Market News (85,436)
  • NFT X Metaverse (40,802)
  • Other alt coins (40,848)
  • Others (2)
  • Shiba in (40,802)
  • Technology News (84,869)

Coin Tori is the #1 Crypto and business blog you can always trust to feed you with the necessary infomation.

Facebook Twitter Linkedin Instagram

Categories

  • Business News
  • Crypto News
  • Technology News
  • Bitcoin
  • Binance
  • Cardoso
  • Other Alt Coin
  • Dogecoin
  • Ethereum
  • NFT X Metaverse
  • Shiba in
  • Market News
  • Others

Tool

  • Crypto Table
  • Exchage Rate
  • Currency Converter

All right reserved - Cointori

Designed By Gentry Stack

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent. Read More
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
bitcoin
Bitcoin (BTC) $ 23,085.19 0.88%
ethereum
Ethereum (ETH) $ 1,581.65 0.56%
tether
Tether (USDT) $ 1.00 0.00%
usd-coin
USD Coin (USDC) $ 1.00 0.10%
bnb
BNB (BNB) $ 308.20 0.62%
xrp
XRP (XRP) $ 0.404323 0.92%
binance-usd
Binance USD (BUSD) $ 1.00 0.05%
cardano
Cardano (ADA) $ 0.383278 2.64%
dogecoin
Dogecoin (DOGE) $ 0.092389 0.02%
matic-network
Polygon (MATIC) $ 1.09 0.38%
  • Home
  • Currency Converter
  • Business News
  • Crypto News
  • Binance
  • Bitcoin
  • Cardoso
  • Dogecoin
  • Ethereum
  • NFT X Metaverse
  • Other alt coins
  • Shiba in
  • Market News
  • Others
  • Technology News
Menu
  • Home
  • Currency Converter
  • Business News
  • Crypto News
  • Binance
  • Bitcoin
  • Cardoso
  • Dogecoin
  • Ethereum
  • NFT X Metaverse
  • Other alt coins
  • Shiba in
  • Market News
  • Others
  • Technology News