The new tribe of Yuanjie-a community-owned economy

Since Satoshi Nakamoto launched Bitcoin (Bitcoin) As early as 2009-the book was written, thousands of groups and speeches supplemented its prospects, and Bitcoin-wearing extremists flaunted their newly discovered wealth. Despite these praises, the transformation progress has been slow.

However, whether the delay is due to the global COVID-19 pandemic or simply due to the time required to create innovation, we are now on the cusp of creating a new economy and changes in the way humans interact. The powerful combination of Metaverse, game theory and blockchain is creating a tokenized incentive mechanism in the virtual world. Decentraland has begun to completely change people’s lives and interactions, and is building many similar platforms. As the importance of the virtual economy increases, Metaverse will develop to include multiple cross-chain possibilities.

NFT and gaming industry

GameFi is a term used to describe the rapidly evolving intersection between decentralized technology and the video game industry. It is a place where real value is created. Non-fungible tokens (NFT) allow players to own assets with tangible, real-world value, and incentivize gamers to participate longer, and allow developers to create in-game economic creators and owners based on player creativity and interaction .

related: Metaverse, game making money, and the new economic model of games

Blockchain provides many advantages for GameFi:

  • transparency: To make the gamification mechanism clear, transparent, and possibly codified through smart contracts, users tend to have more trust and therefore invest more resources in money and time.
  • Interoperability: Blockchain allows the portability of virtual resources to be created beyond the restrictions imposed so far.
  • fluidity: It is now possible to buy, sell and exchange assets outside of a single game.
  • Autonomous automation Using smart contracts, multiple parties can interact with each other even without human intervention.

NFT can increase player participation and create a better gaming experience, ultimately increasing the value of NFT and tokens in the game. Players can now have agency rights in the games they want to play and how those games develop.

Part of the reason why Axie Infinity stands out is that it lifted families out of the social impact of poverty during the pandemic, and the “scholar” program created by its players to encourage community development is growing rapidly. It is now a multi-billion dollar gaming ecosystem controlled by players.

BlackPool is another example of an early Decentralized Autonomous Organization (DAO) built for NFT games and transactions. The platform is very community-driven; it combines a passion for games and art with data analysis and machine learning to provide users with rewards. BlackPool has also deployed a scholarship program similar to Axie, opening up new sources of income for the excluded. Blockchain supports participation, voting rights, and monetization in the economy. Interoperability can also be used to foresee the creation of online community networks, as well as the exchanges and interactions between them.

Community first

The important story here is that we saw a move From “enterprise first” to “community first”. The community is formed around an idea or interest through participation and collaboration with the community, and the concept emerges from the community. This is “community first” and “community fast”!

These communities are decentralized and managed by the community-designs can be voted on, and the artwork with the most votes in the community can eventually be accepted as the final design. Every time someone mints an NFT, the artist working on the asset earns royalties from each transaction. This will open up new areas for the monetization of creative knowledge and skills. ?

related: DeFi’s pursuit of reimagining finance must come from community-based design

Income-generating model allow The creator fully controls the game studio and directly participates in the development of the game. This provides the community with the opportunity to produce game assets, create NFTs, and sell them on the secondary market. This is an emerging and powerful creator economy where players and programmers can free up their ideas, improve the gaming experience, and monetize their intellectual capital. This makes the game ecosystem more community-driven, and content creators are incentivized to enhance the overall gaming experience. Anyone with basic coding skills can contribute to the game.

This will also promote the emergence of new social networks between creators and fans.Attention economy will be replaced Social tag Bring a new immersive fan economy in Metaverse.Social token Based on brand, community or influencer Will allow communities or celebrities to further monetize themselves. They will establish a two-way relationship between creators and consumers, which is good for both parties. These Web 3.0 communities are collaborating, spreading, and creating tribal network effects, all of which are helping each other to promote the value of their platforms.

The digital community is forming a network through the token economy. The more players use or promote the community, the stronger the game and the underlying blockchain. Participants are stakeholders.

related: DAO will be the future of online communities in five years

This creates a data infrastructure to implement a coordinated, interconnected Metaverse, further enabling tokenized NFTs to contain digital data rights, and to store, track, and enforce these data rights. We are still in the early stages of this transformation, and the future is in the hands of innovators and creators and the communities that support them. These communities are the new tribes of Metaverse, and the only limitation is your imagination!

This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should research on their own when making a decision.

The views, thoughts and opinions expressed here are only those of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Jane Thomason He is a thought leader in the social impact of blockchain. She has a doctorate degree. From the University of Queensland. She has held multiple positions in the British Blockchain and Frontier Technology Association, Kerala Blockchain Academy, African Blockchain Center, University College London Blockchain Technology Center, Blockchain Frontier and Fintech Diversity Radar . She has written many books and articles on blockchain. She has been selected as the 101 Blockchain Women of the Crypto Curry Club, 10 Digital Frontier Women of the Decade of Women Collaboratory, Lattice80’s Sustainable Development Goal Influencer Fintech 100, and Thinkers360’s Global Blockchain Thought Leader and Influencer Top 50.