Microtransactions

[Empire Of Sight]

On 12/27/2021 at 3:53 AM, Kane99 said:

Yup, blockchain and nft nonsense. I never understood how we got here. Nfts are blowing up right now, so I could see more games featuring them. 

Idk about that last part. You can play these games, nfts and stuff are being added in for guns, skins and other stuff. It shouldn't impede your progress any. 

My game is a free to play mmorpg but we also added blockchain options for both sides of people can play together xD

Noticed a lot of people wanted to own nfts and others just wanted a normal game but most people just want the nfts it seems.

[The Blackangel]

11 hours ago, Empire Of Sight said:

Wellll my runescape items are able to be sold for IRL money and in my game I built I use a ton of NFTs haha

I still don't understand exactly how NFT's even work. My  understanding is that you sell something that doesn't even exist. Like I could say the phrase "farting monkey" and sell that as an NFT. In simple terms that a toddler could understand, would someone please explain to me how NFT's even work and what the hell is the point of them? Aside from making money.

[Shagger]

4 hours ago, The Blackangel said:

I still don't understand exactly how NFT's even work. My  understanding is that you sell something that doesn't even exist. Like I could say the phrase "farting monkey" and sell that as an NFT. In simple terms that a toddler could understand, would someone please explain to me how NFT's even work and what the hell is the point of them? Aside from making money.

 

I know I'm not exactly neutral on this topic nor do I claim to be an expert, so don't take my word for it. That's why I would encourage @Empire Of Sight to get involved again in this discussion as he recently launched an NFT based game himself and could offer the "other" perspective. I did post a metaphor in another thread ages ago about the basics of what an NFT is, and here it is...

 

On 1/5/2022 at 12:21 AM, Shagger said:

What's an NFT?

 

Oh, hello sirs, madam's... idiots, I'm not choosy, have I got a deal for you! I have, for you, a clock! A very nice clock. This clock!

 

 

And I offer you this clock, that will totally be yours. You'll even have a receipt to prove it, see;

 

 

Now, I will confess, this isn't the most practical of clocks so you won't be able to take it with you, bring it home, charge people to look at it or do... pretty much anything with it. Hell, I myself don't even own it, but what's important is that it will be YOUR clock for the bargain price of $3000. Hell, for an extra $2000, I'll throw if this delightful celling!

 

 

Form an orderly cue, I can sell you all the clock.

 

Seriously, buy this clock from me.

 

Check out the other responses in that thread as well as other did go into some more detail.

 

The longer version is, an NFT is a Non-Fungible Token. It's a kind of receipt for a digital asset, usually a piece of artwork, tied to a market revolving around a kind of cryptocurrency encoded into a blockchain. A blockchain is essentially a market management system that facilitates trading on this system. If you imagine cryptocurrency being to stocks what the stock market is to a blockchain, and that's the basic idea. Unlike the stock market though, profits can be made simply through interaction, like through a video game. The more people interface with it, the values of a blockchain and cryptocurrency increase as that value is determined by the size of the digital space that blockchain influences, and thus the assets held within it. Again, kind of like the stock market whare shares can go up of down based upon the economic conditions, the value of a blockchain and cryptocurrency can change based of the state of the digital landscape.

 

The short version is, it's an unstable investment at best and a scam at worst. It's people who run those blockchains and own the cryptocurrency who are the only ones likely to make any money because the have thier own digital assets grow the more people feed into thier blockchain, it's basically a pyramid scheme for the 21st century.

Edited August 23, 2023 by Shagger

[Empire Of Sight]

10 hours ago, The Blackangel said:

I still don't understand exactly how NFT's even work. My  understanding is that you sell something that doesn't even exist. Like I could say the phrase "farting monkey" and sell that as an NFT. In simple terms that a toddler could understand, would someone please explain to me how NFT's even work and what the hell is the point of them? Aside from making money.

I'll be 100% frank as in the majority of the NFTs are useless and don't function on the technology in its purest form as it was intended. For instance "Farting Monkey" could be made into an NFT which only exists if the person who made the NFTs metadata storage continues to keep it online, once they decide to they can even change the metadata and turn the "Farting Monkey" into a "Smiling Clown" at any point they wish. So just as "ART" currently I don't see any real use cases.

 

In terms of a game however if used correctly you could collab with other games and all they have to do is create their own DB data revolving around the blockchain "address" for each of the NFTs allowing the NFT to have use within their game and yours. For example, In "World of Warcraft" you could have the Twin Blades of Azeroth, but in Runescape if the developers added the Blockchain information used from the Twin Blades of Azeroth then you could have lets say a "Twisted Bow" inside Runescape.

 

It also allows for undeniable counts of said items in the game/ecosystem that anyone can prove themselves as well you can put caps on how many of these specific token types can be created for the rest of history if desired. I think it will take many years before the true power of the blockchain can be utilized such as "banking", "gambling", "Gaming", and even "Carbon Standards". 

 

The list could go on for its true uses but in terms of current potential it comes down to who honestly wants to use it and who just uses the term "NFT" as a marketing tool. 

One last example : In my game I added them not only as a marketing ploy but in a utility way. 

Lets say "Blackangel" only wants to play in a web2 version of the game and "Shagger" is in love with web3 content" but they both love playing an MMORPG. I created it so that "Black" can get a Virtual NFT that isn't on the blockchain yet but has a slot within the Blockchain so that if one day he wants to turn it into an NFT he can or he can keep it a normal in game virtual item that he can trade to other web2 players / web3 players in an organic sense of the word. He can sell it for real life money to another player , for in game currency , or whatever else he would like to do in the normal way we can currently do in most online games except RWT in my games are completely fine as I've been massively into that scene for a decade +. Now lets say "Shagger" wants to buy a specific item in my game but the person selling it only wants to accept in game currencies, he can buy it with in game hard earned gold/resources from a web2 player just as we normally would in games and then turn it into an NFT within a few seconds to his likings, and then one day he can convert it back to a virtual item at the flip of a switch if he ever wants to sell it to another web2 player or he can sell it as an NFT to another web3 player.

 

There's much more to it in terms of my NFT designs but I think you'll get the idea. I wanted to create an gaming system that allows web2 and web3 to merge seamlessly as to not force either version on any player. It's also why I made it free to play, free to turn your virtual items into nfts, and just in general keep it as grey as possible so that anyone can enjoy themselves and not even notice that there is web3 attached if they dont choose to find it. Same with web3 players, I wanted them to get their desired experience without being forced to just play a web2 game. 

 

Hope that helps haha.

 

EOS 

[Empire Of Sight]

6 hours ago, Shagger said:

 

I know I'm not exactly neutral on this topic nor do I claim to be an expert, so don't take my word for it. That's why I would encourage @Empire Of Sight to get involved again in this discussion as he recently launched an NFT based game himself and could offer the "other" perspective. I did post a metaphor in another thread ages ago about the basics of what an NFT is, and here it is...

 

 

Check out the other responses in that thread as well as other did go into some more detail.

 

The longer version is, an NFT is a Non-Fungible Token. It's a kind of receipt for a digital asset, usually a piece of artwork, tied to a market revolving around a kind of cryptocurrency encoded into a blockchain. A blockchain is essentially a market management system that facilitates trading on this system. If you imagine cryptocurrency being to stocks what the stock market is to a blockchain, and that's the basic idea. Unlike the stock market though, profits can be made simply through interaction, like through a video game. The more people interface with it, the values of a blockchain and cryptocurrency increase as that value is determined by the size of the digital space that blockchain influences, and thus the assets held within it. Again, kind of like the stock market whare shares can go up of down based upon the economic conditions, the value of a blockchain and cryptocurrency can change based of the state of the digital landscape.

 

The short version is, it's an unstable investment at best and a scam at worst. It's people who run those blockchains and own the cryptocurrency who are the only ones likely to make any money because the have thier own digital assets grow the more people feed into thier blockchain, it's basically a pyramid scheme for the 21st century.

100% agree with 99% of it as most of what you said is tech based and based off the results of the last 72 months we've seen 99% of the scams occur haha.

 

I will say one thing though, that having the ability for countries like Venezuela, El Salvador, Mexico, The Philippines , Iraq, Iran , Russia, and many many more the ability to accept payments instantly for low fees for cross border transfers from major countries has saved the lives of sooo many people there. I know this first hand through business operations abroad and the fact that people can instantly send, receive, and convert said CC's in less than 10-15 minutes to a usable form of local currency is massive. 

The issue is those who use it to "invest" are more than likely going to lose money because its just like a stock market if everyone cashes out the first to cash out get the most and the last to cash out are the ones holding the useless stocks, but for those who don't use it as an investment and use it as an actual form of currency its great.

I personally lost 150k during the last crash cycle and was scammed by my first business partner in the space for nearly 250kusd as well... So yeah its a brutal space but I see a future where its global and everyones using some form of the blockchain in their daily lives. Maybe not holding BTC, ETH, or other currencies but in a general sense that it is such useful technology that immutable.

 

Empire of Sight

[Bizdustry]

Some gaming companies will actually provide their video games for free, like Epic Games (Fortnite), but put a ton of Micro Transactions to make their profit. They count on the average person getting addicted to purchasing micro transactions, and not the smart player who just utilizes the service for free. If everyone was to do the later, it would cause a lot of pressure on the servers. 

[The Blackangel]

On 8/23/2023 at 12:23 PM, Shagger said:

The longer version is, an NFT is a Non-Fungible Token. It's a kind of receipt for a digital asset, usually a piece of artwork, tied to a market revolving around a kind of cryptocurrency encoded into a blockchain. A blockchain is essentially a market management system that facilitates trading on this system. If you imagine cryptocurrency being to stocks what the stock market is to a blockchain, and that's the basic idea. Unlike the stock market though, profits can be made simply through interaction, like through a video game. The more people interface with it, the values of a blockchain and cryptocurrency increase as that value is determined by the size of the digital space that blockchain influences, and thus the assets held within it. Again, kind of like the stock market whare shares can go up of down based upon the economic conditions, the value of a blockchain and cryptocurrency can change based of the state of the digital landscape.

 

The short version is, it's an unstable investment at best and a scam at worst. It's people who run those blockchains and own the cryptocurrency who are the only ones likely to make any money because the have thier own digital assets grow the more people feed into thier blockchain, it's basically a pyramid scheme for the 21st century.

 

[Shagger]

11 hours ago, The Blackangel said: