Autor Cointelegraph By Alyssa Exposito

Crypto Unicorns founder says P2E gaming is in a long ‘maturation phase’

As the hype surrounding play-to-earn (P2E) games and platforms began to dwindle in early 2022, Web3 participants began to emphasize the need for games to be more “fun” and less finance-oriented. In the most recent episode of NFT Steez, Alyssa Expósito and Ray Salmond spoke with Aron Beireschmitt, the CEO of Laguna games and founder of Crypto Unicorns, about the sustainability of P2E-focused blockchain games. For Beireschmitt, the evolution from a play-to-earn to a play-and-earn model suggests that there is still experimentation and maturation to be seen for these games. “Nothing has changed about making games,” says Beireschmitt, but with blockchain technology, crypto natives and gamers are now able to play, own and potentially monetize from these play-and-earning models. The larger question at hand is, is it sustainable? The paradigm and sentiment shift of P2E gamingRegarding the shift in sentiment around P2E and how Crypto Unicorns is approaching it, Beireschmitt said it is “charting a path to sustainability through the combination of economic farming simulation” along with the real-time “skill-based gaming loops” to attract more users into its ecosystem. These gaming loops not only need to have a semblance of form and function, but also need to be fun and engaging for players, according to Beireschmitt. However, he also acknowledged that blockchain based games are not for everyone and Crypto Unicorns target demographic are more in line with those who are crypto native. According to Beireschmitt, there is a lack of “incentive alignment for free-to-play,” whereby developers maximize on extracting value from the minority of players who spend in free-to-play games. This disparity creates a “mismatch in the paradigm,” whereby Web3 gaming enables players to reach a new level of autonomy and ownership when it comes to in-game items, assets and skill. For Beireschmitt, this is what makes the play-and-earn model “compelling,” since players can potentially earn along the way while playing their favorite game. Web3 not only enables players provenance and ownership, but with governance models, players and participants are now empowered to take “ownership of the direction the game, ecosystem and IP (intellectual property),” says Beireschmitt.In-game economies are a work in progress In-game economies have proven to be a sticking point for most play-and-earn games. When discussing the factors that are necessary for in-game economies to be sustainable in the long-term, Beireschmitt explained that one factor that aids is the dynamic between passive and active players. Passive players are those who invest in active players to progress themselves in the game. However, Beireschmitt emphasized that for the dynamic to be sustainable, “skill-based gaming loops” and “token sinks” must be implemented because this returns the player back to the economy and ecosystem. As Beireschmitt put it, most play-and-earn games are still sorting their transition from “growth phase” to “maturation phase,” but he does firmly believe there are “bright futures in the days ahead!”For more on the discussion with Aron Biereschmitt, make sure to listen to the full episode of NFT Steez. Set your reminders and tune into NFT Steez Twitter spaces airing every other Friday at 12 pm ET!The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Play-to-own, NFTs and Web3: Crypto Raiders drops knowledge with NFT Steez

Blockchain gaming and the play-to-earn model were all the rage in 2021, but over time, the model declined as a few kinks were revealed and the wider nonfungible token (NFT) and crypto market hit a few speed bumps. It’s safe to say, the sector is “down, but not out” and it’s entirely possible that blockchain gaming could see another 2021-style surge once the market regains its momentum.On Friday, NFT Steez, a bi-weekly Twitter Space hosted by Alyssa Exposito and Ray Salmond, met with the founders of Crypto Raiders to discuss the state of blockchain gaming, and the future of play-to-earn-based projects. According to the founders, Crypto Raiders is an NFT-based dungeon crawler and in the episode, each agreed that the current blockchain gaming landscape should focus on sustainability and “fun” first. Can the play-and-earn model work in Web3 gaming? During the interview founder Nick Kreupner spoke about the adoption of “hybrid-models” for play-and-earn gaming and Kreupner stated that the current sentiment is more so, due to the nature of humans being “short-term reactive” and quickly believing that they should be dismissed. However, Kreupner acknowledges that while it’s a natural tendency to assume the worst, in reality, “the [P2E] model needs tweaks and multiple attempts, before it actually works.“ In fact, the team at Crypto Raiders has been hunkering down and sorting the possibilities of hybrid models and how that can function as an interplay of gaming done on and off the blockchain. Kreupner said that it’s important to denote: “Where do the [player] earnings come from?” This sentiment stems from the current landscape of play-and-earn models that generally derive their earnings from new players, which is why it’s often seen or portrayed as a ponzi. According to Kreupner, a hybrid model would appear as both pay-to-play (P2P) and free-to-play (F2P). In this hybrid model, new players could easily enjoy the game for free but would need resources, or in this case, in-game assets farmed by the P2P players to progress. Related: Crypto Raiders explains how blockchain gaming attracts new users to Web3Fun over “financialization” is the path to mass adoptionWhen asked about concerns of fun and gaming being monetized, Crypto Raiders recognized that traditional and Web3 gamers are each worried that the monetization of gaming mechanics could tarnish their hobby. As a solution, Crypto Raiders prefers “play-to-own” rather than “play-to-earn” as a way to drive home the value players receive with provenance compared to that of AAA games. Although many gamers have expressed their desire to have more ownership and autonomy when it comes to gaming, Kreupner states that it isn’t surprising gamers think negatively of Web3 gamers.“Gamers really push-back against microtransactions” so when it comes to NFT-gaming, the backlash is expected but interestingly, many gamers would love the opportunity to be in the gaming sector “while making money doing it,” says Kreupner. While traditional gamers appear to have a distaste for Web3 games, David Titarenco emphasized the importance of the game being accessible when it comes to adoption. In terms of onboarding and the success of a Web3 game, Titarenco framed the idea process as: “Get your grandma in the Midwest to play it.”Tune in and listen to the full episode of NFT Steez! The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Comic-Con guru explains why storytelling is the key component for successful NFT projects

In the most recent episode, Comic-Con legend, Gareb Shamus discusses how he has used storytelling to build engagement and a “maker world” that grows and strengthens communities. What started off as a newsletter about comics, founder Gareb Shamus’ passion project, ultimately became known to the world as a magazine titled Wizard. According to Shamus, Wizard  was the outlet in which he could “create a voice” and share with his friends the things he had discovered that excited him. Shamus touched on the importance of building elements of engagement and not limiting creativity within communities to further “unite them around what they love.” More importantly, he explains how building engagement allowed him to reach billions of people around the world in a way that made it “fun to be a fan of culture.” There’s a natural synergy between comics and nonfungible tokens (NFTs), a topic discussed in great depth in this week’s episode of NFT Steez, a bi-weekly Twitter Space that explores the intersection of NFTs, culture and all things Web3-related.“We need to promote storytelling”When asked about the role storytelling will play in the Kumite NFT project, Shamus explained that Web3 allows for greater participation and engagement whereby multiple stories, from multiple points of view can be told and expressed. In launching Kumite NFT, Shamus describes that it brings the hero’s journey to holders and in this way, “everyone can be a hero in their journey.” Regarding the sustainability of an NFT project, Shamus said for Kumite, it was essential to develop a “gaming mechanic” from day one. This gaming mechanic enables holders to not only participate, but recognize the story is not linear as the community can participate and have a say as to how the story will progress. Pondering future trends for Web3When asked about future trends for NFTs, community and Web3, Shamus went out on a limb and suggested that there certainly has to be a semblance of a “morality guideline,” but the ultimate goal in exploring these uncharted territories of Web3 is to allow people to “explore their creativity.”Rather than assuming the team behind Kumite would take full control of the project’s lore, Shamus believes that would be a “mistake.” Instead of choosing where the narrative will go, holders can create and develop the story of their respective characters because according to Shamus, the fans can very well “create better stories” than the team could. Placing restraints on creativity is the way “it’s always been,” says Shamus and Web3 and NFTs have unlocked the means to tap into “global creativity,” especially when it comes to storytelling. The most exciting element of limitless creativity Shamus says is, “you don’t know where it’s going to go,” and therein lies the fun. For more on the chat with Comic-Con founder, Gareb Shamus, make sure to listen to the full episode of NFT Steez! The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Experts explain how music NFTs will enhance the connection between creators and fans

According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week’s episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs. During the interview, Darlington and Udell explained the importance of researching projects with “sustainable teams” that continue to build despite the current market conditions and they encouraged investors to learn from the possibilities created at the height of the bull market. According to Darlington, music NFTs haven’t necessarily had made it as a “trend” yet, but he is hoping that they cement their space in the next bull cycle. Comparatively, profile pictures (PFP) NFTs are a “monster of their own,” but music NFTs can see similar success to that of photography or art NFTs.Creators and communities will benefit from music NFTsFor creators looking into experimenting with music NFTs, Darlington suggested that it is first important to discover and understand “why do you want to interact and why do you want to get involved?” Darlington said some creators have come to “recognize how broken the music industry is for artists” and music NFTs present a possibility that can provide more sustainability for artists and musicians. While it’s uncertain how sustainable the new landscape will be for artists, the one “resounding truth” and commonality is that creators are not “content with the current model,” there is a willingness to be open to change the status quo but this depends on the “format and the shape that music NFTs will arrive in,” explains Darlington. Are music NFTs in a separate genre of their own?Metalink founder, Jake Udell alluded to how levels of engagement differ between free and pay-to-use platforms with users opting to engage more in platforms they have a stake in. Creators and users who feel they have invested into the product are more likely to “play around with the product more and be more likely to make something of it,” says Udell. Interestingly, this dichotomy where users are invested and in-turn empowered to experiment opens up for a more dynamic relationship between the listener and the artist instead of listening to music as a “passive” pastime. Whether or not users care about ownership or truly have it matters less in relation to the culture and community created toward the increased value entities are now placing on digital goods. According to Udell, the amount of attention the NFT space received in the last year alone led the way for a “cult like phenomenon.” Groups are brought together by the common thread of Web3 and while Udell does not believe that “Web3 is necessarily a genre,“ it is another avenue for artists to tap into and successfully grow their audience. Interested in learning more about how music NFTs could rule 2023? Don’t miss the full conversation on Twitter spaces! Tune in to NFT Steez on Twitter every other Friday at 12:00 p.m. ET. Make sure to set your notifications and set your alarm! The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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NFT, DeFi and crypto hacks abound — Here’s how to double up on wallet security

The explosiveness and high dollar value of nonfungible tokens (NFTs) seem to either distract investors from upping their operational security to avoid exploits, or hackers are simply following the money and using very complex strategies to exploit collectors’ wallets.At least, this was the case for me way back when after I fell for a classic message sent to me over Discord that caused me to slowly but all too quickly lose my most valuable assets. Most of the scams on Discord occur in a very similar fashion where a hacker takes a roster of members on the server and then sends direct messages to them in hopes they will bite at the bait. BEWARE: Several scams happening on Discord tonight. QUESTION EVERYTHING. Before clicking on links, quadruple check who it’s from and if it’s legitimate. Then check 12 more times on Twitter via trusted sources. — Farokh (@farokh) October 27, 2021“It happens to the best of us,” are not the words you want to hear in relation to a hack. Here are the top three things I learned from my experience on how to double-up on security, starting with minimizing the use of a hot wallet and simply ignoring DM’d linksA quick crash course in hardware walletsAfter my hack, I was immediately reminded and I cannot reiterate it enough, never share your seed phrase. No one should be asking for it. I also learned that I could no longer forego security at the privilege of convenience.Yes, hot wallets are much more seamless and quicker to trade with, but they do not have the added security of a pin and a passphrase like they do on a hardware, or cold, wallet. Hot wallets like MetaMask and Coinbase are plugged into the internet, which makes them more vulnerable and susceptible to hacks. Contrary to hot wallets, cold wallets are applications or devices whereby the user’s private keys are offline and do not connect to the internet. Since they operate offline, hardware wallets prevent unauthorized access, hacks and typical vulnerabilities by systems, something which are susceptible to when they are online.4/ USE A HARDWARE WALLETA hardware based wallet stores the keys off of your main device. Your device that could have malware, key loggers, screen capture devices, file inspectors, that could also be snooping for your keys.I recommend a Ledger Nano Shttps://t.co/LoT5lbZc0L— richerd.eth (マ,マ) gm NFT.NYC (@richerd) February 2, 2022

Moreso, hardware wallets allow users to set up a personal pin to unlock their hardware wallet and create a secret passphrase as a bonus layer of security. Now, a hacker not only needs to know one’s recovery phrase and pin but also a passphrase to confirm a transaction.Pass-phrases are not as spoken about as seed phrases since most users may not use a hardware wallet or be familiar with the mysterious passphrase. Access to a seed phrase will unlock a set of wallets that corresponds with it, but a passphrase also has the power to do the same. How do pass-phrases work? Passphrases are in many ways an extension of one’s seed phrase since it mixes the randomness of the given seed phrase with the personal input of the user to compute a whole different set of addresses. Think of passphrases as an ability to unlock a whole set of hidden wallets on top of the ones already generated by the device. There is no such thing as an incorrect passphrase and an infinite amount can be created. In this way, users can go the extra mile and create decoy wallets as plausible deniability to diffuse any potential hack from targeting one main wallet. Recovery seed/passphrase diagram. Source: TrezorThis feature is beneficial when separating one’s digital assets between accounts but terrible if forgotten. The only way for a user to access the hidden wallets repeatedly is by inputting the exact passphrase, character by character. Similar to one’s seed phrase, a passphrase should not come in contact with any mobile or online device. Instead, it should be kept on paper and stored somewhere secure.How to set up a passphrase on TrezorOnce a hardware wallet is installed, connected and unlocked, users who want to enable the feature can do so in two ways. If the user is in their Trezor wallet, they will press the “Advanced settings” tab, where they will find a box to check off to enable the passphrase feature. Trezor wallet landing page. Source: TrezorSimilarly, users can enable the feature if they are in the Trezor suite, where they can also see if their firmware is up-to-date and their pin installed. Trezor wallet landing page. Source: TrezorThere are two different Trezor models, Trezor One and Trezor Model T, both of which enable users to activate passphrases just in different ways. The Trezor Model One only offers users the option to type in their passphrase on a web browser which isn’t the most ideal in the event the computer is infected. However, the Trezor Model T allows users the option to use the device’s touch screen pad to type out the passphrase or type it within the web browser. Trezor Model T / Trezor wallet interface. Source: TrezorOn both models, after the passphrase is entered, it will appear on the device’s screen, awaiting confirmation. The flip side to security There are risks to security, although it sounds counterintuitive. What makes the passphrase so strong as a second step of authentication to the seed phrase is exactly what makes it vulnerable. If forgotten or lost, the assets are as good as gone. Sure, these extra layers of security take time and the extra precaution and may seem a bit over the top, but my experience was a hard lesson in taking responsibility to ensure each asset was safe and secure. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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