NFT games draw gamers to Brazil with growing interest in cryptocurrencies

By Beatriz Garcia

SAO PAULO (Reuters) – The non-fungible token (NFT) market is booming and one aspect of it is video games that promise to reward users with digital assets that can be exchanged for traditional currency, which has draws attention. of players, including in Brazil.

NFTs are title deeds to digital goods that can be exchanged for monetary values ​​and can be anything from cartoon monkeys to clothes to avatars to wear in the metaverses, a business that is already moving billions of dollars to worldwide.

The market has given rise to business models like that of the mining company Orbe888, whose main activity is the management of NFT-based video game accounts accessed by players associated with the company. The startup also monitors the popularity trends of games in the category, analyzing which ones are most worth playing by users in terms of feedback.

As NFT video games often require users to make upfront investments, “Orbe888 assumes this risk and players associated with the company receive a percentage of the revenue as they progress,” said the CEO of Orbe888. Orbe888, Juan Alcasar.

The company was established last year in the inland city of Conceição do Pará and is already moving to Belo Horizonte to secure more stable infrastructure after heavy rains hit the state.

The company’s plan, which is still being implemented, includes hiring professional gamers to represent it in several of the biggest crypto games that are launched in “play to win” mode.

Tokens purchased through corporate accounts remain your property. Players keep 60% of profits from NFTs they mine in games where the company has an account, as long as they are under the responsibility of the player and their contract remains active, the executive explained.

Bruno Leite, 19, plays “Bombcrypto” and “Luna Rush” in Vitória (ES) for Orbe888. The first is similar to the Bomberman video game and players need to explode chests to mine the BCOIN cryptocurrency. He claims to have received 2,500 reais ($485.55) when BCOIN peaked. In Luna Rush, he says he received 3,000 reais ($582.66), the top of the game’s native cryptocurrency, LUS.

However, the monetary withdrawals accumulated in each account vary according to the rules of each game and the blockchain wallet used. “Bombcrypto, for example, you can only withdraw when you accumulate 40 BCOINS,” says Leite.

RUSSIAN MOUNTAINS

Also known as “altcoins”, NFT-based digital video game currencies are subject to more intense fluctuations than traditional cryptocurrencies such as bitcoin, which have a much larger user base.

BCOIN, for example, was trading this Friday at 54 cents, according to CoinMarketCap. But in late November, it peaked at $8.46. Over the past 24 hours, the currency has posted a 24% drop, operating below the initial price of $1.7 in January last year when it began trading, according to the platform.

Besides Bombcrypto and Luna Rush, the market offers a number of titles for players, including Axie Infinity, the most popular of them.

“If you take the peripheral countries, especially the Philippines, there are people who have left their jobs to live on Axie Infinity because it’s much more profitable than the guy who works in the market, in a cafeteria, for example. said Bruno Milanello, New Venture Director of Mercado Bitcoin, one of the largest cryptocurrency exchanges in Brazil.

“With a concentration in a few places, these currencies are sensitive to price fluctuations. Even in the case of Axie Infinity, which is more popular, it has a significantly lower volume than bitcoin, for example,” says Milanello.

Axie was listed this Friday at $50.40. At its peak in June last year, it reached $160.4, which represents a market capitalization of $9.8 billion, according to CoinMarketCap.

GROOVES

But the euphoria around this market poses risks, say digital finance experts.

“While new players come in, there are those who buy, but there may come a time when the producer can disappear and disappear with their crypto-assets,” said Isac Costa, professor of law, technology and finance at IBMec/ SP.

The scam known as the “rug pull” was once applied to a project where Orbe88 had an account and occurs when developers abandon a project and run away with investors’ money.

“It is important that our future players are properly oriented towards the NFT gaming market, as it is a high-risk area that requires high-value investments, and therefore requires great caution,” the company said in a statement. .

But, beyond the investment, there is the interest of the players to better apply their entertainment time. Metro worker João Barreiros, 45, plays MIR4, a blockchain-based multiplayer online role-playing game (MMORPG).

“I’ve always loved online games, so why not try to spend the money I would have spent on games that don’t pay me anything, on something that might pay something?” Barreiros said, which is not associated with Orbe888. “Combine fun with probable capital gain,” he added.

Barreiros says he plays with two accounts on MIR4 and each was valued at around 3,000 reais. He has yet to withdraw any money from the game, preferring to reinvest earnings as the cryptocurrency market rebounds from recent lows amid the investor flight from risky assets that has hit bitcoin and the rest of the world. cryptocurrency market.

“We live in the first generation, the prehistory of the relationship between video games and NFTs, because with the concept of the metaverse, game producers are still analyzing how they are going to position themselves in the market,” Costa said.


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