In a world increasingly captivated by the allure of digital currencies and blockchain technologies, it’s easy to forget that these markets, like any other, have their ups and downs. The Philippines, a hotspot for social media and online engagement, is now becoming a fertile ground for Web3 technologies, including blockchain-based gaming. But what happens when the crypto sphere faces a bear market? How do these conditions affect blockchain games and their players?
Miccolo Solis is a content creator covering Web3 space and he believes that when it comes to blockchain games: now isn’t a time to pull out, but think more deeply.
Evangelizing the metaverse
Miccolo’s first exposure to cryptocurrency came earlier than most when he bought Bitcoin from local exchange Coins.ph in 2017. He had no background in investing and he bought the coins on a whim, after a friend mentioned it to him in passing. While there was a short bull run shortly after, the optimism was ultimately short-lived. “I quickly learned what goes up must also go down,” he said.
Miccolo has since participated in several boom cycles of digital currency, culminating in the rise of blockchain-based gaming. Now, he wants to educate Filipinos on succeeding in the web3 economy, serving as the guide that he would have benefitted from when he started.
Within this mandate of promoting Web3.0 in general, Miccolo is most bullish on games where players can earn real-world value. “Filipinos like to play games, but most of these are just a guilty pleasure. Players don’t get anything from them. The best games now change this formula: In addition to having fun, they also get to earn,” said Miccolo.
Gaming for more than glory
Miccolo cited Buddy Arena, as a stand-out example in this genre. Developed by Affyn, the game is a mobile brawler in the spirit of Mobile Legends and Brawl Stars.
Buddy Arena is currently only available for download in the Philippines, Singapore, and New Zealand, with a worldwide launch slated for 2024. In this game, players battle alongside their Buddies in different arenas, each set in unique biomes from Affyn’s metaverse, NEXUS World. Unlike other Web2.0 games in this category, however, players earn FYN tokens. These can be used across the NEXUS World, and more crucially, in the real world. Players will be able to redeem lifestyle products and services, such as dining, shopping, entertainment, travel, events, and activities with FYN tokens.
The ability to use FYN tokens solves many of the problems Filipinos may have heard about play-to-earn games. By creating real-world utility for these tokens as an outlet for the token economy, their value is inherently sustainable because it does not rely on an unending supply of new players joining the game. The NEXUS World economy, in short, is self-sustaining, which provides economic incentive to Filipinos who want to earn from gaming.
Miccolo also sharply contrasted the way Web3 games like Buddy Arena add more value to players. Gamers traditionally spend on buying in-game items like unique skins, loot boxes, and season passes—items that are only available in the game itself. In contrast, Web3 gamers own their Buddy NFTs, which will be able to interact with other Affyn games and be sold on Web3 markets; most significantly, players will also be generating FYN tokens while playing.
“In the world of gaming, we’ve often played for fun and thrill. But with Buddy Arena, we’re now playing for our future, too. Every FYN token earned is not just a score; it’s a step towards a better life for many Filipinos, who can now experience things they never have before,” said Miccolo.
Bear market favors long-term projects with substance
While the entire crypto and blockchain industry remains in a bear market with unfavorable conditions, Miccolo remains positive about the long-term prospects of Web3 projects with substantial products. He believes that boom-bust cycles are a natural part of businesses, and those that knuckle down and focus on bringing the best product will outshine their competitors when the tide turns.
“I try to encourage my audience to avoid thinking in black-or-white terms: The current bear market is not an indictment of the overall technology, but simply a part of any financial cycle,” said Miccolo.
Affyn is building a blockchain-powered multiverse of interoperable games and metaverses. Together with a global community of co-creators, they are forging a sustainable economy converging the virtual and real worlds. Affyn is based in Singapore.