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Although I do agree with what you're saying, it's worth noting that even though there are no orthodox ways to turn virtual currency/winnings in video games most
by jchw 3y ago
Although I do agree with what you're saying, it's worth noting that even though there are no orthodox ways to turn virtual currency/winnings in video games most of the time, there are plenty of under the table ways to sell virtual assets for real money.
A cynical part of me wonders if the hope with NFTs from game developers was actually that it could run around this problem and provide a more direct way to allow monetary payouts without running into issues with regulations on gambling.
- ianferrel 3y ago>there are plenty of under the table ways to sell virtual assets for real money. But are there any games where you can plausibly put real money in and generate excess gains in virtual assets in a short time? You can double your money in a casino in seconds, but the only way I know to extract money from video games (even play-to-win video games that milk whales for a lot) is arduous and slow gold-farming. I agree with your take on NFTs. They would have been used that way if the NFT games hadn't basically all been Ponzi schemes. Like the pachinko gambling loophole.
- AussieWog93 3y ago>But are there any games where you can plausibly put real money in and generate excess gains in virtual assets in a short time? CS:GO
- serf 3y ago> ...but the only way I know to extract money from video games (even play-to-win video games that milk whales for a lot) is arduous and slow gold-farming. I don't know what to call it, but there were examples like Anshe Chung; those might re-emerge with the upcoming vr-scape/metaverse/whatever-itll-be-called. [0]: https://en.wikipedia.org/wiki/Anshe_Chung https://en.wikipedia.org/wiki/Anshe_Chung
- duskwuff 3y agoSecond Life is hardly a typical video game, though. It's barely a game at all.
- jamilton 3y agoI don't know that this has actually been done for these kind of games, but selling an account in it's entirety would be one way of making an asset somewhat transferable.
- johnnyanmac 3y agoNot in the scale for a first world country. You talk about 2nd/3rd world countries and you can argue that account selling is the modern gold rush.
- jmccaf 3y agoThe pachinko parlor "special prize" token, with a separate business next door to buy the token for cash, is the analog example of this conversion.
- johnnyanmac 3y agoYeah, pretty much. I don't even think it was that big a secret. any studio running a Games as a Service would love to be a middleman taking in money from their biggest players. Crypto not being bound by any one country's monetary laws helps a lot as well. It's not necessarily so they can get around gambling laws, but that could be one other side effect. Hell, for an NFT game like this you don't even need lootboxes to financnce the game. Just your 90's MMO style grinding and maybe some community functions.
- ehnto 3y agoThat's not cynical at all, there is basically no other reason to do it. There were probably some devs who were naive and did it because they thought people wanted it, but it was always about monetizing digital assets.
- keerthiko 3y ago> wonders if the hope with NFTs from game developers As a gamedev actively relatively socially involved with other gamedevs, those with any hopes from NFTs were a pretty small minority, and most of the shillers were non-gamedev members of the greater NFT grifting community.
- account42 3y agohttps://decrypt.co/99214/square-enix-sells-off-tomb-raider-fund-nft-blockchain-games https://decrypt.co/99214/square-enix-sells-off-tomb-raider-f... > Square Enix Sells Off Tomb Raider and Three Studios to Fund NFT Games Not everyone jumped onto the train but enough did and more would have followed if it was more successful or didn't receive as much pushback.