The Play-to-Earn (P2E) concept is more alive than ever, with different platforms jostling for player engagement by providing both metaworld and real-world value. Amidst the sea of information, however, novel ideas can be a dime in the dozen.
But breaking the rules was how the P2E genre grew to its current success. Unlike traditional games where in-game rewards had no real-world value, players were given the opportunity to earn rewards in the form of cryptocurrency which could be cashed out for fiat, or “real-world” money.
We’ve seen gamers from all walks of life flocking into this space – forerunners like Axie Infinity have more than 2.5 million active players, and the market cap currently sits at $14 billion.
However, the P2E genre is still in its infancy and there’s still a lot of room for disruptive ideas and innovation to emerge.
TipsyVerse is an example of a young GameFi project that’s been making waves by building an open-world metaverse game that introduces new concepts into the P2E scene.
Play-to-Earn and Play-to-Own
TipsyVerse seeks to reward its players with both cryptocurrencies as well as NFTs (Non-Fungible Tokens). Having NFTs as rewards is a relatively new concept that some now term “Play-to-Own”.
In TipsyVerse, NFT assets such as weapons, mounts, land, and companions (pets) can all help a player in-game. When a player receives an NFT as a reward, they can either equip them to further improve their gameplay or sell it to others for a profit.
Unlike traditional games where items merely exist in the in-game item menu, TipsyVerse NFTs are actual assets that exist in the player’s crypto-wallet, and players can choose to do whatever they please, including selling them on a secondary NFT marketplace like OpenSea.
The acquisition of NFT assets can thus be seen as another avenue for players to earn from. By having both cryptocurrencies as well as tradeable NFTs as rewards, TipsyVerse’s P2E structure is novel and holistic.
TipsyVerse NFTs each grant different bonuses. For example, weapons improve a player’s attack damage, allowing them to fight higher level enemies with ease, and companion penguins help to increase the player’s chances of attaining more valuable rewards.
Players will seek out the NFTs that best suit their preference and gaming style, acquiring them through rewards or purchasing it from marketplaces. But here’s another bonus! TipsyVerse NFTs can be levelled up to grant even better bonuses than when you attained them.
As NFTs assets are valued for their bonuses, having them levelled up would also mean that a player can increase the desirability of their NFTs and make them more valuable in the marketplace.
Game Development on Minecraft
The highly anticipated TipsyVerse 1.0 will be launching in Q3 on Minecraft. TipsyVerse’s decision to develop version 1.0 on Minecraft is based on speed to market.
At the official launch in Q3, players will be able to spawn and use their NFTs in the game, and P2E activities will happen shortly after.
P2E projects on Minecraft have seen a surge in demand. The team is expecting an influx of players as the Minecraft environment hosts over 140 million active players globally.
Benchmarking the Competition
Currently, a Minecraft-based GameFi project called NFT worlds has a floor price of 10 Ethereum (USD 30k) per NFT. Critterz, which provides a Minecraft survival experience with Cryptocurrency rewards, has a floor price of 1.54 Ethereum (USD 4.7k). The first collection of TipsyVerse NFTs will in turn be sold for 0.15 Ethereum (USD 450) and many predict that it has potential to rise in value.
Some might compare TipsyVerse to NFT worlds, but the TipsyVerse team is developing the full game experience with a story-driven narrative with various activities and minigames within their ecosystem, whereas NFT worlds rely on their community to develop different game worlds. The development approach is starkly different.
TipsyVerse players might find that the game experience resembles popular MMORPG games like World of Warcraft. Players explore the world and participate in activities like dungeon crawls as well as PvP activities like kart racing and battle royale.
The sustainability of their concept is also another key component that makes TipsyVerse different. TipsyCoin ($tipsy), the ecosystem’s primary currency, is deflationary unlike most P2E games (including the popular Axie Infinity) which have crumbling economics because of hyper-inflation.
We’ve seen games struggling to keep their economy sustainable, and some only have temporary solutions: high-cost measures to counter hyper-inflation. TipsyVerse’s deflationary currency is set to overcome this problem.
What’s Ahead for TipsyVerse?
After launching the TipsyVerse 1.0 experience on Minecraft, the team will also start on TipsyVerse 2.0 – building it on Unreal Engine 5 to harness next-generation graphics and functionality for a truly immersive experience.
Coming this April, look out for TipsyVerse’s first NFT release. This collection is their highly anticipated Genesis Penguins, which are in-game companions that grant special powers. Weapons and item NFTs would also be released for sale shortly after, and players can look forward to having their NFT assets usable in both TipsyVerse 1.0 and TipsyVerse 2.0.
We’re eagerly anticipating the release of their game demo server in April. This short turnaround is impressive considering that the project’s primary token, TipsyCoin, has just launched on PancakeSwap on 15th March.
The coin touched a USD 4 Million valuation within minutes of launching, and the market cap currently sits at USD 8.1 Million.
It’s refreshing to see GameFi projects looking to re-invent the genre. We can’t wait to see how the scene unfolds with projects like TipsyVerse who are committed towards driving innovation with a long-term vision.
We see a huge potential for early investors in the space. This space is really getting Tipsy!
Learn more on the TipsyCoin / TipsyVerse website: https://tipsycoin.io/xo4x
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