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How P2E Games Can Help Financially Liberate Developing Nations

GameFi

coinquora.com 03 June 2022 13:30, UTC
  
Reading time: ~4 m

Cryptocurrency has taken the world by storm over the last few years, with investors jumping on the cryptocurrency bandwagon to profit from using a decentralized form of currency. This includes being liberated from governments and intermediaries and benefiting from the robust security of web3 technology.

As a result, market demand has been higher than ever. Over the last year, significant growth in the cryptocurrency market has seen the crypto market cap reach $1.88 trillion in April 2022, an increase of over tenfold in comparison to 2020, according to CoinMarketCap.

Amongst its utility worldwide, cryptocurrency has been praised for its ability to liberate those living in developing nations. One such example is Vignesh Sundaresan. Born in 1988 in Chennai in India, Sundaresan came from humble beginnings. The tech enthusiast took up coding in high school and would build websites with his friend for local companies, only receiving a mere $20 per job, as per an article by Reuters.

Inspired by the likes of Steve Jobs and disappointed by India’s lack of tech stars, Sundaresan ventured off to an engineering university in Dubai. Soon after, in 2012, he came across Bitcoin, which was only $10. By 2013, the entrepreneur launched his crypto exchange, Coins-E, where he would teach those less fortunate in India how bitcoin could provide them with financial freedom. Fast forward to 2021, and the collector bought the highest-selling NFT on record.

Sundaresan’s story is a prime example of how cryptocurrency can liberate those  in developing countries to take control of their finances, even without a technical background. Other developing nations are following India’s lead, too. In April, the government of Ethiopia announced its partnership with a blockchain platform to provide identity services that live on the blockchain for 5 million students, allowing them to track educational outcomes.

In particular, countries in Africa, such as Rwanda and Kenya, are also working towards connecting their fiat currency to DeFi. For example, Leaf’s UNICEF project utilizes blockchain technology to allow Rwandans to send and receive money directly from their phone. Another startup, Kotani Pay, lets Kenyans dial a short code on their phone to send and receive crypto.

In line with the cryptocurrency boom, the Play-To-Earn (P2E) concept has also emerged rapidly, liberating those living in developing nations. The trending technology is a combination of multiple events—people spending more time at home online, the decentralized finance (DeFi) boom, and the rapidly expanding gaming industry. Moreover, since anyone with an internet connection can access the technology, P2E has become increasingly popular in economies where finding additional income streams can be scarce but crucial for economic stability.

Games such as Axie Infinity, leading the way in the sector, have made playing games as a profession a reality, providing a new way for those less fortunate to make money. The game has brought in over $3 billion in trading volume since its launch in March 2018. In developing nations like India, the rise in games such as the Real11 Fantasy Cricket App allows users to gain points based on a player’s performance and has also been enormously popular in the country.

Along with the potential for economic stabilization due to access to native currency alternatives, evolving blockchain technologies offer other benefits to those living in developing countries. For example, the increasing number of Play to Earn (P2E) gaming options provide the opportunity for additional income streams for those in financial hardship.

The genres of P2E are diverse and can cater to many different end-users. Shiryo is a P2E platform that caters specifically to the high-quality trading card game (TCG) niche. Shiryo’s platform lives on the blockchain and was created by a team that saw a gap in the market and wanted to create something they wanted to play themselves.

The team behind Shiryo is passionate about leveraging their expertise to revolutionize the DeFi world. They have big plans on taking over not only the trading card game space but the metaverse as well. To learn more about this trailblazing new platform, check out Shiryo’s website.


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