Economy Explained
Introduction to The Forge Arena Player Owned Economy 101.
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Introduction to The Forge Arena Player Owned Economy 101.
Last updated
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We understand that as a traditional gamer, you may have reservations about embracing the latest technological advancements in Blockchain Gaming and NFTs. Many projects in this space seem to prioritize crypto earnings over the actual quality of gameplay, which can be off-putting. At Newgen Labs, we're committed to addressing these concerns by placing a strong emphasis on the quality of our games while simultaneously creating a fully decentralized digital economy that is owned by everyone and everything.
By harnessing the power of blockchain technology, we offer you true ownership over your digital identity & footprint. In gamer's language, think of NFTs as Skins 2.0. In traditional games, when you purchase skins on centralized platforms, they are often locked to your account on that same platform. Unfortunately, this means that the company behind the game can ban you or prevent you from trading your purchased skins, rendering them worthless and inaccessible. Essentially, you lose both the skins and the money you invested in acquiring them.
However, in video games that leverage the right blockchain technology and prioritize true digital ownership, the digital assets you acquire through gameplay are securely locked to your own account or "wallet." Even if you face a ban for any reason, you will still have access to your assets and can freely sell them on the marketplace or trade them to a new account. Once a digital asset is in your inventory, it's yours to use, trade, sell, or even rent to other members of the community.
Moreover, it has become evident that many games have launched Governance Tokens without establishing a sustainable ecosystem and a game to support it over time. Unfortunately, numerous instances have occurred where games introduce a token, witness a rapid surge in its value, and then experience a sudden crash, leaving community members disheartened as they lose their entire "investments." This prevailing issue is a significant challenge within the realm of Blockchain Gaming.
