The play-to-earn (P2E) industry was enjoying a boom, rising to prominence amid a hyped-up crypto bull market.
It has benefited from the success of the gaming industry, which has managed to remain recession-proof despite the worst economic crises. The industry continued to draw billions of dollars at a time when companies in other sectors were going bankrupt by the day, and this ability to bring in a steady stream of money spread to the P2E space.
That is, until the bull market was over and crypto was looking down the barrel of the bear market.
The P2E token has been the most affected since the market crash. This has spread to NFTs, and their trading volume has plummeted. As a result, the earnings from NFTs are now lower as compared to the previous months.
Thus arose the need for an alternative way of earning from NFTs, without completely relying on the speculative markets. Blockchain game Cradles is one that has come forward with a new system that allows investors to earn from NFTs without having to keep themselves.
Staking NFTs for Gameplay
NFT staking is no longer a new concept in the blockchain gaming industry. Various sports in the space have adopted the NFT betting system to allow players to earn passive income from their NFTs. This not only provides income to the holders, but also helps to ensure that the value of NFTs remains high by reducing the number of NFTs being traded in the open market due to this induced holding. It also helps holders to support their community and promote the development of the entire ecosystem.
Some good examples of platforms that have adopted NFT staking are Sandbox, Decentraland and Axi Infinity, among others. The Axi Infinity NFT Staking System is the one that is being widely copied in the industry as the project has been a success since its launch. Players are able to collect, breed and fight other players on the platform.
However, this NFT staking system is riddled with flaws that do not ensure the stability of the model. Basically, the reason gaming tokens were so successful was because they were launched in a bullish cycle, with lots of speculative buying. The model requires a constant influx of new players who will invest a significant amount upfront through buying NFTs and invest a lot of time to earn any reasonable amount. So it should come as no surprise that this model has been suffering.
Upcoming Blockchain Game CMO Tib Palin Cradle: Origin of Species, explaining the phenomenon, saying, “As long as new money is coming in from new players the model works well but it is completely unsustainable.” He went on to say that “some critics have labeled NFTs as game ponzis, where new money is used to pay old participants, and they are not entirely wrong. P2E is too late in the game.” Log in and you find yourself earning tokens and NFTs that are cheaper day by day in a bear market.”
So how can one avoid this difficult cycle of speculative buying and Ponzi-like formations? Cradles: Origin of Species has launched an entirely new staking system that enables players to ‘stake in NFTs’ without breaking the bank to buy expensive NFTs for gameplay.
How Cradles Brings Earnings to All
The new SIN system introduced by Cradles has proved to be a game changer for the gaming community. SIN, which means “NFT betting”, allows users to earn money by participating in the games of their favorite gamers. Cradles realized that there needed to be a change in how play-2-earn economies are structured to make them more sustainable, and SIN was born out of that need.
The SIN system takes advantage of the popularity of streaming in gaming and the strong play-2-earn community that has developed over the past year. The revenue growth from this streaming model has outpaced even the worst-hit markets and provided more revenue streams for gamers. Cradles taps into this by creating a true Metaverse MMORPG that encourages and encourages players to build a world around them.
With SIN, players can only bet in a super rare NFT weapon or artifact already owned by another gamer. These skilled players attract thousands of viewers with each stream, and most of the people in their community aren’t skilled enough or don’t have the time to go looking for said weapons or artifacts.
So instead of sacrificing hours of gameplay to find this NFT, you can choose to easily withdraw while playing with NFT to a skilled player. When the skilled player is finally victorious, the loot from the victory is distributed among all players who bet in their NFTs.
The CEO of Cradles explains TY SIN as follows;
“You don’t have to spend hours looking at or trying to build a super rare NFT weapon in Cradles. Instead, you can choose to passively return a skilled player who already has that NFT For example, if you believe they will do well in a tournament or hunting season, you can bet the CRDS (Cradle’s Native Token) into your favorite gamer’s ultra-rare weapon. Then, whatever the player The rewards he earns will be shared among all CRDS stakeholders who support him. This is a great way to show your support for your favorite idol and earn money from it.”
This is a really new idea that will help players to participate in gaming experiences without having to devote hours to find these weapons and artifacts. Instead of going down the established route of pursuing P2E games, where players have to breed and fight for tokens, Cradles takes a new approach to earning from gaming as if all the focus was on breeding and creating new items. players can quickly get bored and move on to the next shiny thing.
“It’s tempting to jump in like everyone else and pursue a P2E type of game of breeding and fighting for more tokens and rarer breeds,” Palin explains. “But if the main development is only on creating new items and new breeds, then players ultimately have no motivation to play or contribute. At Cradles, we seek a community of gamers sold to experience the game world. imagine in which he may have an active role.”