Press Release Daily Today TheBitTimes.com

Play-to-earn projects live and die based on whether they have an influx of new users or the means to continue rewarding existing ones. All of this lacks sustainability in the long run. Web3 game development company QORPO says there are significant shortcomings in the play-to-earn space — and a drastically different approach is needed to create games that retain users and achieve sustainable tokenomics. Ever since the heady days of 2021 — when play-to -earn games reached their peak — Web3 has been in a period of reckoning. At its height, Axie Infinity was helping players in emerging economies like Ghana and the Philippines earn substantially more than the minimum wage. A crushing token bridge hack and a cooling market later led to rewards being cut considerably. When you zoom out, only a small handful of projects have achieved sustainable growth — and this relates to inherent flaws in the concept of play-to-earn. Entry costs can be high, with players sometimes having to splash out hun...

The founder of Blur has defended the NFT exchange’s token incentive system amid concerns that the platform is contributing to a decline in average NFT prices. Since its meteoric rise against competitor OpenSea earlier this year, Blur has created an NFT trading frenzy. Some users trade NFTs for the purpose of acquiring Blur tokens, in a practice called farming. However, as many NFTs depreciate in value in this year’s brutal bear market, some traders are racking up major losses — sometimes exceeding $10 million. This has led to widespread criticism of the exchange. Recently, crypto investor and entrepreneur Trevor Owens argued that whales with ample liquidity could accumulate Blur tokens by bidding and then take loans on the NFTs bought — only to re-bid again with the loans they’ve taken. As whales bid more at lower prices, floor prices come crashing down . According to Owens, this could “wipe out” the total NFT market cap. Blur founder Tieshun Roquerre, known as P...