Web3 to Earn: Everything can be realized

The number of Web3 to Earn projects on the market is increasing every day, and they are subtly embedded in life, involving every aspect of our lives.

There must be unreasonable reasons behind the brutal expansion of the Web3 concept. For example, we have seen that most of the Move to Earn projects are seriously homogeneous, and some old projects that have been eliminated have caught the popularity of Web3 after packaging themselves.

But copying, trial and error, iteration, and innovation are necessary processes for the market. The birth of BAYC cannot escape the shadow of CryptoPunks , but BAYC has acquired CryptoPunks to become the number one IP in the NFT industry.

A large number of Web3 to Earn projects are started by plagiarism, and the dual currency model is widely accepted by many projects. The dual-currency model (utility token + governance token) created by Axie Infinity can be seen everywhere in various X To Earn projects today.

They pack the concepts of "healthy life", "environmental protection", and "meditation and mindfulness" to attract users in the way of to Earn, but it is undeniable that they are improving and innovating Web3 to Earn.

NFT has become the standard configuration of the To Earn project, capturing more new users for free. The Move To Earn project basically uses NFT as an admission ticket, and players must buy it to participate in earning tokens. However, for players who enter the market later, the gradually rising NFT floor price (thousands of dollars) will undoubtedly increase the payback cycle , which may lead to a decrease in willingness to enter the market.

Axie Infinity and Stepn are recognized as the most successful Web3 to Earn projects. The participation threshold for the former is 3 Axies , which is worth about $1,900 based on the price in October last year.

The threshold for participation in the latter is a pair of sneakers NFT, the current floor price is 20 SOL , worth about $2,000. The high participation threshold dissuades a large number of users.

There are also some projects that adopt a no-threshold model, allowing players to participate for free in the early stage and earn income at the same time, but the income is relatively small. Such games will attract more and more diverse players, greatly expanding the overall market for games.

The emerging Web3 to Earn project has greatly lowered the barriers to entry. Although low threshold means low income, for the development of Web3 to Earn, low/no threshold is still a trend.

Imagine that a Play to Earn game requires purchasing one of 8,888 NFTs to play. Once this game becomes popular, it will definitely be monopolized by "elite users" who have money and leisure.

Another Play to Earn game, users only need to download the application on their mobile phones and register their email addresses to start their Web3 journey, although the financial return tends to be zero.

But ordinary users can participate, whether they are stalkers, hotspot chasers, real game lovers, or others, the scope and number of users are not limited.

Another benefit of Free to Earn is that there are a large number of Web2 users onboard. According to statistics, by November 2021, the number of global Internet users will reach 4.9 billion. Web2 can become the most direct source of Web3 user expansion.

Let a large number of Web2 users experience Web3 products with low/no threshold. They will realize what it means to own digital assets such as NFT; Account - the wallet address can be applied to multiple platforms without repeated registration, and will not be closed by a third party.

The Web3 to Earn project is also advocating more active lifestyles such as sports, learning, environmental protection, meditation and mindfulness.

As IOSG stated in the article "X to Earn: A Formal Challenge to the Death Spiral", for the Web3 to Earn project, users originally had the purpose of to Earn, but after a period of persistence, they began to recognize some non-financial The rewards include a more beautiful body, a healthier body, and a more positive mental state.

The survey shows that for such a project, even if it enters a death spiral, 83% of users are still willing to continue using it. Some users are even willing to enter the market after the project loses popularity.

Compared with fitness cards, the financial returns brought by the Web3 to Earn project to users can be seen every day, and users will be motivated to choose a healthy lifestyle every day.

The wave of Web3 is coming to us, and its adoption is accelerating in the form of to Earn. Despite the irrationality and bubbles in the market, Web3 to Earn is also undergoing improvement and innovation.

The entry threshold is lowered, the functions and scenarios of to Earn are expanded, the concept of healthy life and environmental protection is emphasized, and social attributes are integrated...

Perhaps one day, after experiencing market FOMO, greed, and cooling, the entire Web3 to Earn track will break away from investment attributes, become truly popular, and become a part of our daily lives.