As blockchain gaming begins to really find its feet in the gaming marketplace, it is easy to become fixated on a few, large projects, and assume that they have all the answers. Often it is those which have larger marketing budgets and bigger investors that dominate the headlines, and as a result are used as a benchmark as to how the industry as a whole is progressing.
However, quite often there are much smaller projects, with an equally dedicated community, who are silently building and creating amazing experiences. They don’t often shout about their projects from the rooftops, that’s not how they roll. They don’t have the same pressures to hit tight deadlines or turn a quick profit. They just keep tinkering away in the background, trialing and testing the tech to its limits, and it is this approach and flexibility which often affords them the time to find solutions and hold the key to unlocking problems which some of the larger projects are trying to overcome. In an industry as new as NFT’s, we should all be working together, connecting and sharing ideas.
In the NFT and blockchain gaming space, CryptoRome is that little gem.
CryptoRome is a fun NFT card game built on the Ethereum blockchain. They have a small, talented and dedicated team and community, but this article isn’t about shilling the game. It is more about highlighting some of the giant strides the CryptoRome team are taking towards building an economy on the blockchain, their application of adding value to NFT’s and how similar concepts could potentially be applied in Decentraland in the future.
A Mashup of Decentraland and CryptoRome
Whilst reading this section, try to remove your creative restraints. Some concepts may be a bit far fetched to port over to Decentraland, but the aim isn’t to duplicate these ideas, it is more to get the creative juices flowing and think about new approaches to building digital economies on the blockchain, coupled with NFT advancements.
By owning a village or town in CryptoRome (which are NFT’s), you can ‘harvest’ various resources from that NFT, on the blockchain. A perfect example is creating wine, which is a 3 step process.
The first step is to plant vines, which you do with a MetaMask transaction which is then recorded on the blockchain. These vines continue to grow every minute, even when you are offline, until you choose to send them to the winery to be made into wine. This step again requires a MetaMask transaction and is recorded on the blockchain. Finally, you bottle the wine, and you now have a saleable asset which you can then sell on a dedicated marketplace. Essentially, you have created an asset of value (digital wine) from an NFT. This process can be repeated time and time again.
Imagine if a similar resource production was possible on LAND in Decentraland in the future?
Would we see the first ever digital-agricultural revolution, where users e.g. grow digital wheat on a farm constructed on their Decentraland LAND, to then trade or sell to a Decentraland bakery, to then bake Decentra-bread, with each process making the saleable item more unique and valuable, to then sell on for MANA in a purpose built marketplace? Bonkers, but possible.
Building value on top of an NFT
Following on from production, and in a similar vein to Decentraland, you can also build constructions on top of your NFT’s, which allow them to attain scarcity and value.
However, in CryptoRome, if you build e.g. a winery, not only does it increase the value of your NFT if you were to resell it, but if you use the winery for its purpose in producing wine (to sell), then it also gives you a passive income as well. Expand to build 5 or 10 wineries, and you have yourself a fully running, passive income producing, digital wine making empire.
Could something similar work in Decentraland?
Selling for ETH and creating GDP from LAND
As a result of the previous 2 points, a GDP can now be estimated for your NFT. If you could build up a healthy LAND holding, then this could actually prove to be a very nice salary.
Will we someday get to the point where we can value Decentraland LAND not by location, but from the volume of output or annual return it gives?
You now own several NFT’s (villages in CR, LAND in Decentraland) and each of these is producing items of value, almost on autopilot, which you can sell in a dedicated marketplace to other users. Et voila, there you have an economy.
Could a self sustaining economy like this exist in Decentraland? Could communities collaborate to create their own micro-economies in certain areas of the Decentraland map?
Whilst it is unlikely that this is the type of economy which will evolve in Decentraland, it certainly isn’t impossible.There are obviously big differences between CryptoRome and Decentraland, but maybe they’re not as big as one may think, after all, both run using blockchain technology and NFT’s.
If some of these economic stepping stones could be adapted and applied to Decentraland LAND in the future, then it could also be possible to create “a self sustainable, fully decentralized digital economy, built on the blockchain, using NFT’s which is provably fair.” Now the only thing left to do, is go and explain that to a total stranger in the street, and time how long it takes for you to be put in a white van on the way to see a psychiatrist. #timestamp
>> If you haven’t checked out CryptoRome, you should click here
>> If you haven’t checked out Decentraland, you should click here
>> For more Decentraland News click here
Disclosure: DCL Plazas owns NFT’s in both Decentraland and CryptoRome