Animoca Brands launched REVV Racing, a play-to-earn blockchain game with a car racing simulation theme. The initial stage of the game features a week-long tournament with a prize pool of $150,000.
In traditional video games, users purchase in-game assets that can’t be used outside of that digital universe. Those assets are also not really owned by gamers since gaming providers can discontinue the game at any point and all the content in it.
Play-to-earn games are becoming popular offerings in the blockchain gaming industry because they enable gamers to own the in-game assets they purchase. The assets are minted as non-fungible tokens (NFTs) and can often be traded on platforms outside the game’s universe.
For casual gamers, these solutions give an additional layer of utility when purchasing digital assets. It allows them to make their money back if they decide to stop playing. For more serious gamers, there is an opportunity to actually profit off play-to-earn games without becoming a professional gamer and relying on sponsorships.
The cars will be minted as NFTs and all races will be registered on the blockchain, which makes results more difficult to hack. Gamers will also be able to sell the NFTs on digital marketplaces, transfer them to other people, or use them in other supported games.
“REVV Racing is not going to be your typical blockchain game: we are merging the thrill and skill of real-time 3D car racing with the advantages of blockchain, including true ownership of in-game assets, play-to-earn, and enhanced security,” said Animoca’s co-founder Yat Siu. “The future of play is games with the look and feel of the high-quality products that gamers are accustomed to, but that also empower players with digital property rights.”
Animoca is making significant investments in this video game sector. Besides REVV Racing, Animoca is licencing an Olympics play-to-earn game and is working with Hedera Hashgraph on new solutions for the technology behind these projects. It has also invested in Yield Guild Games, a community group that uses play-to-earn gaming to make a living.