The digital collectibles game platform is a very lucrative business that grows all year round. You can start one too with the power of blockchain.
Did you know? Starting a digital collectible platform over a blockchain can help you make money faster. A lot of people are open to the idea of purchasing these digital collectibles. As a platform owner, you can make money easily.
[item title=”Why should you start a Digital collectables game/platform on Blockchain? “]
- Digital collectibles are items that are digital items that can be bought through a platform that sells it.
- These collectibles are programmed in such a way that they behave like a charracter in real life, for example, if the digital collectible is a cat, it would be programmed in such a way that it mimics a real cat. It grows, behaves like a real cat, needs food (which can be bought using cryptocurrencies). If you don’t feed it the character dies.
- Buying food and other accessories for these digital characters would ensure that the people are visiting the platform regularly and buying all the necessities regularly for keeping the collectible alive.
[item title=”How do you make money on the digital collectable platform?“] [/item]
Let’s take the case of CryptoKitties, they are digital collectables made available on an Ethereum-based blockchain platform. The innovative digital asset replaces the word “token” with “cats” for a reason. CATS’ operation is very much similar to that of the real cat. CryptoKitties manages to keep it simple and open for a common man, a gamer or an enthusiast.
- You can put up the collectibles for sale initially, people can buy the characters/collectible from you with the cryptocurrency that is allowed on the platfom.
- To keep the characters alive they would have to spend regularly on the character. If they stop spending the character would stop to exist.
- These collectibles can be auctioned, distributed using the smart contract algorithm every 15 minutes.
- As a platform owner, you make money for every purchase that is made on the platform.
[item title=”What are the Features of a Gamified Blockchain Platform?“]
Gamification is the act of introducing game-like features onto a platform. This amendment of gaming strategies to the blockchain technology has several advantages and few of which are as listed below:
Participation and Interaction –
The blockchain technology will also incentivize the “gamers” which makes it different from the normal gaming platforms.
Target Audience –
Blockchain projects today are mostly targetting the early investors or a small group of people who are tech-savvy, especially the experts in the blockchain market. This scares and stops the normal consumer from exploring the cryptocurrency world, thus predicting no future for a bigger mass of technology toddlers. Gamified platforms encourage such enthusiasts to indulge in activities that lead them to the root (the technology) and not the hanging fruit (cryptocurrency valuations). It is education through gamification.
Valued Digital Collectables –
Digital collectables made available through such gamified platforms such as CryptoKitties are not just valued within the confined walls of the product scope, but also outside the market. It can be traded for other popular cryptocurrencies or can even be converted to fiat.
Frequently Asked Questions
[item title=”What is a Blockchain?“]The blockchain is a network of nodes (devices with an internet connection). It is a distributed and decentralized ledger technology which was re-introduced to support transactions of a digital asset called Bitcoin cryptocurrency. Now blockchain is used by many industries to implement their online businesses on a trust network like blockchain which keeps track of every single transaction and thus will eliminate redundancy, or duplication.[/item]
[item title=”What is MetaMask?“]MetaMask is software which facilitates access to Ethereum platforms without having to run a full Ethereum node on your device. It includes a wallet for safely storing identities and it also provides a UI to manage your identities on different sites and sign blockchain transactions.[/item]
[item title=”What are digital collectables?“]Digital collectables are rewards from online gaming platforms. A digital collectable is mostly bound to its confined walls of operation. A digital asset failed to flourish because of the following main reasons:
Valueless – Uncontrolled distribution
Digital collectables are sometimes uncontrollably created and distributed after identifying its popularity among users. This diminishes the collectables’ value making it almost worthless to have it. This is one of the biggest drawbacks of not having a central governing authority
The existence and use of digital collectables directly depend on the sustenance or existence of the issuer/ creator
Lack of function
Digital collectables fail to operate outside the market and has limited or zero functionality which makes it less useful. These collectables gaining no value like the physical collectables attracts no consumers making it obsolete