How can we use this Web3 gaming model for good?
Ok... Let's talk some more about #web3. 💥
In my previous post, I briefly mentioned the Free-to-own (F2O) model. It's being experimented on within the gaming industry (I haven't heard of it being applied elsewhere - if anyone has any examples, please share them!). But because of its nature of it, I believe F2O could be used in the real world. To solve real-world problems. #solvingrealworldproblems 🌍
So, what's the premise?
Essentially, the F2O model enables players to start playing a game and own digital assets without the initial financial investment. It can make the experience more accessible, inclusive and engaging - players can focus on playing the game and earning rewards instead of spending money and worrying about earning back the investment. (They do, however, need to have a crypto wallet)
How does the model work?
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The community mints and owns the first NFTs for free.
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Those NFTs are “factories” that generate other NFTs for in-game assets and rewards.
Ok… That's all really cool. But so what? 🤷♀️
🧠 Well, I've been thinking about how we might apply the F2O model outside of gaming? Could this model incentivise people's participation in activities that benefit society? How might we use it for the public good?
Let's say a government wants to promote sustainable behaviours from citizens and companies. They could use the F2O model to provide free ownership of digital assets that represent sustainable credits. Imagine carbon offsets, but for individuals. Sustainable behaviour would earn credits (installing solar panels, using public transportation).
We could apply it to ethical consumerism as well. If people bought from sustainable companies, they would earn credits. Which would, in turn, make companies want to be more sustainable.
🧐 Let’s inspect this:
The process would work by the government issuing Factory NFTs, which would be given to specific sustainable organisations promoting specific sustainable practices. These organisations would, through Factory NFTs, mint credits and other utilities.
If a citizen buys something from a sustainable organisation in this ecosystem, or if they contribute to a cause, they get a credit. They can trade this credit in the marketplace.
Factory NFTs used to mint the credits could also be sold on exchanges, providing another way to monetise the public services (although I’m not sure exactly how that might work).
It sounds great, yes? Well, there are some downsides to F2O as well. I'll write about that in another post. Sorry ... no silver bullet. 🙈
NOTE: I know this is very high-level and a bit utopian. There are a bunch of things to consider here, like transparency, data privacy, security… all of the usual suspects. 🦹♀️
I am happy to hear any comments on why this might not work, and would love to hear ideas on how it could be improved.
(Image: Created with DALL·E. Prompt: "Vast virtual world, beautiful. Free tokens for everyone.")
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