What are Play-to-Earn NFTs? Introducing The Octos New & Improved Utilities
When blockchain gaming, better known as play-to-earn, first emerged on the DeFi scene, it took the sector and parts of the traditional gaming world by storm. And why wouldn’t it? The concept was straightforward enough to make anyone want to quit their 9 to 5: Play video games. Earn cryptocurrency. Who wouldn’t want a gig like that? And not surprisingly, many players did take the plunge and became full-time P2E gamers.
Unfortunately, as we know, the story did not end well for all players or investors in these games. While they may have enjoyed some initial success, the play-to-earn models that were the backbones of these platforms were unsustainable & unproven.
A drastic change was needed. A new model that players could benefit from over the long term. One that rewarded them for participating in fun games that could be easily accessible by anyone with a smartphone.
Octo Gaming is Born
Established in 2018 formerly named BetOnYou, Octo Gaming was born as a response to the pressing need of the growing number of traditional gamers that received no compensation for the time they spent playing. Octo Gaming’s founders observed the following:
- Gaming was growing at a rate that outpaced virtually any other entertainment industry.
- Players took their skills seriously and demonstrated training discipline akin to professional athletes.
- Less than 1% of these highly-skilled players earn revenue for countless hours perfecting their craft. Profits are typically reserved for those who achieve “Pro” status, influencers, and streamers.
The Octo app, available on Android and iOS, addresses these three points and enables any player to monetize their time and skill improvement while playing fun, hyper casual games beloved by casual & intense gamers alike.
Players compete for Golds — the in-game reward they bet every time they face off. Gold exists purely as an in-game function, and has no link with cryptocurrency or fiat, however once players have acquired enough Golds, they can exchange their winnings for items from partner brands. Our suite of prizes include products from Lenovo, Logitech, DXRacer, as well as gift cards from iTunes, Playstation, Amazon, Google Play & more.
The Move to Web3
The rise in demand for NFTs and cryptocurrency, due to their respective 2020 market booms, provided the Octo Gaming team with the opportune moment to transition into Web3 gaming.
The Octos NFT collection was minted in January 2022 on the Solana blockchain. While Ethereum proved itself as a pioneer for the NFT space, shining a light on iconic art collections such as Crypto Punks and BAYC, Solana wasted no time in wearing the crown as the blockchain where utility-centric NFT collections went to thrive. All 4,444 of The Octos NFTs — each with unique accessories and attributes- sold out instantly. The NFTs serve as a powerful in-game booster within the Octo app, as well as granting holders special perks, exclusive content, and a lifetime premium membership on Octo Gaming. Moreover, Octo NFTs allow holders to not only leverage Web2 rewards with the platform’s brand partners but also earn cryptocurrency and NFT rewards.
Gold for NFTs? Welcome to Octo Gaming
The initial Octos NFT collection will not be the last of these digital assets made available on the platform. The Octo Gaming team is already ahead of the game and plans to introduce more NFTs to its Web3 shop that holders can trade in using the Golds they acquire after winning PvP duels against other players — which places significant importance on winning. If only there were a way to improve one’s chances…
Level-Up to Earn
Each player’s NFT can evolve to reach a maximum Level of 5. Every time a player levels up, they earn attribute points that can be allocated to their NFT in the following ways:
- Power: Leveling up this attribute lets you increase game scores & increase your NFTs in-game strength. Warning: using power in-game reduces health.
- Chance: Leveling up this attribute increases your opportunity to receive diamonds after each game. Fusing diamonds lets you further increase your NFTs attributes.
- Health: Leveling up this attribute reduces the negative effects of power on your health bar. This allows your NFT to stay powerful longer without paying for a health recharge.
The higher your level and attributes, the more likely you’ll win, enabling you to collect more rewards.
Octo Gaming: Bridging the Gap Between Web2 & Web3 Gaming
Play to earn gaming has primarily failed the users it purports to serve. Unsustainable reward mechanisms and low adoption have turned many players off of P2E entirely. The Octo app provides a much-needed solution to this problem as it creates a pathway for Web2 players to seamlessly transition into the Web3 gaming ecosystem and supercharge their rewards along the way.
