Last weekend, game development studio 22cans and blockchain game company Gala Games launched the first limited, virtual plots of land in Legacy, a game using NFT technology. Legacy is aptly called “The dream come true of the creative investor“.
Legacy will be released at some point in 2022. But up to this point, the first investors / gamers have poured into Legacy $ 54 million to buy virtual land.
How the game works/Legacy’s “Gameplay”
Described as “The first blockchain business management game”, Legacy allows gamers to design their own products and in-game architecture, and manufacture them with virtual “workers” in a virtual factory.
Finished products can be exchanged between the gaming community, gamers have the opportunity to participate in competitions to “reached the top of the leaderboard and won the grand prize“. The prize will be LegacyCoin, a cryptocurrency circulating in the virtual world of Legacy.
To participate in this potential market, gamers must own a piece of land in the game. Currently, this means buying one of 4,661 virtual pieces of land, located on a virtual continent shaped like London. The number of “real estate” sold on the Gala Games market, and it is not clear how the number of plots will increase or decrease in the future.
At the time the original article appeared on ArsTechnica, 4,500 pieces of land were owned, with a total purchase price of about 13,365 Eth (over $54 million at current market prices). Among the virtual real estate, a unique piece titled “Heart of London” sold for 220,607 Eth (over $900,000). There are still 140 derelict plots of land, with a total value of up to 527.04 Eth (about 2.1 million USD).
The price of land depends on the ability to do business with other “Business Partners”, an indicator that in theory should increase the ability to create items as well as the earning potential of the owner. Landowners can also rent out a part of the premises through the “Legacy Key”, thereby getting a passive income.
Lands with a rating of “Rare” or higher (starting price 4.55 Eth, or $18,576) allow owners to enter the Beta phase of the game. Meanwhile, “Legendary” land (starting price 30.33 Eth, or 112,838 USD) will be able to play the upcoming Alpha test.
Reasons for applying NFT . technology
In fact, the “money-making” potential of Legacy’s gameplay does not require the presence of NFT technology (NFT, or simply called a proof of ownership of virtual assets). Virtual environments like Second Life (VR games), or games that allow the exchange of virtual items like Counter-Strike: Global Offensive have long supported the idea of ”real money virtual objects”. All of these games can control the in-game market by means of the centralized servers that support such games themselves.
While the NFTs in Legacy may outlive the game itself and the company that published it, it’s unclear what the long-term value of the NFT will be once the game is empty. However, by applying NFT, 22cans and Gala Games “swing” to the current NFT trend, attracting many gamers who are willing to invest in the virtual model of the new Legacy that exists on paper.
Using the Ethereum blockchain also means that transactions using LegacyCoin will consume a lot of electricity resources, which can cause a lot of damage to the environment. On Legacy’s land sale page, blockchain game company Gala stated that they “care about the health and safety of the planet”, promises to reach the target of carbon negative. Gala claims to plant a tree with every transaction made.
Temporarily put aside the technological aspect to identify economic factors. Profiting from each investment largely depends on how many people are willing to pour more money into the virtual ecosystem, so Legacy’s appeal will have to play a big part. NFT game startups like Axie Infinity show that very simple games can be fully utilized.”play for profit – pay to earn” to succeed.
But based on the analysis of the virtual economic model performed by Naavik enterprise, we see that the strength of this economy will almost depend on the growing community of players, and may collapse when the number of players is small. gradually go. If one looks at the success of Axie Infinity or similar products, one can forget about startups that fail to attract players, or disappear before launch.
Is the name Peter Molyneux enough to create attraction?
Finally, investing in an NFT game that has not been officially released will require the iron faith of investors / gamers. They must trust the companies involved to create a fair and efficient market, and the game must be interesting enough to keep players engaged. In the case of Legacy, the belief comes from the name Peter Molyneux.
Game designer Molyneux was famous in the late 90s to the 2000s with titles that allowed players to play as gods (Populous, Black and White) and the Fable series. However, in recent years, Peter Molyneux’s reputation has leaned more towards “explosive”.
The crowdfunding game Godus has been a great success in attracting investment on Kickstarter, but many of the promised mechanics are still lacking. Godus at the moment still receives a lot of mixed reviews on Steam, and the developer has stopped updating the game since April 2015.
In an interview with The Verge that just took place, Mr. Molyneux smeared the “blockchain gaming experience”“others are on the market, for that”they forgot about the game itself being developed, and increasingly turned into a money-making mechanism that lost its play value“. Molyneux announced that Legacy will be a “vIt’s about ownership, but it’s also about consequences – because when you play the game, you’re weighing the potential consequences of the game in the context of the game.“.
Legacy will include “a complete simulation of the pollution mechanism, for example, killing virtual trees or virtual workers “severe cough” once you overgrow.
Furthermore, Molyneux promises “self-balancing mechanism“to protect the virtual economy from inflation or hard to make money. “I’ve tried many designs and made a lot of games, but when it comes to players being able to play my games and earn money – that would be a great honor. But we will also have to be very careful“, said Mr. Molyneux.
That is, your investment in Legacy will depend on the ability of Molyneux and the development team to regulate the economy, and expect them to “very careful“.
In other words, Legacy represents the next evolution of crowdfunding games, attracting investment money from gamers with the promise of profit sharing in the virtual in-game market.
Earning $54 million after just one week of publication, Legacy shows that the NFT game is a fast-moving water with countless boats chasing. Let’s wait and see what huge returns these investments will bring in the near future.
According to ArsTechnica