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Market Cap: $ 3 787 132 962 593 / 24h Vol: $ 200 392 171 953 / BTC Dominance: 58.653467328398%

Н News

Tap-to-Earn Games Are Realizing Satoshi’s Dream

If media reports and anecdotal information is to be believed, we are on the cusp of a massive wave of crypto adoption from a group of people who don’t know they are even using the technology despite reaping the benefits.Tap-to-earn games are not a new idea but, when applied to Web3, there’s been a Cambrian Explosion of engagement like nothing before seen for this industry, and Hamster Kombat is only the beginning. In many cases, the rewards are enabling a small amount of economic freedom that did not previously exist.Unmute MoneyGram Announces Its Latest: MoneyGram Wallet

01:31Bitcoin ETFs Are "Trojan Horse for Adoption": Bernstein02:28Trump Pumps DeFi Token Sale; Bitcoin Price Jumps Above $65K01:25Trump-Themed Tokens Surge, Bitcoin Forecast to Jump After U.S. Elections02:08Cumberland, Bitnomial Lawsuits vs. SEC, Nigeria Denies Bail for US Compliance OfficerTake, for example, the reports coming out of Iran, where the government has claimed that Hamster Kombat is a “soft tool” in the West’s war against their theocracy, distracting voters from casting ballots during a recent election. For their part, the founders have denied any ties to the West, but there’s likely an even greater force at play here.

A glimmer of hopeIran is currently among the world’s worst performing economies, and residents face very little prospect for employment with ever-rising prices due to draconian sanctions over the country’s nuclear program. This has led the country to embrace crypto at much higher rates than most. Iranians consistently rank among the top users of Tonkeeper and many other non-custodial wallets, as they try to find new and different ways to use money and protect the value of their earnings.

Read more: Jeff Wilser - What Hamster Kombat Did: How Telegram Built a Web3 Gaming JuggernautEven more surprisingly, though, is the rate at which the country has latched onto Hamster Kombat. Take, for example, this AP description of a recent afternoon in Tehran, the Iranian capital.”Cab drivers and bikers tap away furiously on their mobile phones as they wait at red lights in the Iranian capital during an early June heatwave. Some pedestrians in Tehran are doing the same. They all believe they could get rich.”

For these people, wealth is relative to the West when you consider the currency has devalued from 32,000 rials to USD in 2015 down to 42,000 rials per dollar at the moment. Concurrently, the price of meat has soared 70% in the last year, and the cost of a rideshare taxi has doubled, according to the AP.It’s no wonder Iranians will cling to any opportunity to earn they can find, but they aren’t the only group that has latched onto mini-apps with the promise of big rewards.Kids and their gamesFor as long as video games have existed, they have been played by children. I played them while growing up, and still do – so do many of my friends. So did you or, if not you, many people you grew up with. And that’s where this becomes more compelling.

Many people I speak with – colleagues, partners, conference-goers – have anecdotally mentioned to me how much their children love Hamster Kombat. Some of these kids are as young as 11 and 12-years-old, and they played non-stop.These kids, like many Iranians ferociously tapping away using all kinds of methods including, in some instances, a massage wand to optimize gameplay, likely do not know that crypto underpins the rewards and, ultimately the airdrop. But they do know that the top players will earn a windfall that would otherwise not have existed – whether they are in Iran, Iowa, or anywhere else in the world.

Yes, the rewards on offer are likely what enticed the more than 300 million people that played Hamster Kombat, and continue to play the countless other tap-to-earn games coming online each week, but this isn’t really the point. All one needs to do is look at how video games overtook board games during the 1980s to understand what is happening.For the first time in history, 300 million people are interacting with a Web3 platform, underpinned by crypto, and this spans all generations, backgrounds, and locations. And with younger generations becoming increasingly crypto-native, it’s only a matter of when, not if, these platforms begin to overtake the incumbents.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.Edited by Benjamin Schiller.

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Н News

Tap-to-Earn Games Are Realizing Satoshi’s Dream

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