2 min read

Crypto Gaming Has A New Business Model

One of the more honorable use cases that really emerged during the NFT boom was blockchain gaming. With NFTs granting players true ownership over their in-game items and assets they earned, as well as transparent and decentralized economic structures, the concept is supposed to make gaming overall better for gamers. Namely, because it actually redistributes the wealth generated by a game back to the gamers that made it popular.

Of course, like anything in crypto, the greedy cash grabs and fake games have mostly outshined the truly reputable projects. This is a real shame because there are a lot of benevolent game developers that want to actually lead us into a better gaming world.

Interestingly, a friend I met when I was writing and promoting The NFT Handbook recently launched a blockchain game with a super unique gaming structure.

WTF? A Refreshing Take On Blockchain Games

The game is called BeanQuest (“bean” being the nickname for $BNB or Binance tokens). It’s an RPG like any other, where the goal is to level up your character, acquire new skills, and earn assets that improve your player. However, where this differs significantly from most blockchain games like it is that they didn’t create a new token for the in-game economy but is actually just using $BNB.

Many developers have tried to build game-fi systems with an associated TOKEN that you earn from playing, and what always ends up happening is that the currency inflates wildly and usually devalues into nothing after a while. Instead of creating a coin for our game, we have decided to use the cryptocurrency decentralized finance system commonly called a “miner” (although it has nothing to do with the actual hardware miners involved in the cryptography algorithms for proof of work coins).

This system works for a number of reasons. Miners are far more resilient to fluctuations in the market, they cannot crash overnight like coins can, and they take patience to be successful. – BeanQuest Manifesto

By using $BNB as their native token, they’re offering players much greater trust in the project because it’s a massive token that can’t be tampered with by the BeanQuest development team. Additionally, they have withdrawal limitations to protect the game from having a large part of the liquidity pool drained by the top players.

These may not seem like revolutionary ideas. But those two features alone will stamp out a good 60-70% of common blockchain gaming scams.

Basically, BeanQuest took the decentralized finance concept of staking and gave it a new interface. It’s just like staking crypto on an exchange, where you lock up a certain amount of crypto and earn a small percentage in daily/weekly/monthly returns for providing liquidity to the exchange. On BeanQuest, you lock in your $BNB and get 3% return daily. But only if you go into the game and play that day.

It’s really a genius way to rebrand one of the nerdier crypto concepts into something fun and enjoyable. This game (or their model, in general) will create more diverse in-roads into crypto, as well as increase the exposure and use cases of $BNB.

They’re also heavily involved in creating NFTs that act as skills, power-ups, weapons, etc. in the game. The NFTs you hold in your wallet can even increase the daily $BNB reward. This gives an additional economic avenue for players to earn in, as well as trade or sell. Additionally, in the event that their “pot runs dry” and they don’t have any $BNB to give as rewards, the NFT economy would theoretically keep the game alive and running.

Overall, there’s nothing about BeanQuest that claims you’ll get rich quick or earn massive returns in no time. Nothing here screams “too good to be true,” which is the most important litmus test when dealing with any emerging crypto project.