Crypto is always evolving, and new concepts are being introduced to the industry. The DAOfication Of Games has become the latest buzzword. This concept combines the two worlds of GameFi and DAOs. It is important to understand both the concepts in isolation to fully grasp the integration between these worlds.
DAOs Basics
Perhaps you have seen the term Decentralised Autonomous Organisations or DAOs floating around the web. What is this? DAOs are the new age of organisations, which decentralises its structures and processes – steering away from traditional, hierarchical organisational structures. Decentralization of organisations does not mean that one governing party, such as the CEO, is in charge. Instead it gives multiple stakeholders an opportunity to participate in company decision making. This creates a flat organizational structure.
DAOs may be created using advanced blockchain technology. The DAO can automate specific rules through smart contracts. This means that as long as the rules are followed by involved parties within the group/organisation – the funds and processes will be available. DAOs are preferred over other organisational structures because they eliminate human error and allow for more democratic decision-making. Although voting rights may depend on the DAO’s existence, generally, they are obtained through ownership of tokens that relate to the organization.
Transparency is a major factor in favor of DAO structures. Transparency is a key factor in ensuring that all stakeholders, customers as well employees of DAOs, have access to financial information so they can make informed decisions on their contributions to the DAO. A public DAO makes capital acquisition much more straightforward and efficient than it is in traditional markets.
The union of DAOs, Gaming
With the growth of the GameFi (Decentralised Finance) industry, the concept of “play-to-earn” aims to push the consensus of redistributing ownership of games to the users, instead of being controlled by one entity. DAO’s are based on a similar concept, which makes the integration of the two concepts a no-brainer, taking the world of blockchain gaming to a new level.
Project Hive, an extraordinary example of merging these two worlds is a great example. Project Hive is a cyberpunk-inspired blockchain game that is based on a “play-to-earn” approach, allowing gamers to earn through a number of in-game revenue-making opportunities. The local governance token for Project Hive is Hive Governance Token, (HGT). This can be obtained through competitions, in-game tasks and NFT trading. Players will have the ability to buy in-game items and use HGT tokens to access the NFT market.
Project Hive will create a safe environment that supports all investors, players and partners. It promises an exciting cyberpunk gaming experience. Cyberpunk can be described as both a genre or a culture. It embraces a dystopian sci-fi future that is surrounded by the underworld of drugs, illegal trade and gangs. Project Hive continues to bring the thrilling genre of cyberpunk into the limelight due to its popularity and growth.
Looking into the Future
DAOs will be a fascinating concept. They allow decentralisation, democracy and participation within organisations. Combining blockchain gaming with the DOAfication games, it will bring together gaming and crypto communities. This is definitely something you should be looking out for in both the gaming and crypto worlds.