Can play-to-earn games prevent calamities like famine?

In December 2020, David Beasley, Executive Director of the World Food Programme (WFP), raised the alarm regarding world hunger and food security. 

Due to the COVID-19 lockdowns, the number of people marching “towards famine” increased from 135 million to 270 million.

NFT games are igniting a new monetary revolution in most low- and middle-income countries to help mitigate the effects of local economic upheaval.

The world is being eaten by inflation

According to the United Nations Food and Agriculture Organization, food prices are up nearly 34% over last year and have reached their highest levels since July 2014. 

The phrase “Great Lockdown” was used by the IMF to describe the government shutdowns that began in early 2020. 

Food availability and affordability were disrupted when supply chains were interrupted.

How can play to earn save lives?

People’s lives have already been impacted by Bitcoin, Ethereum, and other cryptocurrencies. Play-to-earn games now have the chance to do the same.

Play-to-earn is a gaming model in which players can earn real money or other incentives by playing. 

In-game tokens can be earned by players, which can subsequently be converted into liquid cryptocurrency and traded on open marketplaces. In low-wage economies, this might be life-changing.

Asia adopts the “play-to-earn” strategy

In February 2021, the Philippines had an official unemployment rate of 8.7% due to the Great Lockdown. 

In addition, roughly 10% of the employed population was looking for a new job.

In January 2020, the unemployment rate was merely 5.3%. The Philippines ranks 69th out of 107 countries ranked by the Global Health Index in the 2020 Global Hunger Index.

Countries like Vietnam and the Philippines, among others, are reaping the benefits of these play-to-earn programs across Southeast Asia.

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.