The OpenDAO x BigTime
Biggest Virtual Real Estate Transaction in History
Strike while the iron is hot — 打铁趁热 — A Chinese proverb
If you are looking for the Chinese article, see here, 中文文章.
What is blockchain gaming?
Everyone in the crypto-industry knows that the era of play-to-earn (P2E) gaming is upon us, but how can we be a part of this revolution? How can we capture value in this emerging industry and grow with this new ecosystem?
Today, it is estimated that around 2.5 billion people worldwide play video games.
The gaming industry has grown to be an estimated $175 billion market considering games alone. This ecosystem also includes game streaming services, gaming hardware and equipment manufacturers, in-game communication service providers such as Discord, and much more. Altogether it is estimated to be a massive $336 billion market. Gaming has become the world’s largest media category by market cap ahead of TV, film, on-demand streaming, and music.
Until recently, all game-based economic activity was centralised, employing custodial models of ownership and profit-sharing. However, a new model is gaining traction within the crypto space — enter play to earn. This system allows players to truly own their digital assets, which can be sold or traded inside and outside the game. In addition, players are also rewarded for their time spent playing the game through earning mechanisms. The highest-grossing P2E game at present is Axie Infinity which proliferated from 4 thousand users to over 2 million within only a few months. This P2E game model is becoming increasingly popular in countries like the Philippines and Venezuela and is known for providing a steady income stream to many gamers throughout the COVID-19 epidemic.
A new chapter is beginning for blockchain technology that stretches beyond the current use case of cryptocurrency. Non-fungible tokens are unique assets housed by the blockchain. Most people know these assets as NFTs, and they are becoming a core part of the Web3 infrastructure. The emergence of NFTs from the blockchain has been revolutionary. Previously the only items you could trade on the blockchain were tokenized currencies. Some users speculate that NFTs are a passing trend, but they are likely here to stay due to the seemingly endless applications both within and without the real world. NFTs have a wide array of applications beyond digital artwork and revolutionise several mainstream industries.
Blockchain gaming represents one of the most prominent use cases for NFT technology by creating the ability for users to fully own unique in-game items ranging from costumes to land.
Big Time’s NFTs introduce liquidity into the platform through in-game assets that can be purchased with real-world funds. These items are designed to be transferable and will change hands via the blockchain. Players will collect rewards throughout their gameplay experience, some of which will be NFTs. Players can choose to trade their items, gift them to friends, rent them out, or even use them as collateral to obtain a loan through Big Time’s patented vault technology.
What is Big Time?
Big Time is a cooperative RPG that combines fast-action combat, collectible loot rewards including NFTs, and a history-spanning timeline adventure to create a genuinely unprecedented gaming experience.
This free-to-play player VS environment-style game borrows characteristics from games like the classic World of Warcraft but has a unique theme. The storyline takes players on a wild ride across the vast reaches of time and space.
After embarking on this journey, players will encounter iconic and famous or infamous historical figures. Players will travel through several time periods in their personal time machine as history collapses in fantastic and explosive ways.
The game’s objective is to battle through the adventure and uncover a mysterious entity that is destroying time itself. Game patrons will also enjoy loot rewards, including NFT items from their defeated enemies. A player can equip themselves with items they’ve collected from different time periods, and the characters in the game will be extremely unique.
The team behind the development is also impressive being the brainchild of Ari Meilich, co-founder of Decentraland, alongside other notable contributors from Riot Games, Blizzard Entertainment, Epic Games, and Electronic Arts, collectively known as Big Time Studios.
What makes Big Time different from other blockchain games?
As revolutionary as P2E blockchain gaming is, the matrix still has flaws. Currently, most generation 1 games are set up as “pay to win”. This means the player must purchase crypto coins, NFT assets, or sometimes a combination of both to be able to participate in the game.
For example, in most games, players must purchase an NFT for their character or rent one by buying the designated in-game token before playing.
Another hurdle experienced by many Web3 startups is producing a game that is balanced between being genuinely fun to play and players being able to earn reasonably. As a result, some report the in-game experience might not be as immersive and entertaining as intended and can be more akin to setting up a contraption than stepping into a new universe.
To make matters worse, the exchange system that fuels generation 1 games tends to be transactional and commodity-driven instead of captivating. In layman’s terms, you reward me if I push a button.
Big Time breaks the generation 1 mold and shows off generation 2 blockchain game theory. Big Time is free to play and centred around a loot rewards system. The gameplay style is a cooperative role playing game (RPG) touting fast-action combat gameplay and collectible NFTs to create the ultimate adventure across history. The game does not have a native cryptocurrency. Instead, the game economy is based on NFTs collected through gameplay. Essentially this system tokenizes the traditional in-game store and gives players the control to equip or trade their loot rewards to create their unique pocket galaxy.
How is The OpenDAO Partnered with Big Time?
The OpenDAO has purchased 5 Million dollars worth of SPACE and is currently the largest landholder in Big Time. Since The OpenDAO is the largest SPACE holder, we also have the most SOCKETS.
This acquisition is the most significant purchase of virtual real-estate in Web3 history so far.
A player’s time machine is the vehicle of choice in Big Time. Think of the time machine as the common area where you can hang out with your friends and showcase your NFTs or loot collection.
After reaching a certain level, every player is granted a Time Machine during the early stages of the game. SPACE, which is Big Time’s virtual land NFTs, expands your Time Machine.
There are five different rarity tiers Rare, Epic, Legendary, Mythic, or Exalted, and there are also three different sizes for SPACE Small, Medium, and Large. SPACE can be bought or sold through NFT marketplaces. There were 600,000 SPACE NFTs minted in total.
The larger the SPACE, the more SOCKETS it has, which are used to install additional features. For example, Time Keepers and Forges enable players to earn Tokens as they play, so holders with more SOCKETS will earn more tokens, meaning our land acquisition will allow our players to earn many tokens.
The cosmetic qualities of SPACE also scale up or down with rarity. Time Keepers are summoned into SPACE, and their primary purpose is to create the Hourglass NFTs or fill them back up. Hourglasses are needed to unlock the ability to collect Big Time Tokens as loot drops. This is the only way to acquire the Token. Forges are a way for players to upgrade their NFTs by increasing their rarity. The Forges are installed on SPACE NFTs and can upgrade NFT equipment to higher levels.
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