Gaming guilds have existed in some form for a significant period in traditional gaming. Primarily, they have established communities of like-minded individuals who play video games together and share a mutual culture.
Examples of gaming guilds are Esports teams, where they are able to create a strong community by regularly playing video games and collectively build a financial economy around gaming.
Conversely, for the regular gaming communities, there has yet to be an easy way for gaming guilds to benefit financially from playing and interacting with gaming communities. However, with the evolution of blockchain technology, all gaming guilds will have the capacity to be rewarded financially for the time they invest in gaming.
What are Crypto Gaming Guilds?
Guilds in the blockchain gaming world are known as a group of individuals who come together to participate in online games that utilize cryptocurrency during gameplay — acting as a medium of exchange within the gaming ecosystem.
These gaming guilds facilitate the development of established communities, which brings many benefits–from the social aspects for members but also the financial opportunities created for both players, and those invested in the guild.
The socialization aspect is another significant draw for gamers, as it provides a community to interact with and form friendships with like-minded individuals who share a common interest in gaming.
Furthermore, gaming guilds can also act as a bridge to onboarding traditional gamers over to crypto. Accessibility is an important factor in driving the Game-Fi sector forward, and guilds are aware that there are many steps involved that can seem daunting to non-crypto natives. As such, guilds indirectly support non-crypto gamers to onboard and receive quality educational resources
How does a crypto gaming guild function?
Community is at the core of every gaming guild, providing great potential for social impact and influence across communities. But how this community is structured and organized is what makes crypto guilds so unique:
Guilds often operate under a DAO structure; however, some crypto gaming guilds are structured as a traditional corporation, a partnership, or even just a loose group of individuals who come together for a common purpose. It is up to the guild members to decide what type of structure best fits their needs.
A guild’s organizational structure and hierarchy can vary depending on the size and goals set. The hierarchal structure includes various ranks for members and has the flexibility to change over time as the guild grows and evolves. With a clear hierarchy comes the foundations to establish clear lines of communication and decision-making to ensure that the guild operates smoothly and effectively.
When operating as a DAO, funding comes from within the community of DAO token holders — in this case, the DAO token is issued by the guild.
Guild members would then collectively pool resources together by investing in NFT assets and in-game tokens needed to participate. By doing so, other guild members can utilize these digital assets to play and earn, with profits shared among guild members. This model emerged as a solution for the play-to-earn entry barrier and is known as the scholarship model.
How does one become a ‘scholar’?
Those who want to participate in crypto gaming, but may need more financial means to do so, can gain a scholarship through a guild.
The scholars can then borrow or rent NFTs from other guild members who have ownership of these assets. Players typically need to meet specific requirements, such as having a certain level of experience or skill in the game.
Gamers who get approved for leasing NFTs will use these digital assets to make money in the game. In turn, the guild will earn profits by splitting a portion of the guild’s income and rent. The income received will help the continued growth and expansion of the guild and its capabilities.
How does reNFT make life easier for guilds?
There are several ways how our NFT rental protocol can support guilds and help them scale!
Solving Liquidity Issues
Liquidity is often an issue when amassing NFTs assets for a guild, particularly specialized or rare items. Our NFT rental protocol allows guilds to generate income from their NFTs when they need cash–without having to go through the process of selling them. This enables the flexibility of cash flow with multiple sources of revenue, which can then be used to fund their operations or even purchase new digital assets.
Reward-Share
Another way guilds can benefit from our protocol is by using our Reward Share product: guilds can choose to share a portion of the in-game rewards they receive directly with their scholars.
For example, a guild could distribute 50% of the in-game rewards to its members and retain 50% to fund its operations. This way, guilds increasingly incentivize more gamers to join and rent assets from them because of the mutual reward.
In this way, our NFT rental protocol creates a new revenue stream for crypto gaming guilds and helps them scale indefinitely.
We can’t wait to see how the gaming industry will continue to embrace NFTs and how rentals will become an integral part of this gaming experience.
We are confident that the future of blockchain gaming is bright, and we are excited to be at the forefront of this revolution.