Cradles’ New SIN System Allows You To Earn By Staking Into NFTs Of Elite Players
September 05 2022 - 3:35AM
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The play-to-earn (P2E) industry had been enjoying a boom, rising to
prominence amid a hype-fueled crypto bull market. It has benefitted
from the success of the gaming industry, which has managed to
remain recession-proof even through the worst of economic crises.
This industry continued to pull in billions of dollars when
companies in other sectors were going bankrupt by the day, and this
ability to bring in a steady stream of money seemed to have spilled
over into the P2E space. That is, until the bull market was over
and crypto was staring down the barrel of the bear market. Since
the market decline, P2E tokens have taken the most hit. This has
spilled over to NFTs, and their trading volume took a nosedive. As
a result, earnings from NFTs are now lower than they had been in
previous months. Thus arose the need for an alternative way to earn
from NFTs, without being wholly reliant on speculative markets.
Blockchain game Cradles is one that has come forward with a new
system that allows investors to earn from NFTs without having to
hold it themselves. Staking NFTs For Gameplay NFT staking is no
longer a new concept in the blockchain gaming industry. Various
games in the space have adopted an NFT staking system to allow
players to earn passive income from their NFTs. This not only
provides earnings to the holders, but it also helps to ensure the
value of the NFTs remains high by reducing the number of them being
traded in the open market due to this induced holding. It also
helps holders support their community and promote the growth of the
whole ecosystem. Some good examples of platforms that have adopted
NFT staking are Sandbox, Decentraland, and Axie Infinity, among
others. The Axie Infinity NFT staking system is one that is being
widely copied in the industry due to the success the project has
enjoyed since its launch. Players are able to collect, breed, and
fight other players on the platform. However, this NFT staking
system is riddled with flaws that do not ensure the sustainability
of the model. Basically, the reason that the gaming tokens were so
successful was the fact that they were launched into a bullish
cycle that was characterized by a lot of speculative buying. The
model requires a constant influx of new players who will put down a
significant amount of upfront investments through buying NFTs and
also investing a lot of time to earn any reasonable amount. So it
is not surprising that this model has been suffering. Tib Palin,
CMO of the upcoming blockchain game Cradles: Origin of Species,
explains this phenomenon, saying, “The model works well as long as
there’s new money coming in from new players but that’s wholly
unsustainable.” He further went on to add that “Some critics have
labeled NFTs as game Ponzis, where new money is used to pay old
participants, and they’re not entirely wrong. Enter the P2E game
too late and you find yourself earning tokens and NFTs that are
cheaper by the day in a bear market.” So how does one circumvent
this arduous cycle of speculative buying and Ponzi-like structures?
Cradles: Origin of Species has launched an entirely new staking
system that enables players to ‘stake into NFTs’ without having to
break the bank to purchase expensive NFTs for gameplay. How Cradles
Brings Earnings To Everyone The new SIN system introduced by
Cradles has shown to be a game changer for the gaming community.
SIN, which stands for “Staking Into NFTs,” allows users to earn by
participating in their favorite gamer’s play. Cradles realized that
there needs to be a shift in how play-2-earn economies are
structured to make them more sustainable, and SIN was born out of
that need. The SIN system leverages the popularity of streaming in
gaming and the robust play-2-earn community that has been developed
in the last year. The revenue growth from this streaming
model has surpassed even the worst markets and has provided more
revenue streams for gamers. Cradles taps into this by creating a
true metaverse MMORPG that encourages and provides incentives to
players as they build a world around them. With SIN, players can
just stake into a super rare NFT weapon or artifact that is already
owned by another gamer. These skilled players tend to draw
thousands of viewers with each stream, and the majority of their
community is not skilled enough or does not have the time to go
looking for said weapon or artifact. So instead of sacrificing
hours of gameplay just to find this NFT, you can simply choose to
back a skilled player with the NFT while they play. When the
skilled player eventually emerges victorious, the spoils from the
conquest are distributed among all players who had staked into
their NFT. Cradles CEO T.Y. explains SIN as; “You don’t have to
spend hours looking or trying to craft a super rare NFT weapon in
Cradles. Instead, you can choose to passively back a skilled player
who already has that NFT. For example, you could stake CRDS
(Cradles native token) into your favorite gamer’s ultra-rare weapon
if you believe they would do well in a tournament or a hunting
session. Then, whatever rewards that player earns will be shared
among all those CRDS stakers backing them. That’s a great way to
show your support for your fav idol and earn from that.” It’s
indeed a novel idea that will help players participate in gaming
experiences without having to dedicate hours to find these weapons
and artifacts themselves. Instead of going the established route of
pushing out a P2E game where players have to breed and fight for
tokens, Cradles takes a new approach to earning from gaming because
if all focus remains on just breeding and creating new items,
players can quickly get bored and move on to the next shiny thing.
“It’s tempting to jump in like everyone else and push out a P2E
type game of breeding and fighting for more tokens and rarer
breeds,” Palin explains. “But if the core development focus is
simply on creating new items and new breeds, players eventually
have no motivation to go on playing or even contribute. In Cradles,
we envision a community of gamers sold to the experience of a game
world that they can have an active role in.”
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