The GAMEFI: Is it legal to make money with NFT games? GameFi and NFT Play to Earn Games are in the spotlight . As you well know, during the pandemic, games became popular that allowed you to generate objects, symbols and creatures that could later be exchanged for other tokens or NFTs and sold or transacted for cryptocurrencies, which if done correctly, can end up being exchanged for dollars and euros. .
NFT gaming development company I want to focus on one of the games that has had the most speculation around it, since there were news and headlines about how you could earn money and that there were people who made a living without work...
In which countries is it profitable to play Axie Infinity and Play to earn games? In summary, the countries in which it has been and can continue to be profitable to play to win NFT , of any type, have to be countries in which the economy is really bad , production and labor costs are very low in comparison. with countries such as Europe or the United States. With these games you could earn tokens or cryptocurrencies and then sell them.
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Axie Infinity was profitable in 2021 for the Philippines, Venezuela, Cuba, Argentina and Singapore mainly. gamefi axie infinity legality win nft minors lawyer intellectual property spain Countries that with their content creators and movements in social networks have seemed to popularize the « idea that play to earn games are
Basically, in Asian countries the workforce is very, very poorly paid. Do a Google search and you'll see that the median family income is a few hundred dollars or less.
Axie Infinity specifically allowed minors to get money with the system of selling cryptocurrencies or generated tokens. I invite you to learn more about how it works by quickly searching Google.
NFT gaming development But joy begins to see its limits, since countries are regulating these transactions with taxes and it does not seem that it will continue to be so profitable for the local population...
Minors playing to win NFT There is a problem in most of these countries, and that is that a minor, under 18 years of age, can earn the equivalent of a salary playing video games and then sell the assets they get, as if it were almost work. of a miner or Farmer who is cultivating what he will later sell, because he has no other interest in playing than to generate economic income.
Can this be considered child exploitation? Minors working without regulation or actively participating in unregulated crypto asset markets? This worries governments a lot.
Is winning NFT equivalent to the games of Luck, Bet, Chance or Bets? It can be considered Games of Luck, Bet or Chance and Bets, which you already know that in Spain and many other countries is regulated by Law.
It is an issue that must be controlled in order to guarantee the protection of all the interests involved and preserve public order with full respect for the principles that inspire the laws. As I already said, protecting the interests not only of minors, but also of the most vulnerable people.
Fantasy NFT soccer game Sorare fantasy nft soccer sorare gamefi is legal nft game blockchain nft lawyer Should this game and all those that base their economy on the transaction of digital trading cards or NFTs, be regulated by the laws of the game? In the United Kingdom they already consider it.
It is necessary to differentiate between the games of skill or strategy of the player, with those that are pure chance, bets and game economy.
If games of chance and betting in most countries are only for adults, does it have to be controlled that through the internet and NFT play-to-earn game platforms is not played for pure speculation or profit?
These are issues that are going to bring a lot of headache to companies based in Spain and the European Union, which are going to need to adapt their policies and terms and conditions to what the Laws are considering about this.
Protection of the Game with the Law In this case, if the characteristics that I have mentioned are contemplated, the same regulations that monitor gambling activity would have to be regulated and applied, since public order is protected, fraud is fought, addictive behaviors are prevented and rights are protected. of minors and participants in the games.
These types of rules regulate lotteries, bets, raffles and contests, occasional games and activities that have to do with gambling, which is very connected to the approach that NFT games are taking.