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With the opportunity presented by the market described above, Mad Backpacks plans to capitalize and equally be a frontier.
The following are the problems to be solved by the innovation being used by MAD BACKPACKS.
Lack of gamification.
A problem Mad Backpacks looks to solve is the lack of gamification of human activities; games were first developed to inspire us to act. The power of "fun" has radically altered the course of human history.
Sports "games" were initially developed to motivate players to exercise and stay in shape. To teach soldiers military tactics, board games like chess were developed. For mental stimulation during times of scarcity, ancient games like "Knuckles" were played. Games and game-like components have been utilized to engage, amuse, and educate. Still, human daily activities and tasks are sometimes difficult to accomplish because they are boring.
Individualistic rather than collaborative.
Most of the time, game players are loners, and this is what mad backpacks intend to solve; the power of community shouldn’t be neglected because it fosters more potential for accomplishing tasks. Furthermore, on most occasions, many play-to-earn games require the purchase or minting of NFTs before playing. As these games grow in popularity, so does the cost of being engaged in play, making it hard for individual players to participate.
Players do not get a cut or have any ownership or control on the booming gaming market.
Gaming has come a long way and is now a big part of many people’s lives. In 2020, the gaming industry generated $155 billion in revenue, and by 2025, analysts predict the industry will generate more than $260 billion in revenue.
Although a lot of money is flowing into the sector, the players who are crucial to the sector's success are mostly neglected.
Selling in-game stuff and character skins has recently been a common business model for video games.
Many of the most popular games in the world have experienced a boom in popularity, resulting in enormous profits. In these games, players often have either limited or no capacity to exchange or transact their bought items. If they have any value outside of the game, it is minimal.
In some situations, players can technically become very proficient at trading these in-game items and make large virtual gains through buying low and selling high. Still, they are rarely able to convert these gains into real-world use.
Even if players can trade or transact these purchased items, their utility is usually confined within the game’s ecosystem. This keeps the flow of money inside the game’s economy and is great for the company that owns it. However, it is much less so for players in terms of monetary value and the ability to play to earn.
This lack of ownership keeps players from adopting a play-to-earn lifestyle, and Madbackpacks aims to change this narrative.
Cryptocurrency inability to achieve mainstream adoption.
Even after more than a decade of existence, the fundamental issue of crypto adoption has yet to be resolved. Few people buy cryptocurrencies for the purpose of using them, and they, therefore, continue to be speculative instruments.
Most buyers of cryptocurrencies do it mostly out of speculation, believing that the value will increase and that they will be able to sell it for a profit.
Due to price volatility, cryptocurrencies are rarely used in the real world as a medium of trade. As price gyration would affect the quantity of money generated, most retailers do not want to be exposed to it. Aside from this, other issues, including the blockchain network's inability to scale, its complexity, which results in a skills gap, and the infrastructure's limited support, are major barriers to widespread adoption.
Without widespread adoption, cryptocurrency’s utility remains limited and speculative, where users primarily look for opportunities to unload the tokens on the exchange.