How Does Ronin Introduce People To Crypto? [2024]
Entering the world of cryptocurrency may be very daunting especially for the new investors but there are some that have made the entry a little bit easier. One of these platforms is Ronin that has recently been in the limelight about the popularity of cryptocurrencies among the target population through entertaining approaches. It is still important to look at how does Ronin introduce people to crypto can reveal why it has become the entry point for many. In the course of this blog post, the writers will outline what will be done using Ronin, explain examples of how Ronin works, and how you can begin using Ronin.
The Role of Ronin in Making Crypto Accessible
Therefore, for one to understand how does Ronin introduce people to crypto one has to appreciate that the platform seeks to take cryptocurrency to the masses and make it easy to use. Ronin is a blockchain created by the same company, Sky Mavis, that is behind Axie Infinity, a play-to-earn game. They aimed at solving issues raised by the high transaction fee and scalability problems on the Ethereum Network and enhance the ease of interacting with Crypto Assets particularly in games.
Axie Infinity, the game based on the Ronin blockchain network, played an important role in people’s attraction to the crypto world. What Axie Infinity has completed is making several millions of the players familiar with the meaning of possessing and trading virtual assets through a fun and pleasurable gaming experience. Axie Infinity, players acquire, raise and fight digital characters known as Axies that exist as NFTs in the blockchain platform. SLP, which stands for Smooth Love Potion, is another cryptocurrency used in the game and easily earned while AXS is Axie Infinity Shards that is used as the game’s governance token.
For instance, in 2023, the gross development protocols such as Axie infinity attracted over2 million daily users. Most of these users were newcomers to the world of cryptocurrencies and were attracted to the service by the possibility to earn real money within the game process. Through Axie Infinity, Ronin demonstrated a different way of popularizing crypto through offering an easy, entertaining and lucrative way to engage with digital assets.
The simplicity of use inherent in Ronin platform has largely contributed to the growth of this platform as it had done away with many complications that are usually linked to the blockchain platforms. With free transactions for in-game actions and straightforward approach to creating crypto wallets Ronin made entry to this sphere much easier for everybody. This ease of use can be said to have made Ronin a useful tool for onboarding new users to the cryptocurrency world especially those who had never considered getting into the market due to complications that are usually associated with digital currencies or high costs of participating in the market.
Ronin’s Impact on Crypto Adoption
To better understand how does Ronin introduce people to crypto it is necessary to analyze real-world case studies of its influence on adoption. The rapid user acquisition is well exemplarized through its partnership with Axie Infinity and more so the play to earn gaming system.
As explained previously, Axie Infinity has enjoyed tremendous success in the Philippines and Ronin has been a huge part of the same. The finances especially for individuals were threatened with the COVID-19 pandemic and Axie Infinity came as a solution to earn an income. Thus, thousands of Filipinos started to play the game and thus, got acquainted with the existence of cryptocurrencies. As discussed above, these users had the opportunity to earn, trade, and cash out their earnings using Ronin with virtually no hitches because of its wallet linking and low transaction fees that eliminated middlemen.
Another example can be observed in scholarship programs which have appeared in the context of the Axie Infinity community. It gives the other players as well as the managers an opportunity to lend out their axies to other players who are unable to make the initial investment and in lieu, they will receive a certain percentage of their earning. Ronin enables these transactions through the use of the platform to manage the related assets. Thus, the number of newcomers to the world of cryptocurrency has reached thousands through such scholarships, thus increasing the reach of the Ronin network.
However, Ronin has started using cases not just limited to Axie Infinity as it also is being employed in gaming. The creators of the platform have stated their plans to expand the platform and integrate other decentralized applications, and blockchain-based games, which would definitely enhance the capacity of the platform in onboarding users into crypto. Thus, in terms of further development after the Axie Infinity, Ronin has a great chance to turn into one of the prominent platforms for the new user’s entry to the crypto space.
How to Get Started with Ronin:
Here’s a step by step guide for those who want to know how does Ronin introduce people to crypto with practical actions.
First of all, you need to have a Ronin wallet which is needed to perform any actions on the Ronin blockchain. The Ronin wallet is as a browser extension that operates like more conventional platforms for managing cryptocurrencies, for example MetaMask. To create a wallet go to Ronin Wallet and download the extension of the wallet for the browser that you use. After installing the extension go to it, click on the “Create a New Wallet” link and follow through to create a new wallet. Never lose your seed phrase since it’s the only key to reclaiming your wallet in case you lose it.
However, in this case, you can deposit your assets from an Ethereal based wallet or buy cryptocurrencies on an exchange that supports Ronin. If you personally have an Ethereum digital wallet with ETH, you can easily transfer your ETH to the Ronin network through the Ronin Bridge. This can be done through the Ronin website’s connection with their own Ethereum wallet, choosing the amount of ETH in which the user wants to transfer and then confirming the transaction. The ETH will be swapped into wrapped ETH (WETH) on the Ronin network, with which you will be able to engage with the platform.
When your wallet is funded you can start participating in Axie Infinity. Go to Axie Infinity website and sign up with your Ronin wallet. Once you are done creating an account with them, you can be able to buy Axies through the Axie Marketplace provided that you make your payment in WETH. For example, Axies are the main characters of the game, and to start playing you have to have at least 3 Axies. Go through the marketplace, choose the Axies that may help with this strategy, and finalize your purchase. The Axies will be credited to your Ronin wallet, and you can start fighting, breeding, and earning within the game upon that.
When you start to play Axie Infinity you will earn SLP and sometimes AXS tokens which are digital assets. These can be used in Redemption within the game, sold in exchanges or exchanged for other types of currencies. If you want to exchange your coins, or cash out, you can use the Ronin Bridge to transfer all of the received assets back to your Ethereum account or any supported exchange. You just have to link your Ronin wallet to the Ronin Bridge, choose the assets you would like to transfer and execute the trade. When your assets are on the Ethereum network, you can instantly exchange them at such platforms such as Binance or Coinbase.
In this tutorial, I explain how does Ronin familiarize people with crypto by allowing them to engage with digital assets in a way that is both educational and experiential. In this way, people are provided with a great opportunity to learn about the basics of blockchain, wallets or cryptocurrency trading in a fun and effective manner.
The Future of Ronin and Crypto Adoption
As for what is yet to come it would be interesting to identify how does Ronin introduce people to crypto. Thanks to Axie Infinity, Ronin. org has proved that games can serve as effective driving forces to attract new entrants to the world of crypto. Further, as more blockchain-based games, and dApps are built on Ronin, the effectiveness of using the platform as an on-ramp to invite people to crypto, experiences a boost.
The area where Ronin can potentially make a massive difference is the general use of NFTs. Additionally, making the use of NFTs more convenient due to the easier navigation of the Ronin interface will make this technology more accessible for more users and therefore, will bring more interest into experimenting with it. The increasing incorporation of NFTs into vide games, arts among other sectors, make Ronin adoption critical when made easier to navigate by the population.
Furthermore, Ronin’s developers have stated their readiness to add DeFi applications to Ronin in the future. The inclusion of DeFi in Ronin would make it possible for the platform to create a holistic ecosystem where people can transact, gamble, and invest on gaming and NFTs. This could even improve the chances of the company to onboard people to the world of cryptocurrencies by offering more options on how it can be utilized.
In conclusion, to understand the process of how does Ronin introduce people to crypto, one has to acknowledge its unique way of raising popularity of blockchain. The Ronin ecosystem has managed to onboard millions of new users into the world of cryptocurrencies via such applications as Axie Infinity. Looking at the current position, and the further development of Ronin, it’s clear that it has a great potential to occupy an even more important place in the development of crypto.
