PRINGO (Private Incentives for Common Goods), a research project co-funded by the European Union under the Horizon 2020 framework programme, has come to an end with excellent results after ten months of work aimed at building, deploying, and testing a blockchain-based platform that enables new business models, aligning private and non-profit organisations’ incentives. The i2CAT Foundation led the project and joined forces with the private companies Freeverse, The Breach Studios, and the non-profit-foundation Plant-for-the-Planet Spain in order to validate that it is possible to create a new model of an economy where everyone benefits and takes advantage of the synergies between all to go beyond technology.
PRINGO was granted within the 2nd Open-Call ONTOCHAIN, launched under the European Commission Next Generation Internet (NGI) initiative to fund Blockchain-based knowledge management solutions that aim to preserve the integrity and reliability of information and content. The funding obtained allowed the researchers to successfully develop the platform by leveraging the blockchain capabilities to design new market mechanisms. They proposed an initial focus on creating a solid link between common goods and the videogames industry. The solution allows any common goods organisation to easily introduce digital representations of the goods they curate in the form of NFTs. The platform also guarantees the unique value of NFTs based on their usefulness, avoiding speculation.
“Our main goal is to provide a platform, easy to use for common goods curators and videogame developers, whereby gamers can obtain direct profit from improvements of the tangible curated goods. Non-profit organisations could significantly improve the funding of certain common goods and their contributors’ retention, loyalty, and commitment. In this loop, everyone wins: more revenues are generated for the game publisher, the common goods curator, and the most active users”, explains Ignasi Oliva, the project coordinator.
The blockchain-based platform offers the common goods curators new ways to improve their funding and reach the young population via a language they know well: video games. On the other hand, while playing a fun game, videogame users will have the opportunity to contribute to NGOs’ fundraising and generate profit for themselves. Finally, the videogame developer attracts users with higher engagement and commitment to the game, as their spending contributes to real-world common goods.
Technically, the platform architecture is based on the following components;
Researchers highlight the adaptability of this platform, which can be applied in other business models and sectors or industries. It also shows a high integration potential (e.g., Metaverse), which allows other platforms, solutions or technologies to leverage the platform’s functionalities.
“At Freeverse, we are on a mission to power the future of digital ownership with living assets/NFTs 2.0, which are exponentially more eco-friendly and less expensive to produce than first-generation NFTs. Through new economic models and blockchain technology, we have made our solution easy to use and accessible for non-profit entities and foundations of all kinds. We are excited to see how a fairer and more sustainable future will unfold with the PRINGO platform and we are thrilled to be a part of it”, explains Toni Mateos, founder and CTO of Freeverse.
“As game developers, we would like to contribute to a better world. Let’s figure out how we can monetise the time we spend playing games. So, not only play to win but a new concept of a ‘play to help’ and play for the good. So, instead of planting trees in a game like Minecraft for the pleasure of having a nicer piece of land, let’s figure out that every time we plant a tree in a video game, it also happens in the real world. Video games industry generates more profits than music and cinema together, and we have the opportunity to pay back to society some of these big numbers”, stands Ferran Puntí i Garcia, CEO of the Breach Studios.
“When the possibility arose for us to participate in the PRINGO project, we immediately saw the opportunity to link the world of video games with our main target group: Spanish children and young people, regular users of these activities. The possibility of linking future climate leaders with new technologies and the concept of the ‘common good’ was so appealing that we had no hesitation in participating in PRINGO and putting all our experience at the disposal of this important initiative”, explains Jordi Juanós Amperi, director of the Plant-for-the-Planet Spain.
In short, the platform developed within the Pringo project will help accelerate the adoption of blockchain technology in the sector of common goods organisations. Due to Layer 2 scaling, the platform will allow the minting and evolution of NFTs to such organisations at zero cost without worrying about fees or volatility.
You can find videos of all the activities that the platform allows you to do and check out real use cases of PRINGO on our Youtube channel!