Good morning, and thank you for joining us. Today, we are here to address a topic that has garnered significant public attention and scrutiny: the phenomenon of "genuine money-making games." Our purpose is to provide a clear, objective, and accurate analysis of this emerging sector, delineating its mechanisms, its potential, and, most importantly, its inherent risks and challenges. At its core, the concept of a "money-making game" refers to a digital game platform that allows players to earn real-world currency or cryptocurrency through gameplay. This distinguishes it from the traditional gaming model, where players spend money on in-game items or subscriptions without a direct financial return. The promise is alluring: to monetize leisure time. However, the reality is complex and exists on a spectrum of legitimacy. To understand this landscape, it is crucial to categorize the primary models through which these games operate. The first model is the "Play-to-Earn" (P2E) model, predominantly built on blockchain technology. In this ecosystem, in-game assets, such as characters, land, or items, are tokenized as Non-Fungible Tokens (NFTs). This means players truly own these digital assets, which can be traded, sold, or rented on open marketplaces. The primary revenue stream for players comes from these transactions. A player might earn a native cryptocurrency by completing in-game tasks or winning battles, which can then be exchanged on a crypto exchange for traditional currency. The value of these earnings is directly tied to the market demand for the game's cryptocurrency and NFTs. The sustainability of this model is heavily dependent on a continuous influx of new players and capital to fuel the economy, a structure that has drawn comparisons to economic pyramids. The second model involves skill-based gaming platforms. These are not games of chance but rather games of skill, such as puzzle-solving, fantasy sports, or e-sports tournaments. Players compete against one another, and winners receive cash prizes from a pooled prize fund, which is often funded by entry fees from all participants. The legitimacy of these platforms hinges on their legal classification as games of skill, which exempts them from gambling regulations in some jurisdictions. Success here is predicated on a player's demonstrable skill level relative to the competition. The third, and often most problematic, category includes games that offer micro-earnings for simple, repetitive tasks. These might include watching advertisements, completing surveys, or performing minimal in-game actions. While these platforms are often technically "genuine" in that they do pay out, the earnings are typically minuscule. The time investment required to accumulate a meaningful amount often renders the effective hourly wage far below any reasonable standard. Furthermore, these platforms frequently monetize user data and attention through ads, making the player the product. Having outlined the models, let us now examine the foundational technologies and economic principles that enable them. Blockchain technology is the bedrock of the P2E model. It provides a transparent, immutable ledger that verifies ownership and transactions of in-game assets. Smart contracts—self-executing contracts with the terms directly written into code—automate payouts and govern in-game economies without a central authority. This decentralization is a key selling point, promising players true ownership and control over their digital possessions. However, the economic model of many P2E games is their most significant point of contention. These are often "dual-token" economies, featuring one token for governance and high-value transactions and another for in-game utility and rewards. The health of this economy is paramount. It requires a careful balance between the "sinks" that remove currency from the system (e.g., fees for crafting items) and the "faucets" that introduce it (e.g., rewards for quests). If the faucets flow too freely, inflation devalues the currency. If the sinks are too demanding, player retention suffers. The entire system is vulnerable to market speculation, volatility in the broader cryptocurrency market, and the aforementioned need for constant growth. This leads us to the critical discussion of risks and challenges, which cannot be overstated. The most prominent risk is financial volatility. The value of cryptocurrencies and NFTs earned in these games can fluctuate wildly. A player's earnings can diminish significantly in real-world value overnight due to market forces entirely outside the game's ecosystem. This speculative nature means that what is presented as "earned income" can, in fact, be a high-risk investment. The sustainability question is another major challenge. As previously mentioned, many P2E models rely on a Ponzi-like structure where early adopters are paid out by the investments of later entrants. When user growth plateaus or declines, the economy can collapse, leaving latecomers with worthless assets. The history of this sector is already littered with such failed projects. Regulatory uncertainty looms large over this industry. Governments and financial regulators worldwide are grappling with how to classify and oversee these platforms. Are they games? Are they unregistered securities? Are they gambling operations? A sudden regulatory crackdown in a major market could instantly invalidate a game's business model and render its assets illegal to trade. Security is another grave concern. Blockchain-based games are prime targets for hackers. Smart contract vulnerabilities have led to the theft of hundreds of millions of dollars in digital assets from various platforms. Furthermore, the irreversibility of blockchain transactions means that stolen assets are almost never recoverable. Finally, there is the issue of gameplay quality. In the traditional gaming industry, the primary focus is on player engagement, storytelling, and artistic merit. In many money-making games, this priority is inverted. The "fun" factor is often secondary to the economic grind, leading to repetitive and uninspiring gameplay loops designed primarily to extract time and capital from the user. In conclusion, the world of genuine money-making games is a complex and nascent field, characterized by a tension between revolutionary technology and profound financial risks. It is not a monolithic entity; it encompasses a range of models from the technologically ambitious Play-to-Earn to the mundane micro-task platforms. For the public, the key takeaway must be one of extreme caution. These are not get-rich-quick schemes. They should be approached not as a reliable source of income, but as a high-risk, speculative activity that blends gaming with financial investment. Potential participants must conduct exhaustive research, understand the underlying economic model of a game, and never invest more than they are willing to lose entirely. The industry itself stands at a crossroads. For it to mature and achieve long-term legitimacy, it must prioritize building sustainable economic models that are not solely dependent on new user influx. It must enhance security protocols to protect user assets. It must engage proactively and transparently with regulators to establish clear legal frameworks. And, perhaps most importantly, it must remember that at the heart of any successful game is a compelling and enjoyable experience for the player. Without fun, it ceases to be a game and becomes merely a volatile, and often unforgiving, financial instrument. Thank you. We will now open the floor to questions.