Top 10 Intriguing Reasons Play To Earn Isn’t Going Away Anytime Soon

Top 10 Intriguing Reasons Play To Earn Isn’t Going Away Anytime Soon

Blockchain Gaming News
March 18, 2024 by Diana Ambolis
2516
In the 50 years that home video games have been around, they have always been a way to have fun and take your mind off a hard day’s work. But now, a new generation of video games rewards players with cryptocurrency by using blockchain technologies like NFTs. In some countries, these “play to earn” games
Play To Earn

In the 50 years that home video games have been around, they have always been a way to have fun and take your mind off a hard day’s work. But now, a new generation of video games rewards players with cryptocurrency by using blockchain technologies like NFTs. In some countries, these “play to earn” games already let people make a living by playing video games. Scholarship programmes and academies have sprung up to help players figure out how to live in this strange new world.

Some people have been happy about the rise of “play-to-earn” games, saying that they give users rewards for doing things they would have done for free before. However, many gamers have been unhappy about the unwelcome addition of commerce to the world of “escape” games.

How do “play to earn” games work?

In the simplest terms, play to earn games are video games where the player can get real-world rewards.

People have been making money from video games for a long time through things like “gold farming” and unofficial markets for in-game items. However, blockchain technology and non-fungible tokens (NFTs) have completely changed the game. Non-fungible tokens, or NFTs, are cryptographically unique tokens that can be used to prove ownership of content like images or music. In blockchain games, players can own things in the game, like virtual clothes or plots of land.

In regular games, in-game items are kept on closed data networks and belong to the company that made the game. With NFTs, however, players can own the unique assets they buy. Also, once you own the NFT, you can sell it anywhere, not just on the platform where it was made, which isn’t possible with regular games.

That means NFTs representing in-game items can be bought and sold on any NFT marketplace for real money. These NFTs have real-world value because they are hard to get. With regular games, the only reason to play is that it’s fun. You pay for the game, and unless you’re a pro esports player or a streamer with a lot of followers, you’ll never be able to make money from playing it. Blockchain gaming, on the other hand, gives players a chance to win real money.

Because blockchain technology lets users transact wherever they are, players can transfer value and get paid to play no matter who they are or where they are in the world.

Play to earn games are becoming more popular.

The biggest play-to-earn game by a long shot is Axie Infinity, a monster-fighting game like Pokémon that was released in 2018 by an independent studio called Sky Mavis. In the game, players collect cartoon creatures called Axies, which are represented by NFTs. Each Axie has its own strengths and weaknesses, and players can take their Axies on adventures, fight with them, and breed them as they play. As a reward for fighting, players get Smooth Love Potion (SLP) crypto tokens, and Axie Infinity Shard (AXS) tokens are used to vote on decisions about the game and its future.

You collect cute monsters to fight with in Axie Infinity. Axie Infinity is shown.
With 2.8 million daily users and a total trading volume of $3.8 billion, Axie Infinity has become one of the most popular play-to-earn games. In countries like the Philippines and Indonesia, people even play Axie to support their families. There have also been “Axie scholarship” programmes like the one Yield Guild Games has, which let Axie owners loan their NFTs to other players.

Play-to-earn games are also helping crypto become more popular. Aleksander Leonard Larsen, co-founder of Axie Infinity, says that half of the game’s players have never used a crypto app before. But playing the game costs money, and before you can start, you have to buy three Axie NFTs, which can cost hundreds of dollars each. Larsen has said, “It’s really hard to start playing Axie right now,” which is an admission that getting new players up to speed is hard. To solve this problem, Axie plans to give new players a taste of the game by releasing free starter Axies that can only earn a small amount.

The blockchain gaming industry is in for a shake-up. Last year, the popularity of blockchain gaming peaked. Many popular games are now addressing concerns about sustainability this year. The significant players emphasize graphics, storytelling, and gameplay to keep gamers interested. The shift from Play-to-Earn to Play-and-Earn is a sign of the blockchain industry’s maturation. Last year saw a lot of craziness and questions about the future of games that don’t seem to prioritize desirability, playability, or fun.

Meanwhile, games that are making their way into the blockchain world need to understand that if their first aim is to provide an excellent gaming experience, they will succeed.

Also, read – Blockchain and Gaming: Possibilities, Challenges, and Real-World Examples

Blockchain has already changed the gaming business by rewarding players in exchange for in-game success. These Play-to-Earn games surged in popularity during the pandemic, ushering in a change in the Pay-to-Play paradigm. Blockchain will undoubtedly continue to dominate the video gaming industry, but what does the future hold for blockchain gaming? Let’s see what happens!

Play-to-Earn games generate billions of dollars in revenue.

For example, Sky Mavis‘ popular game Axie Infinity has about 2.5 million daily active users. As of August 2021, Axie had sold one billion dollars, making it the first Ethereum-based game to do it. Following the great success of Axie, the market was flooded with every possible Play-to-Earn game.

The pandemic’s excitement continues this year, but several games are concerned about sustainability and looking into measures to ensure long-term viability. Axie Infinity is one of these players, and it’s trying to improve its looks and gameplay. The principal factors in the Play-to-Earn industry are concerned about a potential backlash due to its flaws. While blockchain gaming has a long way to go, games that overlook the basics in favour of monetary gain will not last long. As the blockchain gaming sector evolves, only the best games will survive. Basic graphics with a token on the side would no longer suffice. Gamers want to have fun while earning money.

Now comes the subject of what makes a decent Play-and-Earn game.

The solution can be seen in the most successful traditional games, where all of the fundamental components, like aesthetics, gameplay, and lore, continue to entice players to invest in them. This still does not rule out the possibility of exploring new ways to create valuable digital assets using blockchain technology.

 

Top 10 reasons Play To Earn will be the king of the gaming world in coming years

Play To Earn

Play to Earn gaming has gained significant traction in recent years, offering players the opportunity to earn real-world rewards, cryptocurrencies, and valuable in-game assets while playing their favorite games. Here are the top 10 reasons why Play-to-Earn will likely become the king of the gaming world in the coming years:

  1. Financial Incentives: P2E games provide players with tangible financial incentives, allowing them to earn real money or valuable digital assets by participating in gameplay activities, completing tasks, or contributing to in-game economies. This financial motivation attracts a wide range of players, including both gamers and non-gamers, who are interested in earning rewards while having fun.
  2. Ownership Economy: P2E games leverage blockchain technology to enable true ownership of in-game assets, such as characters, items, and virtual real estate. Players can buy, sell, and trade these assets on decentralized marketplaces, empowering them to monetize their gaming experiences and build wealth within virtual worlds.
  3. Decentralized Governance: Many P2E games operate as decentralized autonomous organizations (DAOs), allowing players to participate in governance decisions, such as game development, feature prioritization, and economic policies. This democratic governance model gives players a sense of ownership and control over the direction of the game, fostering a more inclusive and community-driven gaming experience.
  4. Global Accessibility: P2E games provide players from all around the world with equal opportunities to earn rewards, regardless of their geographical location, socioeconomic status, or gaming expertise. This global accessibility expands the player base and fosters inclusivity within gaming communities, enabling individuals from diverse backgrounds to participate and benefit from Play-to-Earn mechanics.
  5. Economic Empowerment: P2E games empower players to earn a sustainable income or supplemental income stream by playing games, particularly in regions where traditional job opportunities may be limited. This economic empowerment has the potential to improve livelihoods, reduce financial inequality, and create new economic opportunities for individuals in emerging markets and developing countries.
  6. Emergence of Metaverse: P2E games are driving the development of the metaverse, a virtual universe where users can interact, socialize, and engage in immersive experiences across multiple interconnected virtual worlds. As the metaverse evolves, P2E games will play a central role in shaping its infrastructure, economy, and social dynamics, positioning them as key players in the future of digital entertainment and social interaction.
  7. Innovative Gameplay Mechanics: P2E games introduce innovative gameplay mechanics, such as yield farming, staking, and play-to-earn mechanics, that incentivize player engagement and participation. These novel gameplay elements add depth, complexity, and strategic depth to gaming experiences, attracting players who are drawn to both traditional gaming mechanics and blockchain-based incentives.
  8. Interoperability and Cross-Platform Compatibility: P2E games leverage blockchain interoperability standards to enable seamless integration and interoperability across different gaming platforms, ecosystems, and virtual worlds. This interoperability allows players to transfer assets, characters, and progress between games, fostering a connected gaming experience and unlocking new opportunities for collaboration and synergy between gaming communities.
  9. Community-driven Development: P2E games prioritize community-driven development and engagement, with players actively participating in game design, content creation, and community events. This collaborative approach fosters a sense of belonging and ownership within gaming communities, driving player retention, loyalty, and long-term sustainability for P2E projects.
  10. Mainstream Adoption: As P2E games gain mainstream recognition and adoption, they have the potential to disrupt traditional gaming models and capture a significant share of the gaming market. With increasing awareness, investment, and participation from players, developers, and investors, P2E games are poised to become the dominant force in the gaming world, revolutionizing the way we play, earn, and interact in virtual environments.

Overall, the combination of financial incentives, ownership economy, decentralized governance, and global accessibility positions Play-to-Earn gaming as a disruptive force that is poised to reshape the gaming industry and define the future of digital entertainment in the coming years.

 

Conclusion

In conclusion, the rise of Play to Earn gaming represents a seismic shift in the gaming industry, poised to redefine the way we play, earn, and interact in virtual environments. With its innovative blend of financial incentives, ownership economy, decentralized governance, and global accessibility, P2E gaming has the potential to revolutionize the gaming landscape and become the dominant force in the coming years.

By providing players with tangible rewards, true ownership of in-game assets, and opportunities for economic empowerment, P2E games appeal to a wide range of audiences, from casual gamers to blockchain enthusiasts. The emergence of decentralized autonomous organizations (DAOs) and community-driven development models further strengthens player engagement and participation, fostering a sense of ownership and belonging within gaming communities.

As P2E games continue to evolve and mature, they are driving the development of the metaverse, a interconnected virtual universe where users can socialize, collaborate, and transact across multiple virtual worlds. This convergence of gaming, social interaction, and economic activity within the metaverse presents vast opportunities for innovation, creativity, and exploration, shaping the future of digital entertainment and online experiences.

Moreover, as P2E gaming gains mainstream recognition and adoption, it has the potential to disrupt traditional gaming models, capture a significant share of the gaming market, and redefine the relationship between players, developers, and content creators. With increasing investment, technological advancements, and community engagement, P2E gaming is poised to become the king of the gaming world, unlocking new possibilities for play, earning, and collaboration in virtual environments.

In this dynamic and rapidly evolving landscape, the future of P2E gaming holds boundless potential for creativity, inclusivity, and economic empowerment. As players, developers, and stakeholders come together to shape the future of gaming, one thing is certain: Play-to-Earn gaming is not just a trend, but a transformative force that will continue to shape the way we play and interact in the digital age and beyond.