Gone are the days when people looked down on gamers and treated them as outcasts who wasted their time playing games instead of doing something productive. According to recent figures, the world gaming market is estimated to cross the $267 billion mark by 2025. Pursuing a career in gaming is now actually encouraged in many countries and is very profitable, according to the latest play to earn gaming news.
Over the years, online gaming has experienced a myriad of tendencies and trends. From multiplayer online battle arenas to first-person shooters, the list is endless. The latest trend to hit the video gaming industry is playing with cryptocurrency. The boom of NFTs (non-fungible tokens) based on blockchain technology has allowed game developers to create and transfer real-world value in gaming ecosystems; this, in turn, acts as an incentive for gamers.
In this article, we will clarify some important concepts about play-to-earn games and find out how the play-to-earn model works within the cryptocurrency industry.
What is Play-to-Earn?
As is evident from the name, play-to-earn is a business model where gamers earn cryptocurrency while playing a game. It is a highly powerful psychological model as it combines the two activities that have been the reason behind all activities of man – entertainment and making money.
The primary objective of this model is to transfer the ownership of in-game assets to players thus encouraging them to increase their value by actively playing the game. This ownership in the crypto world is possible through the use of NFTs.
Gamers create value for developers and other players in the ecosystem by becoming a part of the in-game economy. In return, they are rewarded with in-game assets that can be anything from a particular type of cryptocurrency to appealing characters.
Are Play-to-Earn Games Free?
It is widely debated whether play-to-earn games should be made freely accessible; however, each developer has a different take on this. Some games need some contribution to play whereas some games are free.
The primary objective of any business is to make a profit. Video games are also created by businesses and require a considerable amount of investment. On the other hand, play-to-earn games provide players with the opportunity to earn some in-game value that can be sold.
They might need to pay a certain fee to start playing, but by selling their NFTs, they can make a profit. It is also true that you will need to make some sort of investment, even in free games, to unlock complete gameplay and basic capabilities.
Ownership of NFTs in Play-to-Earn Games
Neither the developer nor the game is the owner of NFTs. They are the sole property of the players. Even if a game is abandoned by the publisher, the ownership of NFTs remains in the player’s hands.
So what are the options available to players once they own an NFT?
It depends entirely on the players. Typically, they want to increase the value of their NFT. To do this, they have to play the game actively with complete commitment. When they feel that the time is right, they can trade or sell their NFTs.
It is also possible for players to take out their NFTs from the game and offer them in other dedicated marketplaces. In case they make a sale, the players will receive a payment in cryptocurrency.
Types of Play-to-Earn Games
Play-to-earn games can be divided into different genres:
Real Estate P2E Games
Some play-to-earn games allow players to buy and sell land and develop real estate. For instance, in Decentraland, every piece of LAND you own is an NFT. Once you acquire a piece, you can do whatever you want with it. You can sell it or develop an entire virtual city on it.
Card P2E Games
Tactics and strategy are essential to make logical moves to earn rewards, particularly in card games. A good example of this kind of game is Gods Unchained, where you earn rewards by employing battle techniques and constructing powerful decks to outwit your opponent.
Racing P2E Games
An excellent example of one of the best NFT horse racing games is Silks. With this play-to-earn game, you can become a part of the typically exclusive world of racing. The digital universe in Silks is built on blockchain, allowing people to sell, buy, and own thoroughbred horses as NFTs in the metaverse.
Another emerging trend in the play-to-earn industry is the move-to-earn apps. In the Stepn app for runners, users can earn GMT or Green Metaverse Tokens just by going for a jog. The more you exercise, the more you earn. The only catch is that you have to buy digital sneakers represented by NFTs before you can start to play.
Adventure P2E Games
As a space explorer in an adventure game like Alien Worlds, you hunt for alien coins that can be changed into real money. In addition, you can mine the in-game NFTs and crypto tokens as well as engage in competitions. Other popular adventure games include Forest Knight and PirateXPirate.
Reason Behind the Popularity of Play-to-Earn Games
The video gaming industry has experienced a major psychological shift due to play-to-earn games. This change is evident not only in the way these games are now being developed but also in how the players perceive them. Players have now become aware of their value and are unwilling to settle for greedy economies and one-way communication anymore.
Gamers today are looking for a more notable involvement in games. Also, they want ownership of assets that they have worked hard to acquire. On the other hand, some players are in it just for the sake of making money.
Many people are of the opinion that the future of e-games is blockchain technology and it is right to say that there is much merit in supporting this claim. Play-to-earn games are rapidly becoming a viable business model, where both players and developers are able to monetize the time they spent working on something they enjoy. With many traditional social interactions going online, it is safe to assume that going digital is the future.