Whether a crypto fanatic or not, there is no doubt that most people with an internet connection have heard about the recent state of the crypto market, sometimes referring to it as a crypto crash. With some reporting that a whopping $2 Trillion has been wiped out as a result of this market crash, many have been left wary of the volatility that crypto holds. When looking at play-to-earn (P2E) games (which fall under the umbrella of the crypto industry), it may seem that this space will also be negatively affected by the market crash. In fact, this is far from the truth, and many believe that this is the perfect time for P2E games to thrive.
Lower Barrier To Entry
When NFT games started to rise in popularity over the past few years, the standard critique spreading amongst the community was surrounding the high barrier to entry into the P2E gaming world. P2E games run on blockchain technology, with NFTs and crypto being at the core of their economic ecosystems. For this exact reason, many games have been sceptical and put off from P2E games due to the need of purchasing NFTs in order to play the games. With the great drop in cryptocurrency prices (which are required to purchase NFTs) – the barrier to entry is lower than ever. P2E games such as Reign of Terror have shown attractive NFT prices with their Genesis NFT drop starting at a mere price of 0.5 SOL for those who have Whitelist, giving investors and gamers an opportunity to enter the market without having to worry about exuberant costs.
The truth of the matter is, market crashes don’t last forever and often bounce back over a period of a few years. With this in mind, the bear market could be the perfect time for gaming developers to work on developing their games, in preparation for the next bull run. P2E games, similarly to traditional console games take a significant amount of time to develop, with P2E game Illuvium being in production since December 2021, showing no true indication as to when it will be released. The bear market is therefore the perfect time to focus on the production and marketing of P2E games, with the likes of Reign of Terror and Star Atlas teasing their fans in preparation for their anticipated releases.
Opportunities To Earn
The entire premise of P2E games is based on the idea of gamers having the opportunity to earn an income while doing what they love. Through a series of missions and upskilling of NFTs, gamers have an opportunity to work their way up in a game and earn an income – regardless of the market crash or not. Looking at some of the most well-known P2E games such as Mini Royale: Nations and Big Time, players are able to reap rewards from simply playing the games, voting on governance decisions as well as staking their governance tokens. Similarly, in Reign of Terror, players are able to make money through a magnitude of missions and upgrades of NFTs. Either way – money can be made thanks to the economy and structure of P2E games thriving regardless of the market’s conditions.
Is the crypto market crash worrisome for many? Sure. Is it something to be scared of? Definitely not. Looking at the history of world economies – the greatest opportunities arise from the darkest and most difficult times, with P2E games being at the forefront of opportunities. With their low barrier to entry and earning potential, there is no doubt that P2E games will continue to thrive, no matter the market conditions.