The frenzy is all around and is only on an astronomical rise. Axie Infinity, CryptoKitties, or Gods Unchained – the blockchain-based play-to-earn segment of the crypto domain has carved itself a niche!
Play-to-earn is a new gaming model where users, yup, players too, enjoy the incentives; not just playing but earning in-game items and turning them into hot money. Users can collect cryptos or trade NFTs in marketplaces and make good earnings.
It’s needless to mention that they have completely revolutionized the gaming arena, redefining the roles of players and developers. Both these entities can monetize by playing or developing play-to-earn games.
It’s an absolutely new gaming model which offers its own buffet of benefits. Let’s get into it to see what it holds.
Benefits of Play-to-Earn(P2E) Games
Play-to-Earn games, a key feature of the cryptocurrency arena, offer numerous benefits. These include:
- Blockchain-enabled: As blockchains constitute the underpinning technology of Play-to-Earn games, the ownership of any in-game item, including crypto coins to non-fungible tokens (NFTs), is secured. In an ordinary online game, you risk losing any in-game collectibles if they are deleted from the server. However, as blockchains associate a unique ID to each in-game item bought, no one can tamper with it without the knowledge of the player who owns it.
- Earn while you play: The P2E games offer the benefit of earning real money while playing. The in-game currency can be exchanged for collectibles or other NFT collections. You can sell assets on various marketplaces and earn cryptos.
- Fosters new trends in gaming: The play-to-earn games pave the way for newer trends in the gaming arena, thereby enhancing the scope for upcoming large projects. These games introduce us to a completely new dimension of player capacity, not just limited to playing.
- Benefits both gamers and developers: Play-to-Earn games offer lucrative means to both players and developers alike. While players earn money through in-game assets, developers who design and create these games get more revenue as the P2E ecosystem grows.
- Encourages gaming communities: In Play-to-Earn games, players participate and finish various quests and tasks, splitting the benefits. This fosters the creation of a community of players who are willing to work together towards a shared goal. The P2E’s incentive-sharing concept will bring several players together, leading to a healthy, inclusive atmosphere.
- Helps develop DeFi and NFT realms of the Crypto world: With the frenzy for P2E NFT crypto games on the rise, there’s a need to develop more engaging and competitive multi-level games. These games, in turn, bring revenue that can be used for not only their development but for the crypto ecosystem as a whole, which includes DeFi and NFTs.
- Encourages blockchain applications: The blockchain-based play-to-earn games have become highly popular, and the fever is everywhere. These have, in turn, brought people closer to the mesmeric application of blockchains, making them realize its enormous potential. As a result, there’s increasing adoption of blockchain-based products.
- Creates value: Play-to-earn games help players monetize their in-game assets or collectibles, and they help developers earn revenue. In essence, everything translates into tangible, real-world value.
What lies ahead?
Well, for the industry futurists, this is the beginning. While the Play-to-Earn ecosystem matures, it will pave the way to radically transform the Internet, the economy, and our idea of shared reality.
Let’s take a step back. The first iteration of internet Web 1.0 was restricted to a basic readable format – text files, images, etc. A decade later, Web 2.0, the next version, evolved, bringing interactive forms including emails, chat rooms, and more. They opened the gateway to social media and YouTube channels – a means for companies to monetize.
Contrary to these, the shift towards the next iteration of the internet, Web 3.0, which brought novel phenomena like play-to-earn games, democratizes the idea of incentive-sharing and brings it to users. With these games, the players or users enjoy the fruits of their digital efforts and can sell the in-game assets won into real money. Though the platforms vary, from purchasing virtual real estate in Decentraland to buying in-game items in Axie Infinity, however, they all have one thing in common – to let the users monetize.
What seems like just games are, in reality, a way to foster a more equitable means of sharing incentives in a digital universe. Rather than spending hours together chatting and sharing pictures on Facebook, users actually reap profits by participating in the play-to-earn games.
Play-to-earn games come with several benefits, and metaverses are actually adopting this as a go-to model. These games hold the credit of completely transforming the idea of online gaming, extending it from mere playing to monetizing. Rules are clear, authority is decentralized, and rewards are finite yet lucrative. With the ongoing debate on concerns like privacy and the use of the internet, the play-to-earn game is a scintillating example of a move toward gaming democracy.