Reviving Play-to-Earn Games Stand as the Future of the Gaming Industry
The evolution of blockchain technology has ignited a revolution in the ways and patterns a number of industries operate in the last couple of years. DPAD Finance therefore finds it timely to roll out a repurposed article on Play-to-Earn (P2E) games and what blockchain technology in general portends for the future of the gaming industry. More so, the Ethereum Merge is a signal that different blockchains are capable of adapting real-world advancements and providing innovative solutions to them. It will interest you to know that DPAD is also coming up with something huge within the GameFi arena.
The expansion of blockchain technology however, is accompanied by a growing adoption of crypto rewards, NFTs and some other digital incentives within the gaming industry. As it stands, the future of the gaming industry is structured on blockchain technology and Play-to-Earn (P2E) games evidently constitute a noticeable percentage of that industry in the next few years.
P2E games for instance, are not only created for its recreational value any longer, but are created as an avenue for both young and old to participate in online games to learn, earn, engage, interact, trade as well as to shape the future of the industry itself.
Why P2E Games Stand Is Unstoppable
In mid-2021, the number of internet users was tagged as over 4 billion users while 255 million users occupy the metaverse (3D, AR, VR and XR) world. By 2026, it is projected that there will be over 7.52 billion internet users while metaverse users would have risen to over 1.5 billion users.
Synonymously, different reports converge that there are about 3.24 billion online gamers in early 2021, while projections show that the total number of online gamers will rise to 6.20 billion by 2026.
The Place of Play to Earn Games in the Web 3.0 Planet
· As against the traditional models of engagement in the Web 2.0 where user-generated content replaced the defunct Web 1.0 static web pages, the Web 3.0 world is powered by blockchain and its more of an advanced ecosystem of engagement.
Hence, the place of P2E games is, no doubt, a digitalized arena where people can socialize, play and earn, which all satisfies the cravings of an average sane mind, except for eating, sex, and procreation.
· Even though there are predetermined parameters for winning the digital assets in the Web 3.0, yet, there is no limit to the fungible and non-fungible rewards that come with P2E games as they can add immense value in the shortest time possible.
· Personal development, for example, is one of the key benefits of playing games while video games have been said to be a booster to kids’ thinking capacity. The fact that users can now earn while playing, without fear of physical injuries or having-to-meet physically, is therefore an unmatched value that makes P2E games’ stand a distinct constituency within the Web 3.0 planetary.
Decentralization of Financial Space: A Dividend from P2E Games.
As critically discussed above, it is very clear that the rewards for P2E games come as points, in this case, the NFTs which players can earn and as well exchange for physical fiats such as dollars.
This is increasingly decentralizing the financial space to the extent that there are industries and platforms that receive the tokens gained from P2E games as payments for their products or services.
Currently, video games represent almost $336 billion fortune for P2E gamers and some of the platforms enabling P2E gaming include Axies, Decentraland, Sandbox, Block farm Club, Epic Hero, Thunder Run and so on.
NFT Liquidity: The Key Game-Changer for the Future of Games
In specific terms, however, P2E games stand to attract more value as a result of its tokenization effect and the in-game rewards and these two advantages remain central to why P2E is the future of the gaming industry.
1. Tokenization of Gaming and Trading of NFTs
Under this point, players can create, buy and sell NFTs. Axie Infinity, for example, is one of the best P2E games with excellent features that allow gamers to capture Axie which in turn can be used to battle Monsters in the game. Options are also offered so that other players can be a part of it to sustain the tokens derived from the game.
On Axie Infinity accordingly, gamers can earn almost 900 Ethereum (ETH) from in-game trade. Players can also sell AXS at high prices when they track its ownership through blockchain technology. By extension, collectibles like cosmetics items, power boost and weapons are value-added that players can trade in the virtual marketplace and convert the tokens to use for real life activities.
2. In-Game rewards
The second NFT liquidity is in-game rewards where players earn, stake and invest depending on the blockchain on which the game is structured. Mbox for example, was created and launched on Binance, which uses a free–to-play model to reward every player with cryptocurrencies.
At times, there are demands from players to stake and earn higher rewards, which are all part of the reasons why the P2E games will never be liquidated.
FAQS –Frequently Asked Questions.
What is/are the Aim(s) of Play-to-Earn Games?
The proper aim of the play to earn games is to create a platform where anyone can play, learn and earn some digital currencies which can be exchanged for Fiat currencies.
· How are NFTs Generated?
NFTs are based on market trade margins where gamers engage, interact and earn free coins. But the higher the number of NFTs distributed, the higher the value that NFTs attract as an acceptable unit of value or medium of exchange (use cases).
· Can Real Money Be Earned from P2E Platforms?
P2E games stands are excellently designed to give users financial headways. However, the platforms are established such that players earn digital assets which are later converted to acceptable means of exchange at any particular point in time.
With the coming of blockchain technology and metaverse-bound initiatives, the Play-to-Earn games stand, is a pointer to the future of entertainment enthusiasts who may now at the same time earn in the process of entertainment. In other words, “gaming for recreational value” alone is being undermined while “gaming for financial value” is being underscored.
The bottom line is that as the number of smartphone users and global population continues to rise, P2E games will never be liquidated, but will continue to rise. It is even more so that the P2E games are not only seen as potential wealth creation opportunities for participants, but it is also seen as a decentralized marketplace where players can earn, trade, interact and socialize and learn at the same time.
Learn more about DPAD on the following links: