The time when younger generations were accused of wasting their time playing video games without making any money is over. In fact, the games industry seems to have found a solution to such arguments that parents used to make. Today, gamers can earn money while playing games. The name of these games is play-to-earn games. The more skillful they’re, the more they get! And how? By converting the fortune into NFTs and then trading their NFTs on secondary markets. Let’s take a look at what exactly happened.
The most important thing about Play-to-Earn is that the assets and points you get are virtually original items. In these games you have true ownership of your assets which means you can transfer them with no damage or skam to another player. This is the miracle of NFTs, that virtual goods are valuable and transferable.
What happens then?
Through the use of blockchain technology, games can generate revenue streams for players that were never possible in traditional free-to-play games. A simple search will bring you to a list of dozens of games, most of which have a simple 2D graphic design or even a childish look, but are serious enough to lead you to a new way of making money. For example here is the list of NFT games with the highest player count in the last 30 days as of January 10, 2022.
Monetizing the games isn’t a new concept, as we know, because people were already used to making money by playing, but this kind of monetization is obviously new and is very quickly finding its own way in Metaverse since P2E games allow any game to participate, earn virtual currency, and earn rewards.
What makes play-to-earn games so special?
In the conventional gaming model, earn money by trading items or selling them is fobidden. When World of Warcraft was the height of the game, people sold high-level accounts. But the developers immediately banned them and froze the accounts to prevent any kind of transaction. But that doesn’t mean that players have put this idea to rest and regret what they did.
In P2E, this level of dominance and authority is not given to a single person to prohibit or restrict activities
In P2E, the dominance and authority does not belong to a single person to prohibit or restrict activities. All players and network participants in the network are given equal incentives.
How big is the market?
For example, we take a look at the statistics for one of the most famous games reported by Numbers: Axie Infinity is the best play-to-earn game right now, with an estimated market cap of $8.3 billion. It is also the first NFT-based game to surpass $1bn in sales.
Also, The Sandbox is another community-driven platform where creators can monetize voxel ASSETS and gaming experiences on the blockchain,that’s big investors eyeing it, as it recently raised $93 million in a Series B round.
What the future holds
This decade could be the era of the metaverse. Play-to-earn games and NFTs will be pivotal to its success. As NFTs grow, so will the P2E industry. OpenSea’s trading volume will probably reach 20 billion dollars this year, compared to only 355 million dollars last year.
All these numbers and reports are representing the golden area of P2E games coming and the rapid growth which doesn’t have anything less than a big bang in the gaming industry.
Have we aroused your interest in the Metaverse?
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