- ИThe reasons behind the rapid growth of P2E
- The basics of the Play-to-Earn (P2E) model
- How to make money playing games
- The future of P2E
The play-to-earn (P2E) paradigm is not new. The opportunity to earn money from their passion attracts more and more new gamers. The crossover between gaming and cryptocurrencies has taken P2E games to a new level. Unlike before when only the leading players could earn money at tournaments, gaming tokens have opened up possibilities for new sources of income.
On average, a gamer spends about eight hours each week playing. Esports and gaming competitions continue to become more popular. Revenues of gaming platforms are expected to top 1 billion U.S. dollars this year.
Now that the basic game dynamics are often complemented with gaming crypto tokens, P2E might reach a wider audience. This is made possible by connecting game economics with finances, and by providing an opportunity to own and transfer game assets on a blockchain.
The P2E movement was boosted by the pandemic. People were bored sitting at home, many of them experienced a decrease or loss of income. No wonder that online games that were not merely entertainment but also a potential source of income became extremely popular in this situation. Blockchain-based P2E games have introduced a completely new class of customers to cryptocurrencies and have become very significant for the crypto industry in general.
Combining blockchains and gaming has been considered to be a brilliant idea for quite some time. For one thing, blockchains provide a solution for some of the gaming industry’s main problems such as the transparency between game developers and gamers, or the ownership of in-game assets.
DeFi-based NFT games have attracted millions of gamers who spend hours every day playing these games, driving their popularity. Game design companies are also learning from their experience, with new P2E games appearing all the time.
Blockchain-based P2E games are a new phenomenon. They allow NFT game players to earn valuable rewards simply by participating. Active players receive an opportunity to get paid for their time and skills and to get various rewards such as in-game NFTs and other tokens. These can then be sold or traded. The most fascinating thing is that such assets do not exist merely in the world of gaming. Players can exchange them for real cash and spend it in the real world.
Traditionally, players were not able to actually own in-game assets or to trade them outside the game itself. Nowadays, by playing blockchain-based games, you can receive NFT assets. These tokens can later grow in value and be sold at much higher prices.
P2E allow gamers to make money by doing one of the following:
- Selling in-game NFTs, for example, potions, weapons, cards, avatars, etc. Such digital assets can be sold for real money on appropriate platforms and open marketplaces.
- Earning prizes by completing tasks.
- Participating in player-versus-player (PvP) tournaments.
- Upgrading your game characters. When they obtain some unique features, they can be sold at a higher price.
- Staking in-game to earn rewards.
P2E NFT games have allowed gamers to earn from their passion. For some people, this is a leisure activity while others see it as their actual job and can sometimes earn up to 300 U.S. dollars per day.
P2E games are well-placed to change the entire gaming industry. They are based on the concept of an open economy. It ensures profit for all game participants. NFTs have already established their dominance on the collectables market and may continue to thrive thanks to their integration into the gaming world and the development of the P2E model.
Along with other cryptocurrency trends, blockchain-based P2E games might prove their worth and come to the front of the cryptocurrency industry in general. In the meantime, gamers all over the world are simply happy to make money by playing games.