Play To Earn: Redefining Next-Gen Gaming
A generation’s entertainment preferences have changed as a result of video games. Gaming has taken the world by storm since the introduction of Tennis for Two in 1958, with games like League of Legends, Fortnite, and Minecraft being played by millions of gamers worldwide. According to Reports, gaming has surpassed other forms of entertainment like movies, television, and music based on revenue, and this meteoric rise shows no signs of abating.
Over time, video games evolved to the point where navigating life simulations became games, with The Sims being a notable example. Currency existed in these virtual realities; however, these currencies had no real-world value.
The gaming industry has evolved since the introduction of blockchain technology. In-game items can now be purchased with NFTs in blockchain games, while the currencies in the games’ metaverses are actual cryptocurrencies. These are games in which players earn real-world items. The in-game items are NFTs or cryptocurrency tokens in this gaming model, developed by the blockchain industry. This blog will define play-to-earn games and analyze some of the best.
What exactly is play-to-earn gaming?
Play-to-earn gaming (also known as P2E) is a broad term for a game that allows players to earn real-world money by playing. Many games use cryptocurrencies and blockchain technology to enable these types of revenue streams. P2E allows global players to make money from cryptocurrencies or NFTs simply by playing games on their computers or smartphones.
Game designers are using blockchain technology to create in-game items that are both unique and transferable. These could be an NFT or even a popular cryptocurrency. After receiving these rewards, the gamer can export the coins to a crypto wallet and convert them to fiat currency, such as US dollars. They can also sell it to other players, collectors, or speculators on various marketplaces (both in-game and secondary markets).
Some of these games are free to begin, while others require payment. To play Axie Infinity, you’ll need three AXS, which are expensive. Unlike Axie Infinity, some free play-to-earn games are available, such as Gods Unchained, Splinterlands, and Chainmonsters. Players don’t purchase NFTs before participating in these free P2E games.
Read More: Our NFT Gaming Development Services
P2E platform’s market statistical view:
Axie Infinity is responsible for the blockchain industry’s revolution in play-to-earn games. Sky Mavis created Axie Infinity in 2018 and released it on the Ethereum blockchain. Other play-to-earn games have emerged in the wake of Axie Infinity, including Alien Worlds, Splinterland, Bomb Crypto, Upland, and DeFi Kingdoms, among others.
The United States ranks 18th out of 26 countries surveyed by Finder as part of its NFT Gaming Adoption Report, with roughly 9.4% of respondents saying they’ve played NFT games. According to the Entertainment Software Association (ESA), 227 million Americans (around 66% of the country’s population) play video games. Video games are a force in culture and entertainment, spanning countless genres and devices.
Men are roughly 2.4 times more likely than women to have played a play-to-earn (P2E) crypto game, with 13% of men surveyed saying they have. 34% of Indian respondents have played a P2E game, making NFT gaming the most popular. Hong Kong (29%) and the UAE (27%) have the highest percentages of P2E gamers. Sweden is at the other end of the spectrum, with only 4% of those polled playing NFT games.
France sees the most growth in NFT game adoption, with the percentage of those playing NFT games expected to rise from 6% to 15% by the end of 2022. Peru (from 13% to 29%) and Spain (8% to 17%) will also make significant gains. In the United States, 13.3% of men and 5.6% of women use the p2e platform. A global trend shows platform popularity, with 34% of respondents playing the p2E game, 29% from Hong Kong, and 27% from the UAE, while France increased from 13% to 29% and Spain from 8% to 17%. Axie Infinity has 2.7 million active monthly players, DeFi Kingdoms has cleared 8.14 million transactions, and Gods Unchained has the potential to generate $6.46 billion in revenue.
Top play-to-earn games
Here is a list of some of the best play-to-earn games available.
Axie Infinity, one of the most well-known play-to-earn games on the market right now, allows players to collect cute creatures known as “axies.” Axies can be bred with other axes or fought against each other to earn “smooth love potions,” or SLP for short. The game created a path for other blockchain games to exist by being the first to launch. The game is similar to Pokemon and has about 2.8 million daily active players. Players buy, raise, and trade Axies, which are in-game characters sold as NFTs in exchange for digital currencies. Sky Mavis Studio launched the game on the Ethereum blockchain, then migrated to the Ronin sidechain, with AXS serving as the sidechain’s currency and SLP (Smooth Love Potion) serving as game utility tokens.
Before they can compete on Axie Infinity, players must first purchase three Axies. There is, however, a scholarship program in which players can borrow Axies from other players and receive a small percentage of the earnings.
It’s a free-to-play trading card game. Among play-to-earn games, this one has enormous daily active players. Players compete to win Immutable X, the best card they sell on the NFT marketplace. The cards can also be sold for $GODS, the in-game currency. Gods Unchained is a high-scoring platform with Play-To-Earn opportunities through trading cards that grants players a monopoly. All players who qualify as active stakers receive staking rewards. The staking pool has $GODS tokens from the forge and market acquisition activity. Staking rewards are available to all users who meet the requirements every seven days. Gods Unchained is one of the few P2E games in which players win based on their abilities rather than their financial status.
Decentraland is a leading metaverse game launched in February 2020. Decentraland is a 3D world in which players can buy virtual land, build on it, and then rent or sell it to other players in exchange for MANA, an Ethereum blockchain-based cryptocurrency. At their peak, parcels were selling for up to $100,000. Players purchase LANDS and engage in virtual reality activities using MANA, the in-game currency. You can win prizes in the game by participating in challenges and creating artwork that other players can purchase as NFTs. The game is similar to the life simulation game The Sims.
Play-To-Earn Crypto Gaming Industry’s Future
Did you know that by 2023, games would account for approximately 53% of blockchain usage? Reports state that around 1.4 million Unique Active Wallets are connected to blockchain games daily. P2E is one of the most exciting gaming platforms, with a market value of USD 3618.4 million expected by 2028. According to the report, Venture capital funding for blockchain games increased by 5,000% from $80 million in 2020 to $5 billion in 2022.
The expectations for play-to-earn games are growing high in 2023. In some countries, people are turning to these games for a living. As previously stated, over 5 million people are engaged with the P2E platform and enjoy reward-winning opportunities. Many studios and developers globally are still hesitant to incorporate blockchain technology. Do you want to know why? They believe blockchain is a backend for sharing economies and assets with other games. So, the Play-To-Earn Gaming industry has the best future.
People used to go to game arcades for relaxation, and gaming was solely for entertainment. People can now convert their engagements into earnings on a specific gaming platform. This model gradually shapes how people interact with internet media, including social media platforms. Have an idea or plan for creating a p2e game? We provide full-cycle P2E Game Development, assisting our clients in launching their P2E games on any blockchain.
Our expert has extensive experience developing advanced p2e game websites using NFT and Cryptos. We consistently provide high-end services in p2e game development and precise solutions for gamers and players who want to start their play to earn game platform development. We have delivered successful projects in the Blockchain Game Development Market and assisted enthusiastic players in entering the Gaming World throughout our journey. Consult our Experts if you want to start your P2E Game Platform today.