There’s no denying that play-2-earn games or P2E games are dominating the gaming space. And with NFTs in the mix, players have diverted from traditional games to P2E games.
But why is that? The reason is simple – P2E games have introduced an earning model unique and uncharacteristic of traditional games. This factor is responsible for the exponential growth of GameFi (the combination of DeFi, game, and NFTs).
Not only do gamers want to play an enthralling game with 3D graphics, but they also want the opportunity to earn while doing what they love. Most traditional games deny them this joy. Instead, they squeeze out cash from these gamers to play and reward them with nothing. Even if they win, an imaginary trophy is presented instead of getting rewards like an NFT.
But First, What Are Play-2-Earn Games and NFTs?
Play-2-Earn, Play-to-Earn, or P2E run on the blockchain network, such as Solana, Cardano, and Ethereum. These games are created by developers on the blockchain network to offer a unique playing and earning opportunity to players. Examples of P2E games are Axie Infinity, StarSharks, and GemUni.
Play-to-earn games reward players with NFTs and crypto that could be the in-game token or popular cryptocurrency. NFTs can be traded for cash or sold to other players in the game’s ecosystem.
NFTs or Non-fungible tokens are unique digital assets that can’t be replicated. The rarity of these items is one reason many people jump at the opportunity of owning them. The combination of traditional games and NFTs have allowed users to earn these unique digital items through video gaming.
P2E games prove that blockchain technology can be utilized in different sectors, and not just finance. A few years back, these games were non-existent as traditional game companies were still the force to reckon with in the gaming world.
However, the evolution of blockchain technology coupled with the increase in crypto and NFTs adoption gave companies the idea of integrating cryptocurrency and NFTs into gaming.
The growth of P2E games over the last two years has been nothing short of overwhelming. DappRadar reported that more than 50% of blockchain users were plugged into one gaming application.
It’s no surprise that users are playing these games, given the importance attached to owning an NFT. For instance, in the Axie Infinity game, you can earn Axies through staking, playing the game, and you can sell them for profits on the NFT marketplace.
However, you should note that many NFT P2E games aren’t free technically at first. For example, the Axie infinity requires the players to have three Axies before participating. These Axies cost a fortune, but the good thing is you can recover your money by selling the earned Axies.
Are P2E Games Revolutionizing the Gaming Industry?
P2E games are taking the gaming industry by storm, and it’s not surprising that this is happening. Its exceptional gaming model rewards players with NFTs for playing games they would have probably played for free before blockchain emerged. NFT P2E games are fun and have enabled gamers to make a living, especially in developing countries.
With the rise in digital ownership, it’s obvious that P2E games are the future of gaming, as users are more interested in owning these unique in-game tokens. Games like Axie Infinity have a massive following because it allows users to earn real-world value. It’s also facilitating the adoption of cryptos. This has lured people into the blockchain space.
With traditional games, the relationship between the gaming company and the player is one-way. The gaming company only gets to profit while the gamer goes home with nothing unless you are an esports player. Blockchain games have shifted the paradigm, allowing players to monetize their time.
However, the challenges are there. For instance, onboarding new players to some games like Axie Infinity is hard because of the amount required to start. Another challenge with some P2E games is the graphics, which are pretty basic to gamers conversant with 3D or advanced multiplayer games. They will find the UI boring to the core.
Aside from those, NFT Play-to-Earn games are the real bomb, and there’s no doubt that they will continue to gain traction given the prospect of NFTs and the introduction of Web3. Mainstream gaming companies like Ubisoft are enticed by the NFT gaming world and have already planned to enter into the place with the launch of Quartz.
However, some gamers still have some reservations. They argue that introducing more P2E games will turn the sector from an escapist entertainment world to capitalism.
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