The advent of blockchain technology meant only one thing; the role of intermediaries will become minimal to non-existent based on the sector. Gaming has been a domain rife with profit-yielding developers who did not concern about their user community that did the bulk of the heavy lifting to make their applications successful. With Web3 powered by blockchains, things changed; the evolution of Play-to-Earn NFT games changed the gaming industry for the better. Now, communities and gaming studios can cooperate and gain from incentivizing opportunities. The future looks bright for these games, as the current reception has been overwhelming.
Introducing: Play to Earn NFT Games
A Play-to-Earn NFT game (or P2E NFT game) is a platform based on a reward-based gaming mechanism, majorly powered by blockchain technology. These platforms utilize cryptocurrencies and non-fungible tokens (NFTs) for in-game currency and items. The P2E gaming model originated with the popular Ethereum-based game “CryptoKitties,” launched in 2017.
Within a short time, the model’s remuneration has shot up, with a yield of US$3618 billion anticipated in 2028, from US$755 million in 2021, according to a report. Sub-domains such as devices, software, and promotions are also expected to grow alongside as the model’s popularity has been exploding.
Popular P2E NFT Gaming Applications in 2022
- Axie Infinity is a roleplay-based P2E NFT game modeled after the Pokemon universe. The game has been among the top platforms for a long.
- Decentraland is a metaverse-based game where people can purchase virtual land, conduct business, run events, play games, and socialize with one another using NFT avatars.
- The Sandbox is a voxel-styled metaverse platform that allows people to develop and play minigames and run businesses using software kits from the game’s developers.
- Splinterlands is an NFT trading card-based P2E game that allows players to play and trade digital cards that can be bred to form powerful cards.
What have Play-to-Earn Platforms Offered the Industry So Far?
- Play-to-Earn NFT gaming has offered the gaming industry exposure to the Web3-savvy population, mainly consisting of millennials and Gen-Z people.
- The mechanism has given a much-needed morale boost to the industry as it answered all questions on “looting from innocent gamers just for entertainment.”
- A Play-to-Earn NFT game also provides businesses the opportunity to top the global markets, with Axie Infinity’s marketplace during the 2021 NFT boom being a great example.
- Such applications also elevate the value offered to users from being mere gamers and social media followers to community members who decide the game’s future.
Reasons for Play to Earn NFT Games to have Gaming Industry’s Leverage
NFTs “WILL” Become Mainstream!
The rising popularity of NFTs among the global tech-savvy population offers leverage to Play-to-Earn NFT gaming. In-game assets and tokens have been selling for huge bucks for quite some time now despite the harsh crypto winter. Minting NFTs on sustainable blockchain networks such as Solana and Avalanche also brings hope among initial blockchain skeptics.
The gaming community’s understanding of NFTs has been evolving since the ancient reign of CryptoKitties, as more gamer-friendly applications have sprung up in recent times. Even popular games on servers plan to switch to blockchains to eliminate security concerns and to stay with the changing trends.
Gamers can Experience Increased Immersion Aspects!
Remember, we talked earlier about how the growth of the gaming industry helps sub-domains as well. Innovation in P2E-specific gaming consoles has resulted in two pathways – exclusive wearable devices enriched with VR/AR and smartphones with increasingly efficient semiconductor chips.
A Play-to-Earn NFT game based on the metaverse model could benefit from immersive aspects as players interact in the platform as virtual avatars. Even other games based on action, adventure, and racing could see immersive technology as players from around the world participate in esports tournaments without being physically present together. The incentivizing mechanism calls for constant involvement from gamers.
Asset Ownership Enables Active Economies!
In contrast to traditional games, a Play-to-Earn NFT game allows players to own the in-game assets they buy (in the sense that developers do not control them by any means). Such a point proves vital for an in-game economy to form and thrive according to the asset scarcity levels enabled by developers.
With vibrant economies comes the advantage of higher prices for the game’s native tokens. What started as a gaming application can expand to become a way of virtual life, with decentralized finance applications to enable returns on investments. Games with planned scarcity levels tend to gain more success.
Rising Earning Leeways Assure Growth!
While looting from developers hurt the gaming industry so much during Web2 days, sharing proceedings have been recovering it from the nose dive it had undergone. The Play-to-Earn mechanism has been impressive since its inception, and the pandemic-enforced lockdowns helped it grow more significantly than expected in such a small span.
Gamers have already said that P2E applications have helped them gain ground in their lives, in the case of South East Asians benefiting from playing Axie Infinity. Such high involvement levels from the gamer end assure growth for the platform, as cryptos flow inside the game’s environment at any given moment.
Community Involvement Holds the Key to the Future!
The Play-to-Earn NFT gaming model has taught the world the valuable lesson of community building that was absent earlier. Communities involved in making decisions along with gaming studios have grown, which has been an attractive element for many mature gamers. Such options offer networking opportunities.
Community-based promotion is a vital strategy for P2E gaming projects, as having a sizable active group is essential in today’s Web3 space. The importance of community involvement in a player-run game economy is crucial to keep the platform at the top and, thereby, the venture behind it. Communities also help Play to Earn games become brands.
Shedding Final Light
The role of the Play-to-Earn mechanism is expected to peak in the next few years as new Web3 users enter the space with a lot of hope. It will also be the time for entrepreneurs like you to delve into the Web3 world with a Play-to-Earn NFT games. Blockchain App Factory, a pioneer in crafting novel NFT gaming applications, can significantly help build your gaming brand. Below are some reasons for you to opt for our services:
- Adept Game Developers
- Proficient Blockchain Developers
- Advanced Technical Stacks
- Creative NFT Studio
- Tailor-made Solutions
- Multi-chain Compatibility
- On-time Delivery
- Anytime Technical and Non-technical Support
Fill out the below form to contact our professionals to frame a feature-rich and immersive P2E NFT gaming platform!