Why is Play-to-Earn a new breakthrough in the development of the gaming industry? And what about NFTs?
Play-to-Earn (P2E) is a new term for video games where gamers can earn cryptocurrencies and NFTs through their gaming activities. The play-to-earn trend has gained a lot of momentum over the past few months.
Gaming itself is a huge global market. There are over 2.7 billion gamers in the world. At the same time, analysts expect that in the next few years the value of the industry will exceed $300 billion. However, there are two important problems in the industry:
- Players do not own their purchases in the full sense of the term. In-game items (equipment, weapons, power-ups, and so on) enhance the player's performance and enjoyment of the game, but serve no other purpose. As a result, they fall into the category of entertainment expenses rather than investments;
- Lack of choice of business model. 80% of total digital gaming revenue comes from free-to-play games. This limits developers and the types of gameplay mechanics, as well as the development of the industry itself. However, as new business models emerge for game developers (such as NFT resale commissions), new forms of gameplay will also emerge.
The new direction of Play-to-Earn can change the existing landscape of the gaming industry. This trend immediately embraced the development on a variety of blockchains. The number of games has already exceeded 200, while they occupy up to 45% of the traffic of all decentralized applications. As a result, the trend is even singled out as a separate area of GameFi (Game Finance).
The concept is very simple: users can earn real money or other rewards just by playing the game!
In 2022, the process of creating in-game tokenomics and the device of play-to-earn games is just beginning. You can also check out Play-to-Earn Game Development Services https://unicsoft.com/blockchain-development/play-to-earn-game-development/ . However, I believe this trend will be popular for a long time to come. Blockchain technology has once again been able to open the blue ocean, now this is a new level of player interaction. The P2E model allows players to create and trade digital assets through the game's infrastructure. As a result, Play-to-earn is not a marketing ploy, but an attempt to create a new economic model within video games.