3 billion people played video games worldwide in 2021, and the sector brought in hundreds of billions of dollars. A significant enough industry that some nations now classify video gaming as an addiction, and that some governments have even restricted the use of video games by teenagers. But it makes money lot more than share market that’s why many businessmen’s develop these types of games with the help of play to earn game development company.
In a nutshell, the video game industry is booming.
Even though the industry is in a bullish phase, there seems to be a lot of potential for video game expansion in the future. This growth is being fueled by a number of factors, but a significant portion of it is attributable to the development of NFTs, blockchain technology, and—possibly most significantly—the play-to-earn gaming model.
Play-to-Earn Games: A Definition
You can probably guess what these games are by looking at the phrase “play-to-earn games.”
It’s true that gamers can make money by playing games.
A business model called “play-to-earn” utilizes blockchain technology. Simply put, users can participate in a game and possibly earn cryptocurrency.
Exactly how does this happen?
Players can obtain potentially valuable in-game assets in play-to-earn games. That could be anything, including cards, skins, or a particular kind of cryptocurrency. The more players who participate, the more resources they can gather and the more valuable they become. These resources have value only within the specific game in traditional games. However, they have real-world value in play-to-earn games.
Players can sell these items for cryptocurrency or real money at any time and on their own terms in the real world by transferring them there. Moreover, these games are decentralized in contrast to conventional games. This implies that not everything can be managed by the developer from its power center.
The distribution of in-game resources among players occurs in play-to-earn games. Players create value for both the developer and other players by participating in the in-game economy.
Everything works for a single clear reason.
People play these games for two things: entertainment and the chance to make money.
NFT Ownership in Games with Earnings
- The players own the NFTs. not the game’s, the developer’s, or anyone else’s. They are still in the players’ hands even if the game ends.
- So, once a player has an NFT, what can they do with it?
- They have full control over it.
- Typically, players will exert every effort to raise the value of their NFTs. This means they must participate in the game and make a long-term commitment to it.
- They have the option to trade or sell them once they decide the time is right.
- Players have the option to take their NFTs outside of the game and sell them in a variety of niche markets. If they are successful, they will be compensated in cryptocurrency.
The most well-liked games available for play-to-earn
It may be difficult to picture people quitting their 9 to 5 jobs to make a living playing video games, but as blockchain games continue to advance and bring in significant sums of money, the idea begins to make more sense.
Unsurprisingly, some games are more well-liked than others. A select few games are even helping to shape the gaming industry as a whole and offering players enormous financial incentives.
Cryptokitties, the first NFT game developed on the Ethereum blockchain, is legendary. Because it established the foundation for GameFi and play-to-earn games. In the game Cryptokitties, which was made available by Dapper Labs in 2017, players can acquire, breed, buy, and sell these virtual cats.
Every Cryptokitty is a distinct NFT with a variety of characteristics and rarity. Previously, players could buy and sell cats on the Ethereum blockchain. However, the network’s popularity of these non-fungible cats quickly overtook Ethereum. The developers eventually had to create a separate blockchain to accommodate all the digital transactions the game was generating due to this frenzy in the Cryptokitties market.
More than 100,000 players have bred over two million Cryptokitties in this play-to-earn game as of late. Millions of dollars’ worth of Ethereum were exchanged through the Kittyverse as a result of these transactions.
Axie Infinity is undoubtedly one of the most well-liked and lucrative play-to-earn games to ever appear on the blockchain. Axies are virtual creatures that players collect and use to breed new Axies, battle other Axies, and establish Axie kingdoms. Players can profit from Axie activities and have a say in the game’s direction because Axie Infinity’s developers describe the game as a digital nation that is partially owned and run by its players (kind of like a DAO and game in one).
Axie Infinity stands out from the other play-to-earn games because it boasts some of the highest numbers. The market has transacted Axies and other in-game assets worth over $3 billion with close to 3 million daily active players.
Additionally, Axie Infinity firmly holds the top spot among Ethereum games for active users. The game’s blockchain economic design, which enables players to own their digital assets, is largely responsible for the success, according to the developers.
It is simpler to understand why more people are joining the game in the hopes of making money from gaming when there are so many incentives for players and the most expensive Axie sells for $820,000.
Why Are Games That Pay You to Play So Popular?
A significant psychological shift has been brought about by play-to-earn games.
not just in how game designers create them, but also in how players view them.
The key point is that players are beginning to recognize their worth.
One-way communication and rapacious economies won’t do for them any longer. They want to play games more actively and claim ownership of the resources they have worked so hard to acquire.
These factors, however, don’t really matter to all players. It’s all about the money for them.
A look at gaming’s future
Cryptocurrency and play-to-earn gaming had a big year in 2021, and this trend is expected to continue in 2022. The gaming industry is in for a big future thanks to the influx of people into the metaverse and advancements in blockchain technology.
Additionally, more people worldwide will depend on play-to-earn games as a source of income as these games’ economies continue to expand.
There is no way to predict how far play-to-earn gaming will advance, but as digital ownership and gaming advance, the possibilities seem to have no end.
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