Video games were previously witnessed as a hobby or pastime. They didn’t have any connectivity with real life. As a gamer, your accomplishments were limited to the game and known only to you and your fellow players. Whatever rewards you win belong to the developer of the game. There was nothing much coming out of the game.
If the developer stripped some features that affected the in-game items, there was no chance for recourse. You would lose the items you had collected. But the play-to-earn model will change things forever.
With cryptocurrencies gaining so much popularity, they are a part of the gaming industry. The gaming sector has incorporated some new technologies leading to the birth of play to earn model.
According to this, all your digital assets within the game are yours, and you can do anything with them. The more you play a play-to-earn game, the more things you earn. And these things can be sold for real currency on online marketplaces. Though the technology is in infancy, there are several benefits of this model:
Chance to earn real money
The play-to-earn model has the power the revolutionize the gaming sector. Initially, people played games to relax and enjoy storytelling. With time, social elements got added to it, like interactive playing online. But there was nothing that connected games to real money.
The play-to-earn model aims to add incentives for players. They can play free online games to earn money in a virtual setting without worrying about losing anything. The more games you play, the more in-game items you have in your cart which can be traded against crypto coins. The model allows you to earn money by working on something you love- playing games!
Aids in the development of the gaming community
The play-to-earn games have active communities. As per DappRadar, a decentralized applications app store, Axie Infinity has 106000 daily active users. The community is highly active because, in the P2E model, players may sometimes need to work together for missions and quests and then split the won amount. This has led to developing a community where players play with a common goal.
Favors adoption of blockchain technology
The gaming industry was valued at $173.70 B in 2021, and by 2027, it is expected to reach $314.40 B. So, gaming has become a major entertainment form. Comparatively, blockchain is new. If the gaming industry adopts blockchain, it will cause a chain reaction and boost blockchain technology adoption. Millions will be introduced to blockchain power in one go.
Helpful for gamers and developers
The P2E model helps players win real money via in-game assets, but it also helps developers enhance their income with their expanding customer base and better sales. So, it is equally advantageous for both.
So, it can be said that play to earn model is in trend now and is beneficial for both gamers and developers. The model is expected to enjoy a great future and bring a massive change to the gaming industry. Surely gaming experience will not be the same.
