With the development of cutting-edge technology in decentralised finance and the emergence of innovative solutions and applications, developers of Web 3.0 started to create more applications and games using blockchain technology. This has led to growth in the gaming industry.
Traditional gaming platforms have broadened their options to include virtual reality, augmented reality, decentralised finance, and digital currencies. This has led to the creation of “Play-to-earn”, a popular topic in the gaming sector, allowing players to make money while playing.
P2E is a new aspect of the GameFi ecosystem, extending the traditional gaming experience through platforms like Minecraft and Roblox.
Understanding The Concept Of P2E
Play-to-earn (P2E) is a gaming concept where players engage in activities for financial gain, receiving monetary rewards and incentives as they progress in the game.
This approach surpasses the classic gaming experience by incorporating real-life money with intrinsic value. Blockchain technology is utilised to create and share games among crypto community members, who can participate and receive rewards like crypto tokens, voting rights, and decentralised governance.
The rise of technology has revolutionised video game business models, allowing games to be played on various devices, including smartphones, home computers, and gaming consoles.
The P2E model, specifically in the blockchain universe, allows players to generate revenue by participating in games. Players create value for other gamers and developers by engaging in the in-game ecosystem and earning virtual assets for their contributions.
These assets can range from coins to tokenised accessories on the blockchain, making the Play-to-earn business model a perfect match for blockchain games.
P2E games offer several benefits, including generating income as a side hustle, a transparent and fair gaming economy, and fostering creativity in the gaming industry. Players can generate income by playing P2E games, which may not be enough to make a living, but it’s a fun side hustle for extra cash.
P2E games provide players with full ownership of digital assets, allowing them to store, transfer, and sell their assets without intermediaries or restrictions. Additionally, P2E games encourage developers to experiment with new genres, mechanics, and features that leverage blockchain technology.
Crypto gaming elevates classic video games by offering real-life use cases and enhancing gameplay. Unlike classic games, blockchain games are provided by players, with map creation and level challenges created by crypto communities and Web3 developers on shared platforms, allowing players to enjoy top-notch games with more real-life scenarios.
Traditional video games are created by corporations and launched on specific platforms, with players limited to playing and earning in-game benefits. Top Play-to-earn platforms allow creators to create games, levels, maps, and challenges, charging entry fees for players and adding a new dimension to the creator’s economy.
Top Play-To-Earn Crypto Games
The Play-to-earn concept has grown with the rise of more blockchains and security updates. Around 1,500 free games support this concept, with the top three games gaining significant attention and dominating the GameFi market.
The Sandbox game, launched in 2012, is a decentralised ecosystem that integrates metaverse and blockchain technology. In this game, users are able to create their own games, gyms, and museums within a map. Additionally, players have the ability to organise virtual events and participate in online activities.
Axie Infinity is a popular P2E game that involves collecting and breeding crypto pets, developing their skills, and participating in battles. Players can trade items and skins using the platform’s native token, AXS, which also has various uses like staking and decentralised governance. Digital pets can be traded as NFTs.
Decentraland was launched in 2020 and now is a top-tier game. Users are able to design virtual environments, produce digital items, and engage in buying and selling virtual assets within the game. MANA, the designated token in this game, enables players to engage in various activities such as trading land, developing games, and earning fees for their creations.
Play-to-earn is a recent popular trend in the gaming sector. It allows players to use games for practical purposes and receive real-life benefits, just like in regular video games.
The concept of P2E, leveraging blockchain technology, facilitates collaboration among gamers and applications, encouraging the development of Web 3.0 assets and tools. This new reward system in the game gives players a fun and interactive gaming experience that makes their everyday lives better.