- Is play-to-earn the future of video games?
- How does it work?
- It could be the future of consoles.
Is play-to-earn the future of gaming? At present, we can see how the blockchain has changed many sectors. One of the most prominent is the video game industry. Its entry gave rise to what we know today as play-to-earn, a model that began its journey in 2021 and continues to grow.
However, currently the cryptocurrency market is not doing as well as in the past, mired in a downtrend from which it is unable to raise his head. As a consequence, many projects, mainly P2E models, have been severely affected.
What is play-to-earn gaming?
Play-to-earn, or P2E for short, is a business model that allows players to earn NFTs through video games. To play, participants have to register. Although registration is free, playing usually requires some initial purchase of content in the form of NFTs.
The objectives of NFT games are usually to find, create or buy valuable items or characters. Since in-game items are NFT, they can be resold. Supply and demand play a decisive role: the more players a game has, the more prized the unique items in the game will be.
What are NFT games?
Most people don’t usually associate NFTs with gaming. In fact, the best known NFTs are digital art works. However, the realm of NFTs extends to gaming as well, as unique tokens can represent rare in-game items that players can find or purchase.
NFTs are not only used to collect rare game items, but also form the basis of so-called NFT games. That is, games that are played on the blockchain and allow players to have ownership of components in the game. One of the most popular blockchains for NFT games is Ethereum.
How do cryptocurrency markets affect play-to-earn?
According to Business Community headlines are filled with game crashes, stories of players losing their savings, and scam projects. All, on par with the collapse of the cryptocurrency market.
After the storm has passed and the waters have calmed down, it is necessary to ask if the P2E model really has a future in the video game industry, how much will this be a part of the streaming world?
Play-to-earn: In rebuild mode
At the moment, play-to-earn video games are going through a reconstruction which augurs a season of success. Together with the metaverse, the blockchain gaming sector is taking advantage of all its tools to offer a better gameplay ecosystem to the user.
This means that the priority is not the gains that can be obtained, as happened in the past and ended up being the Achilles heel of P2E. It has given rise to a new concept, which would be the transformation of NFT games.