A look at how P2E and NFTs have revolutionised gaming
A look at how P2P and NFTs have revolutionized gaming
Play-2-earn games dominate the gaming market. With NFTs, gamers have turned to P2E gaming.
Why? P2E games have offered an untraditional income mechanism. GameFi’s exponential growth is due to this cause (the combination of Defi, game, and NFTs).
Gamers desire to play 3D games and make money while doing so. Traditional games deprive them of joy. Instead, they extort money from players and provide them nothing in return. Even if they win, they earn a fictional trophy instead of NFTs.
NFTs are expected to reach a market worth of $80 billion by 2025, up from a current estimated value of $35 billion.
Although these numbers are frequently used as proof of a developing NFT market, it is important to remember that even if the NFT market were valued at $80 billion, it would still be in its infancy. Facebook, earlier this year suffered a $230 billion loss in a single day.
While the early-stage market has a clear attraction for developers and investors, they anticipate that these conditions are similar to the internet’s rapid rise in the 1990s. However, the connection may be tough to justify, but it is true that the internet’s potential wasn’t fully realized until several years after its inception.
Blockchain technology has the potential to revolutionize many sectors, and NFT enthusiasts expect a similar internet-like transformation in the next 10 years.
Why Blockchain Gaming?
Let’s look at some of the benefits blockchain gaming offers players now that you understand NFTs and the underlying technology.
One of the key benefits of blockchain gaming is that it allows players to fully own their assets. Traditional gamers gain in-game things as they progress, but these assets only live within the game. When they stop the game, the asset doesn’t exist, hence it’s worthless.
However, certain in-game assets in blockchain games are issued as NFTs. Your wallet can hold these digital assets. Even if you quit the game and never play it again (or if the game disappears), your NFT will remain in your wallet. You may keep, sell, or trade it from here.
The future of P2E Games
Play-to-earn (P2E) gaming is one recent NFT application to gain traction. P2E games let users earn NFTs and other crypto assets by playing.
In-game digital assets may be stored, exchanged, and transferred on the blockchain. Prize gaming is nothing new, and e-sports events are growing increasingly popular, but the P2E model differs from e-sports in key ways.
P2E games include earning and creating digital assets into gameplay. NFTs can give a competitive edge in-game and be collected in real life.
CryptoKitties let participants earn, buy, collect, breed, and sell digital cats. CryptoKitty NFTs have fetched up to $1.3 million. This unusual creation flips the standard in-game purchasing mechanism on its head. Gamers spend the equivalent of one workday every week gaming, therefore monetizing this time is appealing.
The P2E model provides aspiring professional gamers a new entry point and developers access to a new market of incentivized gamers.
P2E games are sweeping the gaming industry, and this is not unexpected. Its unique gaming approach pays gamers with NFTs for playing free games before blockchain. NFT P2E games are engaging and have helped players in impoverished nations make a living.
P2E games are the future of gaming because consumers want to own unique in-game tokens. Axie Infinity is popular because players may earn real money. It promotes crypto acceptance. This drew people to blockchain.
With traditional games, the relationship is one-way. Unless you’re an esports player, the gaming firm profits while you lose. Blockchain games have changed the game, allowing players to earn money.
Challenges remain. For example, getting new players into Axie Infinity is difficult due to the initial investment. Some P2E games also have rudimentary visuals compared to 3D or complex multiplayer games. The UI is dull.
Aside from that, NFT Play-to-Earn games are the genuine deal, and with NFTs and Web3 coming, they will only grow in popularity. Ubisoft plans to join the NFT gaming arena with the launch of Quartz. Some gamers are skeptical. More P2E games, they claim, will convert the industry into capitalism.