Play-To-Earn (P2E): New Opportunity in Gaming

UTC by Andy Watson · 6 min read
Play-To-Earn (P2E): New Opportunity in Gaming
Photo: Unsplash

What is the buzz around Play-To-Earn (P2E) all about? This growing trend in digital economies makes gaming and gambling more captivating, funnier, and rewarding. Consequently, increasingly more individuals are joining P2E, hoping to get actual financial gains in return.

The gaming concept is changing, as gamers no longer sit in front of a computer to unwind after a tumultuous day but play to get real financial benefits. Earning assets is put in the story by a breed of games that promises to be a real-money opportunity – P2E. So, this possibility is not as far-fetched as some people may assume, especially in the context of numerous players (including proficient eSports players and YouTube streamers) making tens of thousands of dollars out of this kind of game annually.

GameFi is, without a doubt, to gain astrological momentum, so let us find out more about it.

What Are P2E Games?

Play-To-Earn games are exactly what their name implies – games in which players can earn goods, including cryptocurrencies, NFTs, and money, depending on their progress in these games. The introduction of blockchain technology in gaming made the development of P2E games possible. This explains the existence of unique blockchain games that are very distinct from traditional games. P2E games are everything that enthusiastic gamers have long hoped for – a real-money opportunity. These games bring value back to the gamers, as the latter can earn significant in-game assets such as virtual land, non-fungible tokens (NFTs), virtual coins, and avatars by fighting other players, carrying out missions, and advancing through various game levels. Unlike traditional games, which only ask individuals to pay to play, P2E games allow users to purchase and transfer in-game rewards outside the game’s virtual environment.

The above-mentioned facts prove that anything blockchain touches introduces change, brings financial possibilities, and allows for autonomous governance. With blockchain and NFTs already transforming industries like music and art, there is no doubt that it will do the same regarding gaming.

How Does P2E Work?

An essential aspect of P2E games, when compared with traditional games, is that they are based on decentralization. There is also a decentralized autonomous organization (DAO) that works to promote community-building and improve game aspects based on players’ feedback. It is encouraging news that gamers can now be involved in this gaming domain’s continuous development and progression. Moreover, players in the in-game economy also increase value for other gamers and developers. A CNN Philippines interview with an Axie Infinity player reveals that gamers constantly involved in P2E games can positively impact the game’s economy.

As for the costs, this aspect varies from game to game. Some P2 games like Axie infinity demand players to buy Axies (in-game characters represented by NFTs) beforehand to get started, while titles like the Sandbox and Splinterlands are totally free-to-play. Whatever your choice in P2E games, learn that each allows for trades on a particular game’s marketplace for real money. Nonetheless, rewards earned in P2E games, be they NFTs or crypto tokens, must be stored in a secure virtual wallet. AAG, for example, provides a safe place to keep your valuable assets and many more features that will facilitate your interactions with the Metaverse and blockchain applications, including P2E games.

P2E as a Source of Income

P2E games have become a natural go-to for many people looking forward to securing enough earnings to survive in the pandemic economy. The Coronavirus pandemic has brought not only uncertainty and fear among individuals and companies but also spiraling unemployment rates. The need for solutions has never been greater; fortunately, one was on its way – P2E gaming. Proficient players have to wait no more for payouts at the end of the month, as gaming payouts are instant and commonly done daily. In developing countries, for example, Axie Infinity gamers can earn more than a monthly wage. Therefore, people whose main activity revolves around P2E gaming can make about $2700.

Remarkable P2E Projects

With P2E surging in popularity, the market competition is fiercer than ever. So, in the burgeoning development of the P2E concept, developers have created various games based on either collection or creation. Some of the most popular include:

Axie Infinity. This similar-to-Pokemon game is a prime illustration of the P2E movement. Axie Infinity implies building an army of Axies (animated creatures) that are, in fact, their key to success. These cute monsters fight other players’ Axies through a card-based combat mechanism called RPG (role-playing game) and are further traded for cryptocurrency. Gamers can also breed their Axies to get more powerful creatures that will eventually help them win more battles and inevitably earn SLP (Smooth Love Potion), Axie’s currency that acts as a functional currency.

Gods Unchained. In this strategic game, similar to Slay the Spire and Hearthstone, gamers need to defeat their opponents with clever tactics rather than violent actions. They have to set up decks that are resistant enough to protect them against adversaries. Decent cards, as well as Magic: The Gathering, Gwent, or Yu-Gi-Oh, would help in this regard. Some of these cards in Gods Unchained can be sold as NFTs, which makes them extremely valuable. If you want to earn more crucial cards in this game, you can take part in ranked PVP (player versus player) matches organized almost every weekend.

The Sandbox. Did you like Minecraft? Then you will love The Sandbox. This voxel-based (a voxel designates a point in 3D space) game involves a certain degree of creativity. Players are to create personalized experiences or complete games within the game using advanced game software called Game Maker. They can further sell their voxel creations for the in-game currency acting as a functional currency, $SAND.

Decentraland. This game is all about decentralization and 3D development. Users can benefit from blockchain technology and explore the Metaverse’s full potential by playing Decentraland. And the most exciting part? It is all about imagination. With the land acquired, you can do a variety of things, from building a medieval dungeon maze to founding a modern digital art gallery where you can trade assets. With Decentraland, Metaverse is closer than ever – in October 2021, the platform hosted a memorable Metaverse music festival.

Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.

Sponsored
Andy Watson
Author Andy Watson

Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.

WhaleMaker
Related Articles
WhaleMaker