The idea that playing video games is a passive hobby with little chance of financial reward is common. The vast majority of those working in the field prefer to think of it as a hobby. With this strategy, everyone—not just top-tier professionals—can gain from winning competitions or receiving streaming income.
The global gaming market is currently worth more than $300 billion than the entertainment and film industries put together. As a result, it makes it possible for gamers to find fresh business alternatives. And because of the success of “play-to-earn” games, this dream is already becoming a reality.
Playing their favorite games while earning money in the real world is a revolutionary concept known as “play-to-earn.” So, neither competing nor being a well-known streamer is required. But what is “play-to-earn”? What impact does it have on the bitcoin industry, the gaming industry, and other industries?
The play-to-earn market for cryptocurrencies that uses blockchain technology has established itself as an expert!
Players and consumers gain incentives in the new “play to earn” gaming idea. They don't just play; they also buy and trade digital products for real money. Users can build up cryptocurrency collections or exchange NFTs on internet markets for profit.
play-to-earn games development has drastically altered the gaming business. These games are changing the identity of both players and developers. To make money for both businesses, play-to-earn games may be developed or played.
Let's look more closely at play-to-earn games.
What it is is play-to-earn gaming:
A group of video games that let players earn money in the real world as they play is referred to as “play-to-earn gaming.” To enable these revenue sources, the games frequently leverage cryptocurrency and blockchain technology. Players of P2E games from all around the world get paid using cryptocurrencies or NFTs.
Blockchain technology is being used by game developers to produce unique, tradeable in-game goods. They could be represented by an NFT, a coin made specifically for that game, or even a well-known cryptocurrency.
After collecting these prizes, the player can export them to a cryptocurrency wallet and convert them to fiat currency. The NFTs you earn from playing the games can be sold to other players, collectors, or investors on a variety of markets (both in-game and secondary markets).
Hundreds of creators post their works in the area as P2E gaming gains popularity. However, when it comes to popularity and earning potential, a select few games stand out from the competition. Players may spend $389.48 a week on average only playing P2E games.
Without question, P2E games currently hold a sizable market share. The play-to-earn gaming industry is anticipated to reach $400 billion by 2030, in contrast to the estimated $169 billion global cinema industry.
How is play-to-earn being received by the gaming community?
Crypto enthusiasts claim that the gaming industry is investigating blockchain technology. Some gamers, however, have voiced opposition to the integration of cryptocurrency into their community.
On Twitter and other social media platforms, gamers express their anger with the Ubisoft NFT announcement, with some speculating that it would result in lower-quality games. Play-to-earn games are additionally the implicit endorsement that the rest of the gaming industry needs to fully embrace crypto nonsense.
Players may feel that there are too many entrance barriers or that P2E is just a microtransaction-style game development extension. Although many play-to-earn games are built on well-known blockchains (like Ethereum and Polygon), it isn't always easy to make them into a more marketable good. While it could take some time to sell NFTs, the value of in-game money can alter significantly.
On the other hand, for gamers who are interested in cryptocurrencies, Ubisoft news is akin to the holy grail. P2E supporters point out how the system is similar to concepts from other games. A few well-known games offer a player-only auction site where players can make real-world money, while many more games offer unauthorized or illegal ways to sell products for real-world money.
P2E proponents assert that the invention can legitimize gaming as a source of income in a number of ways, including by enabling gamers to sell in-game items they have spent a lot of time and effort earning. It's undoubtedly one of the simplest ways to earn money from gaming compared to the difficult process of becoming a professional competitive player or streamer.
Whatever your thoughts on P2E, it is obvious that it will have a big impact on gaming and cryptocurrency in general. Future video games will probably incorporate NFTs and cryptocurrencies in some capacity.
