Video gaming has historically been thought of as a somewhat passive hobby with little financial potential. For the great majority of industry participants – basically, everyone other than top-tier pros who make money via contests or streaming income – it is seen as a pastime.
However, with the global gaming industry now valued at $300 billion (more than the music and film industries combined), gamers are looking for new methods to make money from their hobbies. This fantasy is already becoming a reality, thanks to the advent of “play-to-earn” gaming. You can become a part of this booming industry with play to earn game development services.
Play-to-earn is a novel idea that allows people to earn real money just by playing their favorite games – no need to be a successful streamer or compete. But just what is play-to-earn? How does it connect to cryptocurrency, gaming, and other industries? Continue reading for our thoughts.
What exactly is play-to-earn gaming?
Play-to-earn gaming (also known as P2E) is a general name for a category of games that allow players to earn real-world money by playing. Many games use cryptocurrency and blockchain technology to provide these sorts of revenue sources. Players all around the globe are now earning money from cryptocurrencies or NFTs simply by playing games on their computers and/or cellphones thanks to P2E.
Game designers are using blockchain technology to create in-game goods that are both unique and transferrable. These might be an NFT, a coin exclusive to that game, or even a famous cryptocurrency.
After receiving these prizes, the gamer may export the coins to a crypto wallet and convert them to fiat money, such as US dollars; in games where NFTs are gained, they can be sold to other players, collectors, or speculators on multiple markets (both in-game and secondary market).
What are the most popular earn-to-play games right now, and which ones are on the way?
As the popularity of P2E gaming rises, hundreds of developers have launched their contributions to the genre. However, a few games stand out from the crowd in terms of popularity and profit potential.
While numerous tiny developers are developing P2E games, some of the industry’s biggest names, such as Assassin’s Creed and Far Cry producer Ubisoft, are also getting into the act. The French studio recently disclosed intentions to use NFTs into the upcoming Ghost Recon game.
NFT leader Bored Ape Yacht Club has also indicated that they are investigating the space, with a P2E game due in 2022.
How is the gaming community reacting to play-to-earn?
Though crypto aficionados have been delighted to see the video gaming industry investigate blockchain technology, other gamers have raised reservations about the introduction of cryptocurrency into their world.
With the release of the Ubisoft NFT news, players on Twitter and other platforms expressed their displeasure, speculating that this may lead to lower-quality games. Cultured Vultures, a gaming media organization, said, “Letting this slip is exactly the implicit sanction the rest of the industry needs to plummet into full-time crypto lunacy.”
Overall, players may believe that P2E is a continuation of microtransaction-style game development, or that it has too many entrance barriers. Despite the fact that many play-to-earn games are based on prominent blockchains (like as Ethereum and Polygon), converting them to a more liquid commodity isn’t always the simplest approach. NFTs may take a long time to sell, although in-game currency prices might change fast.
Announcements like the Ubisoft one, on the other hand, are like the holy grail for crypto-minded players. Some players who favor P2E have seen parallels in the system to pre-existing game ideas; for example, Diablo III had a player-only auction house where gamers could make real-world money, while many other games had unofficial or illegal methods to sell loot for real-world money.
Fans of P2E have voiced their belief that the technology may legitimate gaming as a source of money in a number of ways, such as selling items earned in-game. It’s undoubtedly one of the easiest methods to make money from gaming, particularly when contrasted to the laborious process of becoming a professional competitive player or streamer.
Whatever your feelings are regarding P2E, it is certain to have a significant influence on gaming and cryptocurrency in general. The next generation of gaming will very certainly include NFTs and cryptocurrency on some level – the issue is when and how, not if.
Read also useful information about supply chain development for blockchain here: https://unicsoft.com/blockchain-development/supply-chain/.