The gaming industry has grown exponentially in the past few decades, registering billions of dollars in revenue. It is estimated that an average player spends over $200 a year on games and gaming devices. With the rise of blockchain technology, more is expected of the gaming world. Blockchain-based games offer an admirable play-to-earn feature for all to enjoy. Gamers are awarded various in-game distributed ledger assets such as NFTs and digital currencies.
The Role of NFTs in Play-To-Earn Games
Unique NFT art pieces and collectibles have become part and parcel of the blockchain ecosystem incorporated into the gaming world. Due to the cross-chain and interoperability of NFTs, gamers can utilize in-game assets such as tools and weapons across many games. This attribute is not present in the traditional mode of gaming.
How To Earn Money With Play-To-Earn Games
Traditional games have never had in-game earning ecosystems. The games were entirely developed as ways of leisure activities and having fun with friends. Gamers needed to do other money-making activities that coincide with gaming to make money. However, with blockchain gaming on the rise for massive adoption, gamers will not only enjoy the earning mechanisms of traditional games but also have the ability to earn within the game’s ecosystem.
Traditional Gaming Earning Methods
Gamers who have massive followings on social media take advantage of netizens by streaming as they complete missions on games. During the live streams, some platforms offer patron services where fans can tip the gamer however they please. This tipping mode has generated thousands of dollars for gamers just by playing the games live for fans to enjoy the gaming experience. Play-to-earn games will not limit gamers from earning this way. Gamers will still have an opportunity to stream their gaming sessions on platforms such as Twitch and YouTube.
Platforms such as YouTube come in handy when monetizing gaming videos. Gamers may record videos reviewing a game or completing specific missions or quests and post them on these platforms. YouTube, on the other hand, monetizes the videos by showing advertisements for various brands. Advertisement companies pay YouTube, and part of the revenue is channeled to the gamer.
Unboxing coincides with a gaming platform releasing a promo of the game before the actual launch. Usually, the companies would reach out to gamers with massive social media presence and have them play the game with their fans. The game may be live streamed, or videos may be uploaded on social platforms for viewers to watch at their discretion. The gamer may receive tips from the company for unboxing the game for his fans.
Play-To-Earn Features of Blockchain Gaming
In addition to traditional methods gamers earn playing ordinary games, the Play-to-Earn feature offers gamers an opportunity to generate even more income without their social presence or having an audience to monetize.
Since Play-to-Earn games are blockchain-based, their ecosystems incorporate aspects of distributed ledger technology. A good example is the Non-Fungible Tokens which allow gamers to maximize blockchain potential. Players acquire in-game NFTs such as weapons, tools and collectibles by completing milestones. Players may also earn NFTs by winning contests and exploring virtual spaces in the games.
These NFTs may be sold on NFT marketplaces such as OpenSea. More miniature P2E games have an ecosystem that incorporates marketplaces. Gamers may purchase these collectibles on these marketplaces. Selling and buying gaming collectibles creates a supply and demand imbalance that could allow NFT holders to earn from NFT capital gains when the demand for NFTs increases, followed by a subsequent price increase.
Apart from earning Non Fungible Tokens, Gamers also have the privilege of earning Fungible and tokenized digital assets such as cryptocurrencies. Most gaming ecosystems have their cryptocurrencies and native tokens used to purchase in-game collectibles on the game’s marketplace. The ecosystem’s native Token becomes more valuable as the game gains popularity. Continuous use of these tokens may result in their surge in prices.
These digital assets and the NFTs may also become good investment opportunities for gamers and enterprising cryptocurrency fans. The digital currencies in the game’s ecosystem are used to purchase the NFTs and collectibles that gamers require to advance their gaming.
Top Play-To-Earn games and ecosystems to Consider
The most well-known game on the Solana Network is Star Atlas. Solana ranked second among the top ten fastest-growing cryptocurrency ecosystems in 2021, trailing Terra. Solana may take first place this year now that Terra is no longer active. Star Atlas is a virtual gaming MMO set in the future, specifically 2620. The gameplay floods indicate that the universe has been colonized. The game also shows that something valuable is in the most profound and dangerous sector.
In the game, three significant factions have emerged in the future: the MUD territory governed by Human Beings, the ONI region governed by Aliens and their races, and the Ustur Sector governed by sentient androids. These three factions are fighting for resources, territorial battles and conquests, and political dominance throughout the space.
As new play-to-earn games emerge, many people wonder which ones will be successful and which will fail. Gala games, out of all blockchain games, depict a solid and humid success in play-to-earn games. Erick Schiermeyer and Mike McCarthy founded this blockchain game.
Gala Games’ mission is to be the giant virtual game in the cryptocurrency industry and to compete with its centralized competitors. In contrast to other crypto games, Gala Games has received no VC funding or ICO for the Token. Gala Games received its initial funding from its founders and currently earns money by selling NTFs for its current and upcoming blockchain games. All associated tokens and NFTs are on the Ethereum innovative contract network and will eventually be on the upcoming Gala chain sidechain.
Mir4 P2E Game
Mir4 is a brand-new MMORPG game developed in South Korea. The game is available for all gamers to enjoy on Android, iOS, and PC. Mir4 supports 12 different languages and 170 countries worldwide. Mir4 has a play-to-earn feature that allows gamers and players to earn money while having fun. Unlike other blockchain games, the Mir4 game is both blockchain-integrated and traditional. This ensures that players smoothly transition from traditional gaming methods to blockchain gaming.
Decentraland is one of the best games to earn money in blockchain technology. It is a 3D virtual world platform built on Ethereum. Blockchain gaming is similar to Sims and Second Life. It is also a Metaverse platform where users can buy and sell lands or plots of real estate in the virtual ecosystem. The organization raised over $25 million in the 2017 ICO and will go live in January 2020.
The blockchain game consists of 90,000 virtual land pieces, each of which is a Non-fungible land based on the Ethereum network. The decentraland protocol comprises three layers: the consensus layer, the content distribution layer, and the real-time layer. A consensus layer exists because its location distinguishes each on a decentralized map. Each parcel can also be customized using the virtual land builder, similar to the building tools in games such as The Sims.
Sorare NFT Fantasy Game
Sorare is the world’s most popular Soccer NFT generator and Fantasy game. Sorare, despite being an underground game, has gained massive traction in recent years. Benchmark Capital, an early investor in Uber, eBay, and Twitter, invested $50 million in Sorare. This world-renowned digital network focuses on global soccer stars such as Mohammed Salah, Lionel Messi, and Cristiano Ronaldo.
The game has also received support from Reddit Venture Capital and Messi’s teammate Antoine Griezmann, bringing Sorare’s total investment fund to $60 million. Sorare creates NFTs based on professional soccer players. These NFTs are scarce digital goods. Blockchain is used to authenticate transactions using hashes and the blockchain network’s history.
Blockchain-based P2E games are new to gaming, yet they continue to display immense potential. The games are set to revolutionize the entire gaming industry due to traditional gaming methods. The in-game collectibles will be available for auctions on NFT marketplaces. Some gaming NFTs will be interoperable. They will allow users to utilize weapons, art, and collectibles in more than one game. The gaming world is excited at the onset of P2E games.