Gone are the days when gamers didn’t have any scope to own in-game assets which held real value in the physical world or had earning scope through playing their favorite video game. The latest innovation of blockchain technology and NFTs in the tech space have not only played a crucial role in revolutionizing data storage and transaction operations. In addition, these new-age tech innovations have also revolutionized the working mechanisms of many industries in different sectors, and the gaming industry is no exception to it.
The gaming Industry has been at the forefront when it comes to adopting and integrating the latest technologies to provide immersive gaming experiences for players. Moreover, the latest tech innovations and implementation of blockchain technology have showered benefits for both parties, including gamers and game developers.
How P2E Is A Game Changer For Players And Developers
The advent of P2E games has the potential to revolutionize various aspects of gaming, including revenue-making opportunities through the gaming platform. Revenue making stands tall as one of the important factors that have made both the developers and gamers switch to P2E games.
It must say that the revenue generation in the gaming industry has expanded manifolds for developers and gamers after the advent of P2E games. On the other hand inclusion of NFTs in the gaming ecosystems has enabled players to own unique in-game assets different from other gamers with different abilities and strengths.
Blockchain enabling people to create their own crypto token has benefited many businesses to create their own economy for the ecosystem. In P2E games GamFi token of the ecosystem serves as the economy, and it is also used to reward players for their in-game accomplishments. In addition, these GamiFi tokens can also be used for NFT trades in Play to Earn Gaming Marketplaces.
The Freedom For Gamers To Play, Earn and Own
Play-to-earn games have given the freedom to players to own the digital asset completely, unlike traditional games. Earlier, in traditional games, the in-game assets were bound to the gaming platforms where players could not re-sell or trade the assets with other players, but this is not the case with modern P2E games where players can trade their NFTs in Play to earn gaming marketplaces.
Gamers have also found in-game earnings through crypto tokens as a lucrative option. Moreover, these tokens have significant potential to rise in value in the coming years. These are some of the reasons why P2E games are celebrated by gamers across the world.
P2E Games: The Market Status
According to Dapp Radar, “Amid the challenging scenario, blockchain games maintained a steady usage level. A total of 1.17 million Unique Active Wallets (UAW) connected daily to blockchain games on average during Q1, decreasing 2% from last year’s Q4 daily average. However, the March daily average surpassed 1.22 million daily UAW, showing signs of recovery already.”
In addition to the above report, Globalnewswire has established that “According to our researcher’s latest study, due to the COVID-19 pandemic, the global Play-to-Earn NFT Games market size is estimated to be worth USD 776.9 million in 2021 and is forecast to a readjusted size of USD 2845.1 million by 2028 with a CAGR of 20.4% during forecast period 2022-2028.”
With this significant potential P2E game market outshines other markets in the Web3 space.
The Revenue-Making Part In P2E Games
P2E gaming platforms present gamers with numerous revenue-generating opportunities some of the popular ways to make money from P2E gaming platforms include the below-mentioned ways.
In-game earnings are the most common way to generate revenue from the P2E gaming platform for users. Here the game’s native tokens will be rewarded to players completing tasks and goals in the P2E platform.
NFT renting is another popular revenue generation scope that is available for players on the platform that supports renting. Here players can rent their NFTs on the gaming platform’s dedicated Play-to-Earn gaming marketplace to generate passive income. The player who is willing to lend the NFTs can collect the money upfront from the gamer, and the NFT will automatically return to the rightful owner once the mentioned renting period in the smart contracts elapses.
NFTs can be traded on the P2E platform’s NFT marketplace, where gamers can either flip the gaming NFT for a profit, or they can keep upgrading the NFT till it reaches a particular level to be considered valuable in the market.
The advent of P2E games has changed the way traditional games are played. Modern-age P2E games involving blockchain technology and other web3 aspects have revolutionized the revenue generation scope for gamers and developers alike.