The imminent rise of games to make money and their opinion on framing the future of the Web3! | by Scott Macy | November 2022
Everyone knows about video games and how they have led to changes in society over the past decades. Most people may not be aware of the sheer amount of money that flows in the gaming industry, as millions of dollars circulate daily. But none of the economic benefits reaped by the Web2 gaming industry are shared with end users due to its ancient business beliefs and narrow lines of thought. P2E games can be the game changer in the industry, with their unique mechanisms benefiting both developers and players. Let’s see how Play to earn games has achieved such considerable prominence in such a short time.
Introducing: P2E Games
P2E or Play-to-Earn games are applications based on motivating players to complete in-game missions. While this may sound good and easy using Web2 elements, the opacity associated with today’s server-based internet hinders futuristic progression. Web3 technology features such as blockchains, cryptocurrencies, non-fungible tokens (NFT), artificial intelligence (AI), virtual reality (VR), augmented reality (AR) and the Internet of Things (IoT) play major roles in making P2E games successful. These platforms can look and feel like conventional games, as P2E games based on genres including action, adventure, simulation, racing, trading cards and boards exist.
Striking features of a P2E game
- A P2E game can be compatible with multiple blockchains, as they use cryptocurrencies and NFTs a lot. Cross-chain compatibility allows players present across networks to play together.
- A Play-to-Earn game with virtual and augmented reality elements can provide players with immersive and unique gaming experiences. These games will be widely embraced when VR/AR devices become widely available to the public.
- Such a platform’s use of NFTs to back up in-game assets enables players to rent them out to others to earn passive income, even if they are not playing the game.
- The reward mechanism for such P2E NFT games will be carefully developed to ensure that players are fairly compensated and game studios continue to earn benefits.
- Since these applications rely on pre-coded smart contracts to perform transactions, no middlemen are involved, making the processes smooth and fast.
- A Play-to-Earn NFT game will also feature a built-in NFT marketplace that allows players to trade in-game assets primarily and secondarily through auctions and fixed-price sales.
- Such decentralized games based on blockchains will be highly secure as data is stored across the network, and hacking or tampering with transaction information will take a huge toll on malicious actors.
- P2E gaming platforms with community management aspects allow players to determine the flow of the game as they can propose and vote to bring changes or eliminate conditions.
Benefits of P2E Gaming Enjoyable by Ventures
- The P2E gaming model is a lucrative revenue mechanism in itself, as it tends to distribute benefits to players and gaming companies, making users feel included and companies profiting from various fees across the platform.
- The P2E gaming industry has grown rapidly since the beginning of this decade. Game studios that get into the P2E gaming wave before the space becomes congested can generate higher revenue and a legendary reputation.
- Brand collaboration for game companies with exciting P2E game titles will become easier as blockchain-based games become trendy and set to be the future. Building the game’s community will also be made easier through partnerships with brands.
- According to several statistical reports, the P2E gaming market has already earned billions of dollars, making such a platform a viable business opportunity for aspiring entrepreneurs to earn quick profits.
The Say of P2E Games in the Future World
This year we’ve already seen many P2E games launch and become instant hits among the Web3 community’s players, despite the not-so-encouraging crypto winter. Such a fact reminds one of only one thing: a business can be successful, even in adverse conditions, if it has a viable model to appeal to consumers. The growth of P2E games is only expected to go higher from here, as companies pour huge amounts of capital into the research and development of P2E games and metaverses. With a massive influx of users into the Web3 space underway, P2E gaming can only become a better pastime for players with compensating advantages.
Throwing some climatic thoughts
Therefore, we can say that P2E games can be a hugely profitable option in the decentralized Web3 arena if used wisely. If you want to run a P2E game business, it is wise to partner with an experienced P2E game development company that can help you create platforms from scratch and turnkey solutions. Such a firm’s experience can be useful in ensuring that a superlative P2E gameplay is launched and an initial player community is gathered for your gaming platform through strategic marketing campaigns.