The latest innovation in the gaming industry is the play to earn business model. It is an open economy paradigm that financially compensates players that provide value to the game environment.
The play to earn concept is a business strategy that enables gamers to harvest or gather cryptocurrencies and NFTs for resale. Because consumers are financially paid for playing games, the approach marks a paradigm shift in the gaming business.
Video game business models have developed as technology has become more accessible to a broader audience. In the late 1970s and early 1980s, gamers competed for top scores on arcade machines at neighborhood gaming centers using a pocketful of quarters.
Nowadays, we play these games on our iPhones while on public transportation or when taking a break. Simply put, regardless of the platform, there is a business strategy that fits every participant.
What Is The Play To Earn Business Model
The business concept of “play to earn” is the most recent innovation in the gaming industry. It is a business strategy that embraces the notion of an open economy and rewards all players who provide value to the game environment via their contributions.
It’s critical to remember that the play-to-earn approach is not new. Numerous online role-playing games (RPGs) contain auction houses or markets run by gold farmers that accept fiat cash.
Cryptocurrency game assets, on the other hand, reside on a blockchain. This implies that ownership and legitimacy are straightforward to establish. Additionally, the security of a blockchain network means that assets are never copied, hacked, or abused in the manner that traditional games do.
Perhaps most crucially, scarcity increases the value of in-game objects in blockchain games. When objects are linked to the blockchain, they become impossibly copied to the point that their value is diminished.
To earn money using the play-to-earn paradigm, players either earn or exchange in-game NFTs or cryptocurrencies, or they must stake these assets in smart contracts.
Giving players ownership of in-game assets and the ability to improve their worth via active gameplay are critical components of the play-to-earn paradigm.
By engaging in the in-game economy, players contribute value to other players and developers, and are rewarded with in-game assets as a result. These digital assets might range from cryptocurrency to gaming assets that have been tokenized on the blockchain. That is why the play-to-earn business model complements blockchain games quite well.
What Are play to Earn Games?
A play to earn game is any video game that makes use of cryptocurrencies to reward players with both real-world and virtual-world currency.
The rewards for these games are often NFTs, cryptographically unique tokens that may be used to establish ownership. The NFTs are used to represent an in-game item, such as a virtual tool or weapon that may be utilized in the game. Once earned, these NFTs can be swapped for other game assets or sold for cash on an NFT marketplace.
Play-to-earn is exactly what it sounds like; it is a business concept in which consumers may play a game while earning cryptocurrencies. The concept combines two objectives: revenue generation and entertainment.
The critical component of this concept is to offer players ownership of specific in-game assets and to enable them to grow their value by active participation in the game. By participating in the game economy, players generate value for both themselves and the game’s makers.
Are Play to Earn Games Free to Play?
While there is a discussion about whether or not play-to-earn games should be free, the reality is that Every game developer follows their own route. While some are paid, others are not. Profitability is the goal of any firm.
Meanwhile, the benefit of play-to-earn games is that they enable gamers to generate revenue. Even if customers are required to pay before playing, these products can later be sold for a profit.
What is P2E in Crypto?
P2E, or “play-to-earn,” is an up-and-coming hot topic in the crypto world. As the name suggests, play-to-earn is a sector in the gaming industry where players are making money by playing the game.
Best Play to Earn Crypto Games 2022
It’s possible to make some additional cash while Participating in Play to Earn Crypto-Games. In order to do this, they complete different activities or interact with the virtual environment. We’ve compiled a list of the greatest and most popular Play to Earn games for our users.
Axie Infinity
This is without a doubt the most popular play-to-earn game in the cryptocurrency market. It is influenced by popular games such as Pokemon and Tamagotchi. Axies are token-based animals that players may gather, breed, nurture, combat, and even trade.
These animals come in a variety of shapes and sizes, and there are presently over 500 distinct body parts accessible, including reptiles, plants, bugs, birds, aquatics, and so on.
These parts are divided into four categories: common, uncommon, ultra rare, and legendary.
Every Axie is an NFT with unique characteristics and strengths. Players may invest time and effort improving their axes, which they can then exchange for bitcoins on a specialized marketplace.
Axie Infinity Shards (AXS) are the game’s native coins, and they are utilized to engage in game governance. It is also possible to stake it.
There’s also the Small Love Potion (SLP), which you may obtain by playing the game. It’s an ERC 20 token that’s used to create new axes. SLP may be accumulated by players during the game and is how they earn. Binance is where you can buy and sell AXS and SLP.
Decentraland
Ariel Meillich and Esteban Ordano have designed yet another famous game. Decentraland is a virtual world, a parallel universe powered by Ethereum, where people may develop, enjoy, and monetize various content and apps.
Players may buy parcels of land, make them appealing, and either build on them or perhaps monetize them.
MANA is the native cryptocurrency of decentraland, but there is also LAND. MANA is a fundamental ERC 20 token that may be burnt to obtain ERC 721 land NFTs.
On the decentraland marketplace, the MANA token is also used to pay for names, avatars, and other items.
The Sandbox
This is another blockchain-based virtual world game that allows users to earn money while playing. In the game, players may construct, develop, purchase, and trade different digital goods.
There are two types of tokens. The first is SAND, which is an ERC 20 token and a utility token with a limited quantity of 3 billion. The other one is a LAND NFT. It is used to host games, develop houses, and create multiplayer experiences, among other things.
Gods Unchained
Gods Unchained is a trading card game. Players construct decks of cards and compete against other players with them. Cards can be exchanged or earned from other players as well. A ranked system assures that participants with similar abilities compete against one another.
NFTs, or non-fungible tokens, are used to represent valuable cards. Users may exchange the cards in the marketplace using the game’s own cryptocurrency, GODS. GODS can also be obtained through competitions. Following that, users may sell the token on exchanges or spend it to purchase better cards.
Splinterlands
Among blockchain gamers, card games are very popular. This is why they are more often on the list of the best play-to-earn games. This is also shown by Splinterlands, which is a card game made by the NFT. There are many things that are not for sale: cards, items, skins, virtual land, and so on.
If you complete a challenge or compete against another player, you can get “dark energy crystals” (DEC) in the game. Cards can be “used up” to get more DEC. Players can then trade these items for other things, like new clothes or shoes.
If you don’t want to pay for Splinterlands, then you can’t play it. Beginners will have to pay about $10 for a starter pack in order to get their first set of cards. Players get “Splintershards” (SPS), the blockchain’s own governance token, when they fight each other. This can be staked and you can vote on things.
CryptoBlades
There is a game on the Binance Smart Chain called CryptoBlades that is an RPG that is based on the blockchain. Players make a character in a typical fantasy costume. Then, the character is made into an NFT on the smart chain. There isn’t a free way to play the blockchain game. You have to buy SKILL Tokens with Binance Coin (BNB) to play as a character.
There are battles in which the characters fight each other. Skill is gained during the process. This, in turn, can be used to unlock new abilities, forge and improve weapons, and even make new ones. People can pay for things in the market with the SKILL token, which is also used to pay. They can also be sold for SKILL. Players can then turn these into BSB and then trade them for real money.
SolChicks
SolChicks is also one of the most popular games that let you play and earn money while having fun. On the Solana blockchain, it’s made. Chicks dressed up as knights and mages play the main role in the fantasy game, which is called “Chicks.” In each chick, there’s a unique NFT that has its own unique features and traits. Another thing is that the chicks can be bred, which means they need “Shards of Love” (SLC). There are tasks to do in the game that will give you these tokens and other NFTs. Players also get the CHICKS token, which is used to run the game.
Overall, the idea is very similar to Axie Infinity, the game’s predecessor. However, this project is still being worked on. When everything is done, a Metaverse of its own is going to be made up. Before then, the game has a PvE and PvP mode.
Thetan Arena
Thetan Arena is a MOBA (Multiplayer Online Battle Arena), which is a type of game that still draws in a lot of people today. Thetan Arena is in the same vein. It has an arena where people compete against each other to take over the enemy base. People who play the game are NFTs.
Unlike many of the other games on this list, Thetan Arena is free to play. In games and tournaments, players can earn Thetan Coins by taking part (THC). This can be used to buy more NFTs. Players could also sell them on the market.
MetaWars
MetaWars is a game that combines multiplayer strategy with role-playing elements. Players explore the universe and fight with other groups in space. In the process, a whole ecosystem is built up in the virtual world. The main thing is to explore and colonize space, work together, and fight against other groups.
Each player gets a set of collectible NFTs and their own cryptocurrency WARS to use. This can be put up. WARS are both tokens of governance and money for the own market. Players can also use the token to protect their own ships. The NFTs you earn can be sold on the market.
Alien World
Alien World was built on the WAX blockchain. It can now run on Ethereum and the Binance smart chain, as well as on its own blockchain. Decentralized metaverse: This is what the project says it is on the ground. It’s all about different planets that players can settle. It is possible for the planets to form federations and go into space together. Another option is to fight against other groups.
These are the places that gamers go to make new NFTs and their own cryptocurrency called “Trilium” (TLM). So, new tokens are made. Among other things, these can be used by the “Planetary DAO” to vote. They are also used to take over other planets. TLM can be turned into WAX and sold.
Frequently Asked Questions About Play to Earn Games
In the gaming sector, there are a variety of views on the “play to earn” business model. Many individuals are unfamiliar with the concept of earning money while having fun, and as a result, a slew of inquiries have been posted to search engines.
How do Play to Earn Games Make Money?
Every time someone plays a game to earn money, there is value in the money that they earn on the platform. But not every game is the same. Most games have their own tokens that can be used for in-game purchases and trading with other players.
The people who run the game think that people will keep playing and spending money on it. That’s because digital asset ownership is becoming more common.
Am I guaranteed to Earn Money Through Playing?
No. But it depends on the amount of time you invest in the game, its popularity, and the demand for the in-game asset or underlying token.
Is The Business Model Sustainable?
Possibly, but there are a lot of problems with this idea because the appeal of making money could make the game less fun.
A play-to-earn business model can only work if the people who play are good, says Adrian Kolody, the founder of Defi startup Domination Finance.
How is the game itself earning?
The game earns through transaction fees. New players incur a fee for purchasing in-game currency, and this represents a major revenue stream for the game. The most appealing part of the game is the price appreciation of native tokens.
Conclusion
The increasing significance of Blockchain gaming firms will speed up the widespread adoption of play to earn into Traditional games as a result of the high induction of play to earn into many newly launched Blockchain games.
