With the several advancements and developments in the online gaming industry, they used the growing opportunity of getting known to the masses by paving the way into making a business through playing online games. This type of gaming, particularly called play-to-earn gaming, has taken the world of crypto as fast as no one imagined, even the developers themselves. The gaming industry has witnessed a significant revolution because of the emergence of these play-to-earn games. However, it is actually easy to see why it has led to this state. Developers tailor and gear unique gaming models for adults. And since the developers had an idea of how adults are most likely to participate in this type of industry, they customized the games by rewarding participants with cryptocurrency or NFTs (non-fungible tokens), by just playing online games.
Play-to-Earn Games
Various play-to-earn games become more and more popular. This allows people, most likely referred to as “gamers” in this industry, to enjoy playing the games while earning money at the same time. These games make use of blockchain technology, giving players a sense of ownership on in-game items and collectibles. Then, the game allows you to trade the items you have with other players for cryptocurrency, or even to local currency. Which is why you can be able to earn a profit through buying and selling NFTs as well.
These types of online games have the ability to bring digital identity, assets, and ownership to players’ hands, given that the industry has eventually become decentralized. This became the reason why more people have been hooked into entering the world of crypto industry, and exposed to the modern online games emerging in the digital environment. The ability to earn money through playing has lured people for the reason that value can be earned by having fun. But still, this kind of virtual economy is still relatively new to some people, and are still in the process of comprehending. Nonetheless, these play-to-earn online games have become an avenue for gamers leading to a very exciting and effective way to earn income.
What is NFT? Blockchains?
Simply put, an NFT, or non-fungible tokens consider pieces of digital content linked to the blockchain. It usually represents any unique item, may it be a media file — images, GIFs, videos; or art, graphics, music, and the like. It actually represents almost anything. They consider NFTs being something rare, unique, and irreplaceable, owned by a specific entity. With NFT in relation to gaming, they are those rewards and rare items that gamers earn while playing, particularly the unique items within the game.
These so-called tokens use the same technology that powers Bitcoin — the blockchain technology. Through blockchain, they make sure that they are keeping track of the owners of these Bitcoins and NFTs. Then, they allow users to trade and exchange. They hold a crucial role in the cryptocurrency industry by maintaining a secure and decentralized record of transactions. Thus, the items cannot be owned by just a specific entity. Blockchains also ensure that the items are stored as safe as possible.
Game developers have customized the online games they are creating in a way where they incorporate a limited number of NFTs. These represents in-game items, in which the players can earn. Then, when the limited in-game items become in demand over time, gamers start to trade or sell them. The scarcity that caused these online transactions in the industry has increased the demand for NFTs. There are times that it is priced more than a million dollars. This is where they earn a huge amount of money. Especially if the value of the item tends to be very high.
The Power of Play-to-Earn Gaming
Actually, the idea of having to earn money through online gaming is not new. Games developed a long time ago involve trading and selling their in-game items. Even unofficial marketplaces created by gamers becomes useful in this aspect. All transactions happen within this community market. However, it gradually became a huge challenge in the industry as some people made it a breeding ground for scammers. It has become an infringement of many games’ policies. This is why some people do not push through with the tradings and all.
But over the years, as the online gaming industry evolves, people create official marketplaces primarily for NFT trades. They developed innovations of blockchain technology, referred to as smart contracts. This is to ensure the authenticity and efficiency of trades. This makes play-to-earn games have become a safe and effective strategy for those to make money in this industry.
Play-to-Earn Online Games are the Future
Though play-to-earn online games is relatively a new industry, people tend to be active as while they are enjoying the games, they can actually make business out of it. The news of how profitable playing these kinds of games can be is spreading fast within gaming communities. This is because of the wide range of opportunities they are offering and the innovative experience that they bring.
Developers further customized the use of NFTs. This is so they will not be tethered to just one game. Gamers now have the opportunity to share their progress across multiple games that chose to collaborate. This is by creating something of a common universe between them. Thus, this became the reason as to why the play-to-earn gaming community is continuously rising.
Key Takeaway
More and more people are getting involved in the industry of play-to-earn online games, and the number of games that were launched and are on the road to being fully-developed is continuously increasing. This has led to an increased interest in the cryptocurrency industry, along with the NFTs and blockchain technology. This type of play-to-earn gaming is more than just a new twist on traditional one. It is an avenue for people who want to enjoy playing online while having to make money and generate income. Thus, it has been foreseen that more games will be working their way to the market in the future. This may lead to people diving in and pouring more in, using them as an investment.
