From pay-to-play (P2P) and free-to-play (F2P), the gaming industry has advanced to play-to-earn (P2E) games, where players can unlock prizes that are inherently valuable by taking on small tasks, battling against other players, and progressing through the levels of the game. Play-to-earn gaming exploded in popularity in 2021, primarily because of Axie Infinity and Sandbox. Players earn in-game currency or non-fungible tokens (NFTs) after each victory. While breaking away from the traditional gaming mode can be pretty intimidating, play-to-earn games are worth the time. An unlimited token supply isn’t a good place to start with. There’s no fixed recipe for judging a game’s future, but avoid investing big initially.
NFT games have become widespread owing to their one-of-a-kind gameplay and the ability to secure cryptocurrency rewards. The NFTs add an extra layer of excitement to the gaming experience, giving supporters something rare and unique. The aim of putting blockchain into a game isn’t to increase the value of its assets but to enable users to own and trade their digital assets. Gamers have mixed feelings when it comes to blockchain technology. To be more precise, while most of them oppose NFT integration for games, others don’t mind playing P2E games if they’re given a chance to earn cryptocurrency. For gamers globally, Bitcoin is appealing, despite Bitcoin price fluctuations.
From Casual Players to Professionals, Many Are Rejecting NFTs
Just mentioning that a gaming studio is putting NFTs to the test can cause social media feeds to be flooded with negative comments. Gamers are renowned for their passion and occasional emotional reactions, but this aversion towards NFTs is unjustified – or seems to be. The advent of loot boxes and other consumable virtual items has made many players skeptical. Once they’re drawn into the game, the rewards become increasingly difficult to secure without a serious commitment. Moreover, many items are gated behind microtransactions, providing a revenue source for developers. Microtransactions come at a high price point, even if they represent small amounts.
The fact of the matter is that gamers believe NFTs will turn out to be a nuisance, even if that’s not the case. To add value to gaming with NFTs, the base must be extraordinarily appealing, and the experience should make people feel included and challenged. The industry should develop games that deliver authentic experiences while offering opportunities to earn payoffs that reinforce and enhance the gaming experience. NFTs, the critical pillars of Web 3.0, could revolutionize gaming by introducing interoperability. Nevertheless, for the time being, technology remains unpopular. Players are often asked to invest upfront, and they dislike this in-game money-making scheme.
More Established Tokens, Like Bitcoin, Have A Higher Appeal Among Gamers
Although the gaming industry’s attention is focused on NFTs, Bitcoin emerges as the most popular decentralized asset among gamers, trusted as a stable asset. Given that players are more interested in earning BTC, the gaming industry has clearly made a mistake by focusing exclusively on NFTs. At present, individuals are aware of the value they create through engagement in the attention economy. Gamers invest countless hours in gameplay not because it’s a good form of entertainment but because they can earn rewards, which are proclamations of their success and skills. For gamers worldwide, Bitcoin offers the opportunity to collect cryptocurrencies by simply playing.
While more than half of gamers don’t own cryptocurrency, among those who do, BTC is the dominant digital asset, followed by Ethereum and Dogecoin. It can be stored at a cryptocurrency exchange or in a digital wallet. Each coin represents the value of the Bitcoin price, but you can buy less than a BTC to get started with cryptocurrency. Many gamers are interested in using cryptocurrency in the metaverse, which is transforming the cyberspace of gaming into an interactive and engaging 3D platform. They can access Web3, crypto, gaming, and much more. Ultimately, the digital world needs Bitcoin.
Gaming on PC and consoles is growing popular by the day, so it’s one of the major frontiers of BTC adoption. More and more companies are building games where players can earn cryptocurrency, enabling them to play even on relatively inexpensive smartphones. Blockchain has no competition, so studios have a head start on development. Owing to the fact that BTC is an Internet native, it’s not restricted in utility to one game. Its real-world use cases could help achieve mass adoption, and gaming could be the means by which blockchain technology will diffuse into society and everyday life.
P2E Gaming Will Continue to Create a Stir in The Web3 Space
Until now, it’s clear that there’s money in gaming. The rewards can be stored in digital wallets or traded online in marketplaces for other virtual assets or fiat currency. Gamers can increase their earnings by dedicating time to gameplay and leveling up their characters or items. Your interest is the most important thing to take into account when choosing a play-to-earn game. There are many options to choose from, including but not limited to multiplayer RPGs, puzzle games, and sports-themed games. Not all games require an initial purchase, but you’ll be required to pay to get access to premium P2E assets and features.
The more you take part in the game, the more chances you have to earn cryptocurrency and increase the value of the digital assets you’ve already collected. Earning tokens and generating revenue involves skill and strategy. No matter your level, you’re entering a decentralized gaming action. The kind of game you’re playing will affect your chances of winning, meaning some games offer substantially better odds. For the time being, play-to-earn games aren’t near the level of sophistication that standard games have reached, yet much progress has been made, and it’s only a matter of time before blockchain catches up with game studios.
All things considered, NFTs have somehow managed to upset the play-to-win culture. While major studio executives display interest in these in-game achievements, players aren’t amused. Bitcoin has become increasingly popular with gamers, who play competitively to earn a decent amount. Cryptocurrency is a new sector with several possible benefits for players and game developers alike.
(Disclaimer: Devdiscourse’s journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)
