Last Updated on February 16, 2024 by Ali Hamza
The gaming industry is growing faster than ever, with an estimated hundreds of billions of dollars. The background to this boom is likely to be the influx of new players due to the growing demand for practical and easy-to-play online platforms. However, many traditional games require an investment from the player and can be paid in full, in part, or with additional content. The P2E (play-to-earn) model differs because the player can earn money without using additional tools like https://letsexchange.io/. For this purpose, blockchain and NFT technologies are used to develop these games.
Blockchain games have long existed. But early variations were unlikely to make money. Play-to-earn is an idea for building an in-game economy and a business model that allows players to receive promised earnings.
What Is a P2E Model?
Most games have exchanges where users can buy and trade items such as weapons, armor, ornaments, and potions. In ordinary games, these items don’t belong to the player. A lack of transparency and skills also affects functioning.
Blockchain has introduced a decentralized and fair virtual market. Players are an important part there, and developers can no longer have full control over the gameplay. This is the main difference from the traditional game model.
- Players can buy and sell NFT items in the target game and any blockchain market.
- NFTs can be created by the participants and sold to other participants at a fair market price.
- Your account = Your wallet connected to the game. All transactions are transferred directly from or to the wallet without intermediaries.
In other words, the features of P2E platforms are the integration of cryptocurrencies used for payments within the platform and the use of NFTs. So you can earn money on the gaming market and be rewarded for the active actions of the game, just like in the real economy. So the potential of this industry is enormous.
Looking Ahead to the Blockchain Game
P2E and NFT games are making noise in the industry. However, future developments will depend on how developers implement these features to maximize the benefits for their players. Paying for user activity and attention is a very positive trend.
The big disadvantage is that in most games, the user will have to pay to buy the first character, the first pet, the first storyline, etc. On the one hand, this investment may work out immediately. On the other hand, given the crypto market volatility, there is also the risk of loss.
But cryptocurrencies will never leave the gaming industry. On the contrary, it becomes more active and strengthens its mainstay. Moreover, NFT is particularly important as a unique digital collector’s item with blockchain.
Today’s investors are increasingly paying attention to innovative technologies and trends, not only where to swap ETH to ZIL. Many organizations are working on a full-fledged meta-universe, including Meta (Facebook), Epic Games, and Microsoft. They say that a new project will dominate the world soon.
It is still unclear whether existing games can compete with it. Yes, many already have their virtual economies. But Metaworld is promised to become a “new world” for everyone on the planet in the future.
At the moment, we have just taken this first step. After that, perhaps the existing blockchain games will be forgotten and not leave anything for investors. But if developers can create high-quality projects, they will not only be able to compete with traditional online games. They will also push the development of a whole new industry that combines decentralized technology with the better development of the gaming world.