In recent years, the gaming industry has witnessed a remarkable evolution, with the emergence of play-to-earn (P2E) games revolutionizing the way players interact with virtual worlds. Each “sword” in crypto gaming is a non-fungible token (NFT), and the “rewards” are digital currencies; these are all controlled by the players because the game uses blockchain technology, giving them a chance to make money doing something they enjoy. Let’s have a look at the Play to Earn system in the GameFi ecosystem to see how it functions, what advantages it offers, and how one may make money through playing crypto games.
What is Play to Earn (P2E): history of the gaming economy
The potential of collecting rewards while having fun is nothing new introduced by Web3 and the blockchain, but games that pay in cryptocurrency: it seems like a fantasy, but Play to Earn is the reality. P2E is also a part of blockchain games as GameFi (Game and Finance); nonetheless, its origins can be traced back to the real world, even before the advent of digital video games.
We are talking about a change in the paradigm of “playing”, a reversal in power relations. Today the play to earn games 2023 allows players to really control their gaming experience , taking control away from video game development houses. The adventures of users, in this new model of “gaming economy”, that they can be and it’s the vision of the Multiverse, but above all they can be monetise: gamers of crypto games, thanks to NFTs and cryptocurrencies, do not waste time at all but get new resources. Before the rewards though, players gained freedom: to understand what Play to Earn is, we need to go back over the history of gaming .
How Play to Earn works: Crypto Gaming
Play to Earn was born just when some Free to Play games, such as Second Life and Runescape, gave life to real markets for game objects. Accessories and terrains of these virtual worlds (early examples of the metaverse) could be sold between players for real money; however, these transactions took place outside the gaming infrastructure.
The possibility of having an economic return , however, defined these P2E games, although still no player really owned the assets exchange and payments were not protect. The blockchain has provided the solution, evolving the concept of P2E: a shared and immutable register that tracks and certifies exchanges, recording only valid transactions. Furthermore, smart contracts, automated codes on the blockchain, can program virtual marketplaces, in which the sale can finally take place in a transparent and decentralized way.
Why choose crypto P2P gaming?
These are some of the benefits of play-to-earn that blockchain provides, in addition to security:
Any game item can be tokenized in an NFT ( Non Fungible Token): the ownership of a certain object can be registered in a smart contract. NFTs are an acknowledgment of the commitment of players, who can therefore own their wins simply by keeping the tokens in a wallet .
NFTs are permanent: they survive server closures, precisely because the blockchain makes them independent from the game. Furthermore, the composability of the smart contract codes and the interoperability between the various protocols allow these contents to be compatible with more games, increasing their use cases.
Gamers can monetize their progress: NFTs exist autonomously beyond the limits of the game, they have real value and can therefore be sold, even on secondary markets (such as OpenSea).
The value of tokenized gaming assets mainly depends on their rarity: NFTs are sometimes unique, in any case produced in limited quantities. Scarcity is a foundation of crypto gaming, whose economy is always define in precise tokenomics, sometimes managed by decentralized autonomous organizations.
P2E News: Advancements in Blockchain Gaming
According to the latest P2E news, the world of play-to-earn (P2E) games is rapidly evolving, and recent developments in blockchain technology are revolutionizing the way players can benefit from their gaming experiences. Previously, the lack of ownership rights and payment protection posed challenges for players seeking economic returns. However, the integration of blockchain technology has addressed these concerns, introducing a new era of P2E gaming with enhanced security and transparency.
Conclusion
Play-to-earn (P2E) games are an intriguing example of the potential intersection of gaming and blockchain technology. In these games, players can earn cryptocurrencies or NFTs in return for real money. Due to the financial incentives and the promise of genuine ownership and control they provide players, P2E games have gathered a lot of interest, and this is only expect to expand in 2023 and beyond. As more studios jump into this growing sector, we should expect an influx of innovative P2E games that offer compelling experiences and real advantages to players all around the world.
