What is play-to-earn? How does it even work?

A play-to-earn non-fungible token (NFT) game is a type of online game or platform that utilizes non-fungible tokens (NFTs) and allows players to earn rewards or in-game currency by playing the game.We will discuss What is play-to-earn? How does ‘play-to-earn’ even work?

NFTs are unique digital assets that are stored on a blockchain and cannot be replaced or exchanged for other assets on a one-to-one basis.

In a play-to-earn NFT game, players may earn rewards in the form of NFTs, which can be collected, traded, or sold on online marketplaces. The value of an NFT is often determined by its rarity, uniqueness, or collectability, as well as the perceived value of the game or platform it is associated with.

Play-to-earn NFT games offer players the opportunity to earn rewards simply by playing and engaging with the game, and also provide a way for players to monetize their in-game achievements and efforts.

How does ‘play-to-earn’ even work?

In a play-to-earn game, players can earn rewards by playing and engaging with the game. These rewards can take many forms, such as in-game currency, items, or non-fungible tokens (NFTs).

There are several ways that play-to-earn games can reward players:

  1. Completing tasks or missions: Players may earn rewards for completing certain tasks or missions within the game. These tasks could be as simple as winning a match or as complex as completing a multi-stage quest.
  2. Leveling up: Some games reward players with bonuses or perks for reaching higher levels. As players progress through the game, they may earn rewards for reaching certain milestones or achieving certain goals.
  3. Participating in events: Many play-to-earn games hold special events or tournaments that offer players the chance to earn additional rewards. These events could be time-limited, or they could be ongoing.
  4. Trading or selling in-game items: Some play-to-earn games allow players to trade or sell in-game items or NFTs on online marketplaces. Players can earn rewards by acquiring rare or valuable items within the game and then selling them for a profit.

Overall, the specific way that play-to-earn games reward players can vary widely, but the general idea is that players earn rewards simply by playing and engaging with the game. These rewards can sometimes be redeemed for real-world money or other valuable items.

Some of the top play-to-earn NFT games on the market

There are many play-to-earn non-fungible token (NFT) games on the market, and the popularity of these games can change over time. Some examples of play-to-earn NFT games that have gained significant popularity in recent years include:

  1. Axie Infinity: Axie Infinity is a blockchain-based game that allows players to breed, raise, and battle fantasy creatures called Axies. Players can earn Axie NFTs by completing tasks, participating in events, and winning battles.
  2. CryptoSpaceX: CryptoSpaceX is a space-themed strategy game that rewards players with cryptocurrency for completing tasks and missions. Players can earn NFTs by participating in the game and can then sell or trade those NFTs on online marketplaces.
  3. CryptoKitties: CryptoKitties is a digital collectible game that allows players to breed, trade, and sell unique virtual cats using blockchain technology. Players can earn CryptoKitties NFTs by breeding rare or valuable cats and can then sell or trade those NFTs on online marketplaces.
  4. My Crypto Heroes: My Crypto Heroes is a role-playing game set in a fantasy world that allows players to collect and battle with historical figures represented as NFTs. Players can earn rewards by participating in the game and can then sell or trade their NFTs on online marketplaces.
  5. CryptoCollectibles: CryptoCollectibles is a platform that allows players to collect and trade a wide variety of NFTs, including digital art, sports trading cards, and gaming items. Players can earn rewards by participating in the platform and can then sell or trade their NFTs on online marketplaces.

These are just a few examples of the many play-to-earn NFT games that are available on the market. The popularity of these games can vary over time, and there are likely to be many other interesting and innovative play-to-earn NFT games that emerge in the future.

Future of NFT-powered P2E games

The future of non-fungible token (NFT)-powered play-to-earn (P2E) games is difficult to predict with certainty, as it will depend on various factors such as technological developments, market trends, and consumer preferences. However, NFT-powered P2E games will likely continue to grow in popularity and become an increasingly important part of the gaming and entertainment industry.

One potential trend in the future of NFT-powered P2E games is the increased use of decentralized finance (DeFi) technology. DeFi refers to the use of blockchain and smart contracts to facilitate financial transactions and create new financial instruments. By incorporating DeFi technology, P2E games could potentially offer players even more ways to earn rewards and monetize their in-game assets.

Another trend that may emerge in the future of NFT-powered P2E games is the integration of virtual reality (VR) and augmented reality (AR) technology. By using VR and AR, P2E games could potentially offer players immersive and interactive gaming experiences that blur the line between the virtual and the real world.

Overall, it is likely that the future of NFT-powered P2E games will be characterized by innovation and experimentation as developers seek to create new and engaging ways for players to earn rewards and interact with the game.

The P2E gaming sector is rapidly expanding. NFT games produced $2.32 billion in revenue in the third quarter of 2021 alone.

Furthermore, the transition of Facebook to Meta, Microsoft’s recent acquisition of Activision Blizzard, and Ubisoft’s introduction of the NFT marketplace Quartz suggest that the game industry is serious about incorporating blockchain technology into mainstream gaming. As a result, even globally renowned titles like Final Fantasy VII have seen the development of a companion NFT project to commemorate its 25th anniversary.

Despite these initiatives, the mainstream gaming community remains dubious, if not outright hostile, to the notion of NFTs being integrated into their cherished game. Will P2E completely overtake the traditional gaming industry? Who knows. At the very least, Epic Games’ openness to blockchain gaming shows that perhaps the two sides of the gaming world may coexist yet. Until then, the option is there for gamers looking for a way to turn their hobby into a side hustle. And it should go without saying that making a quick buck or two from P2E games will become orders of magnitude more achievable than going pro or making it big as a streamer.

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Author's Bio

Naveen C

Co- founder at Ecosleek Tech Research and Branding at MythX. Talks about #gaming, #metaverse, #blockchain, and #softwaredevelopment

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What is play-to-earn? How does it even work?

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