Why Play-to-Earn is the next big thing in Blockchain
Blockchain technology is changing the face of the gaming industry and giving it a new dimension altogether. The trend is ushering Distributed Ledger Technology into the mainstream while emphasizing its ability to maximize wealth creation for all.
A couple of years back, play-to-earn was just an idea, but today it has become a solid concept, snowballing with styling variations at an admirable rate. Various games with different angles offer countless opportunities to game lovers by blending blockchain utilities like smart contracts and digital currency.
Also known as GameFi, play-to-earn games are immersive environments where fans, players, and creators share the entire game adventure and earn simply by playing.
Read on to find out how blockchain games will take NFTs to the next level, and how some people are already earning a living wage simply by playing games.
Intersection Between Games And NFT
Moreover, blockchain games implement a mechanism that supports players to earn income through NFTs and virtual currencies by looking after and breeding digital pets, owning digital land, and pitting their digital characters and avatars against others.
Some people think of NFTs as digital art and collectibles, but the world of NFTs encompasses many additional use cases for businesses, investors, and individuals.
The principal element here when it comes to NFTs is the controlled access it provides to the Metaverse. It now enables players to trade game assets for crypto or sell them on secondary markets like Enjin or Opensea.
On the other hand, the Metaverse is also an interesting, evolving concept that comprises a collection of virtual spaces in which you can build and explore with people from other corners of the world. These virtual spaces are becoming ever more vast, elaborate and interactive.
Axie Infinity, and others
According to Bloomberg, from its launch in 2018 to July 2021, Axie Infinity, the most popular play-to-earn Blockchain-based game, raked in $21 million in income. However, that number jumped nearly 23 times to $485 million between July and August.
The platform has also recorded more than $2 billion token transactions, reflecting the fact that players must purchase Axie creatures to play the game and earn money.
The game enables players to battle with one another for unique redeemable digital assets. While traditional games usually come in such a fashion that all proceeds go to the creator, crypto games endeavor to create player-owned worlds, granting players the liberty to play, earn, and have fun.
Following the example of Axie Infinity, more ambitious blockchain-based gaming protocols are springing up, such as Yield Guild Games, Rarity, Light Nite, Decentraland, The Sandbox, Sidus NFT Heroes, and Star Atlas, among others.
Have you heard about the guy from the Philippines who bought two houses with money he made from play-and-earn games? Thanks to public blockchains with innovative gaming designs, people all over the world are gaining more economic options than ever before.
This development is a tremendous opportunity for the blockchain-savvy in developing continents like Africa, where a large percentage of unemployed youth spend time looking for non-existing jobs.
No matter where you live, you can earn a living from such platforms without leaving your home. Blockchain networks in general, not just blockchain gaming, are changing global economic models and how we work.
Future of Work
In the coming years, we'll live a larger part of our lives in cyberspace, working for digital protocols, and less time working for individual organizations. Those who don't anticipate this change may risk being left behind.
Blockchain technology is already conferring decentralized, remote teams where projects have their workers scattered around the globe. They do not need to meet at one physical location in order to execute their business plans.
Games employing DLT have expanded this trend from a distinct perspective, with entertainment at the centerpiece but also as a means of earning a living. In the coming years, more people will hopefully find hope in this evolution.
Gaming: Adapt or Die
The rise in popularity of games like Axie Infinity will likely bring gaming companies into the Blockchain space. Of course, it makes sense for them to adopt the technology to maximize revenue and expand their frontiers.
In the end, Satoshi's brainchild will continue to extend its foothold in the mainstream global economy, and change entire industries.
Play-to-earn is the next big thing coming to the Blockchain space, bringing a use case that is refreshing, engaging, and perhaps more empowering than anything in that is currently in the blockchain space.
Play-to-earn brings the future to us today with endless opportunities for everyone to explore the Metaverse in an exciting way.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.