Crypto gaming: play to earn
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20.09.2023
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Play-to-earn (P2E) games have become a crypto industry mainstay, letting users earn prizes just by playing and achieving goals or completing tasks. Different games provide different prizes - some in the form of tokens and others in the form of NFTs - but they all have real-world value and can be swapped for other tokens or even sold for fiat money on specialized markets.
Vanda Baranova

All the hype around

Play to Earn gaming

appeared due to the precautionary pandemic measures. A large number of people had to spend more time at home while facing massive stress. While gaming offers stress relief and provides a sense of self-fulfillment, more people got involved in playing video games during the pandemic and the number of gamers is growing until now.

 

Although video games have been popular for a long time, since people were able to buy first PCs, nowadays gaming is considered to be a true hobby alongside more common ones.

 

That’s why many crypto developers started to pay more attention to the gaming industry, creating play-to-earn games. However, the idea of them is not completely unique. There’ve been produced a number of online games (typically MMORPGs) featuring fiat online auctions and secondary marketplaces. The primary distinction between cryptocurrency games is that the money and goods are stored on blockchains.

 

By playing on a regular basis, the user can accumulate additional products or tokens to sell and create revenue. Some blockchain game players see them as supplemental income, while others see them as the primary source of income. However, such activities are risky because initial investments are normally necessary to purchase in-game characters and things.

 

Although such game-developing giants as SEGA claimed that P2E games are «boring» and do not deliver the fundamental promise of joy.

To win over more Web 2.0 audiences, the business has to meet them where they are. To do this, Web3 game developers should relocate Web3 components to the back end and avoid advertising games as Web3-based. Not many people want to directly engage in the whole cryptosystem, but all processes should be clear and transparent in order to prevent law problems and to incorporate those who want to be engaged into the Web3 technologies and crypto sphere.