The idea of video gaming as a largely passive pastime without much possibility for financial gain has long persisted. Most people in the industry, i.e,. Everyone who isn’t a top-tier pro who gets paid by winning contests or from streaming revenue, tend to think of it as a hobby.
Nevertheless, given that the global gaming market is now worth $300 billion (more than the combined economies of the music and film industries), gamers are looking into new avenues for making money from their passion. This goal is already coming true with the popularity of “play-to-earn” games.
With the help of a new idea called “play-to-earn,” gamers may now earn money in the real world just by enjoying their favourite games. Competitors or well-known streamers are not required. However, what precisely is play-to-earn? How does it connect to the cryptocurrency sector, the gaming sector, and other sectors? Keep reading now.
What is “play to earn” gaming?
Play-to-earn gaming, sometimes known as P2E, is a general term for a category of games that allows players to make money in the real world while they play. These kinds of revenue streams are frequently made possible by the games’ use of cryptocurrency and blockchain technology. P2E has made it possible for gamers to earn money from cryptocurrencies or NFTs just by playing games on their computers and/or smartphones.
Blockchain technology is being used by game developers to make transferrable and one-of-a-kind in-game products. These might be an NFT, a cryptocurrency that is exclusive to that game, or even a well-known cryptocurrency.
In games where NFTs are gained, they can be sold to other players, collectors, or speculators at various marketplaces after being earned. The gamer can export the coins they received after winning these prizes to a cryptocurrency wallet and convert them to fiat money, like dollars (both in-game and secondary market).
What reaction has the gaming industry had to play-to-earn?
Despite the excitement among crypto fans at the video gaming industry’s exploration of blockchain technology. Some gamers have expressed resistance to the intrusion of cryptocurrency into their world.
Gamers expressed their displeasure upon hearing about the Ubisoft NFT on Twitter and other social media sites. Speculating that this would lead to the development of inferior-quality games. Cultured Vultures, a media outlet specializing in video games, stated as follows: “Letting this slide is just the tacit sanction the rest of the industry needs to plummet into full-time crypto lunacy.”
Overall, players may believe that P2E game development is a continuation of micro-transaction-style game development or that there are too many entry-level barriers. Although many play-to-earn games are constructed on well-known blockchains (like Ethereum and Polygon). It turning them into a more liquid asset isn’t necessarily the simplest procedure. Unlike in-game coins, which can change in value fast, NFTs can take some time to sell.
The Ubisoft news, on the other hand, is like the holy grail for players who are interested in cryptocurrencies. Many other games have had unofficial or illegal ways to sell loot for real-world money. Some gamers who are more in favor of P2E have expressed similarities in the system to already existing game concepts.
P2E supporters claim that the technology can legalize gaming as a source of revenue in many ways. Such as by allowing players to sell in-game stuff that they’ve worked hard to get. Given how challenging it is to become a professional competitive gamer or streamer. It’s undoubtedly one of the easiest methods to make money from gaming.
Whatever your opinion of P2E, it is unquestionably going to have a significant impact on gaming and cryptocurrency in general. The question is when and how, not if, NFTs and cryptocurrency will be incorporated into the next generation of gaming.
Does your company want to incorporate cryptocurrency or NFT rewards into games? To find out how VirtuaCoin is providing the payments infrastructure for businesses to support crypto. And NFT transactions, request access right away. Also, get to the gaming crypto coins!