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NFTs and play-to-earn are the gaming industry's future

Aug 08, 2022 5 Mins 2111 Views
Olumide Adesina Contributor

Wider use of nonfungible tokens (NFT) and play-to-earn games appears to be on the way, according to one of the gaming industry's greatest figures, who views both as the industry's future.

According to data from DappRadar, gaming-related NFTs earned $5 billion in revenue in 2021, accounting for about 20% of all NFT sales.

The popularity of game titles like Axie Infinity demonstrates that if a play-to-earn product is well-refined, it can readily establish a solid player base. 

Completing daily tasks, slaughtering monsters, and defeating other players in arenas in such games are all ways for players to gain in-game digital items.  These assets have a monetary worth in the real world and may be sold on cryptocurrency exchanges.

While crypto fans have applauded the video gaming community's exploration of blockchain technology, some gamers have expressed reservations about crypto's infiltration into their industry.

Overall, gamers may believe that P2E is a continuation of microtransaction-style game development, or that it has too many entrance barriers. Despite the fact that many play-to-earn games are built on prominent blockchains (like as Ethereum and Polygon), converting them to a more liquid commodity isn't always straightforward. 

NFTs can take a long time to sell, and in-game coin values can change rapidly.

Fans of P2E have expressed their belief that the technology can help legitimize gaming as a source of revenue in a variety of ways, such as selling goods earned via hard work in-game.

It's undoubtedly one of the most straightforward methods to make money from gaming, especially when contrasted to the tough process of becoming a professional competitive gamer or streamer.

There are currently relatively few serious play-to-earn games available. Users are frequently forced to pick between game quality and economic potential. Furthermore, using crypto wallets like MetaMask to access many play-to-earn games is quite tough. It is now too difficult for the general public to enter the realm of play-to-earn.

This is likely to change dramatically in the next years. As a result, it's possible that players will become oblivious to the fact that they're interacting with blockchain games at some time. It's also safe to predict that large gaming studios will enter the play-to-earn market as well.

Furthermore, the combination of decentralized finance with blockchain gaming has the potential to be really exciting. For example, users might theoretically create profits by exchanging or lending in-game assets with other players using decentralized exchanges or lending protocols. As a result, many new games' in-game ecosystems could undergo massive growth that has been overlooked thus far.

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