Blockchain games have seen a boom in adoption rates globally. Play-to-win crypto games have offered ways to essentially engage users, but are there any drawbacks to this model?
The concept of blockchain gaming has been around since the early days of cryptocurrency, but it is only in recent years that it has started to gain momentum.
One of the main drivers behind the growth of blockchain games is the play-to-earn (P2E) model. This model transformed gaming from a leisure activity into a way to earn money. This obviously attracts a much wider range of people to the sector.
The play-to-win model is based on the idea that players can earn rewards through cryptocurrency for playing certain games. These rewards can then be traded for other cryptocurrency exchanges or fiat currencies. The P2E model has become particularly popular in countries where there are limited job opportunities or where the cost of living is high. In these countries, blockchain gaming has become a viable way for people to earn a living.
One of the main benefits of the P2E model is that it is decentralized. This means that there is no central authority that controls the flow of rewards or determines the value of the cryptocurrency. Instead, the value of a cryptocurrency is determined by the market, which is driven by supply and demand. This created a new type of economy where players could earn a living without being tied to a particular employer or location.
Another advantage of the P2E model is that it has created new opportunities for game developers. Developers can create more immersive and engaging games by integrating blockchain technology into their games. They can also provide players with the opportunity to earn rewards, increase the popularity of the game and attract new players.
is gaining momentum
The Blockchain Games Market Research Polaris report shows that the total transaction volume of blockchain games reached $5.41 billion in 2022 and is expected to grow at a CAGR of 68.90% during the forecast period.
Public interest in cryptocurrencies and everything associated with the digital landscape has grown exponentially in recent years, attracting long-term interest from global investors, traders, and brands. The power of Web3 blurs the lines between the physical and the virtual, allowing people to make money digitally through online games.
Cryptogambling.tv platform conducted a study using data from Google Keyword Planner to reveal the most popular games for earning cryptocurrency based on monthly search volume from the last 12 months. The results were shared exclusively with BeInCrypto via mail.
Most online games on Google to earn cryptocurrency
One of the most popular blockchain games that uses the P2E model is Axie Infinity. This game allows players to own and battle creatures called Axies. Players can earn rewards through a cryptocurrency called Small Love Potion (SLP) for playing the game. The SLP can then be traded on other cryptocurrency exchanges or fiat currencies.
According to shared data, Axie Infinity had an estimated average of 535,202 searches per month. Axie Infinity has become particularly popular in the Philippines, where it has become a means of earning a living for many people. The game created a new kind of economy, where players could earn rewards for playing the game and then use those rewards to pay their daily expenses.
The success of Axie Infinity has led to the development of other blockchain games that use the P2E model. These games include My Neighbor Alice, The Sandbox, and Splinterlands. These games allow players to earn rewards in the form of cryptocurrency for playing the game.
An exclusive quote shared with BeInCrypto confirms, “Axie Infinity’s colorful theme and cross-platform compatibility have undoubtedly contributed to its popularity over the past few years. The game features cute digital creatures that can be trained and used for battle, much like those on old consoles. The only difference now is is that you can earn money by playing it from your mobile device.
“The power of cryptocurrency has really affected the fintech industry, and it is now affecting the gaming industry. People can now not only play for the fun of the experience but also earn money for themselves.”
Other leading games on the list
Second on the list is the virtual metaverse SecondLive, with an average monthly search volume of 496,313. The game, compatible with Windows, Mac and Android, allows users to create avatars and walk around an open virtual space. Here, they can build their preferred lifestyle. Users can buy and sell items within the game’s online marketplace using BNB, which can be exchanged for other fiat currencies.
Third place is Stepn, a “move to earn” mobile game where users can earn cryptocurrency by walking, jogging, or running. Thus promoting a healthy lifestyle while also making money. The web3 app boasts an estimated average search volume of 478,794 on Google over the past 12 months.
Other platforms are listed in the table below:
The growth of the blockchain gaming market has caught the attention of investors. In 2021, the market capitalization of the blockchain gaming industry is estimated to be around $4 billion. Investors are particularly interested in the P2E model, which can create a new economy that has nothing to do with traditional financial institutions.
The pros and cons of the Play-to-Earn model
The Play to Earn (P2E) model has transformed the gaming industry by creating a new economy where gamers can earn a living by playing games. The decentralized nature of the P2E model has created new opportunities for game developers and attracted the attention of investors. The Blockchain gaming market is expected to continue to grow. The P2E model is likely to play an important role in the future of the gaming industry.
But again, there are some pitfalls to consider.
The play-to-earn model has become popular in blockchain games due to the possibility that players can get rewards in cryptocurrency for playing games. However, as with any marketplace, they always prioritize profit over creating fun experiences for players. As more and more projects enter the market, there is a risk that the focus will shift towards maximizing rewards rather than creating attractive gameplay. Another potential drawback to P2E games is that they can become too complex or difficult for casual players to enjoy. Players may need to invest significant time and effort in perfecting the game mechanics and accumulating assets to earn rewards. This might be a turn off for those looking for a more casual gaming experience.
Developers must balance rewarding players for their time and skill while creating a fun and engaging gaming experience. This can attract both hardcore gamers and casual players who may be less interested in earning rewards but still want to have fun playing the game.
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