The invention of the play-to-earn game, which introduces a new paradigm for the potential of blockchain gaming, has contributed to the rapid growth of the NFT gaming market.
If you are quite knowledgeable about the cryptocurrency ecosystem and regularly follow its developments, you will recall the euphoria around Bitcoin’s (BTC) ascent past $63,000 in mid-April. This excitement is a result of the upbeat environment that crypto enthusiasts and stakeholders are currently experiencing.
It is widely believed that this is the season of decentralized finance (DeFi), and I can’t argue with that because the information is readily available.
Tens of thousands of players are clamoring to play DeFi-based non-fungible token (NFT) games every day, which is a record. What drives gamers and cryptocurrency enthusiasts to assemble in their thousands and spend hours a day playing these games begs the question, then.
The solution to this is fairly straightforward: those who enjoy gaming can do so while earning money. Additionally, these incentives can be converted into fiat currency and utilized to make purchases in the real world, and shockingly, this type of gaming industry is currently experiencing rapid growth.
The company is currently valued at about $170 billion, but analysts anticipate it will rise to $268 billion by 2022.
What is Play-to-Earn Gaming?
Play-to-earn simply refers to the concept of giving players and game enthusiasts ownership and control over in-game items as well as the opportunity to raise the value of those items by active participation in the game. In this economic model, participants offer value to the sports developers and other players by taking part in the in-game economy. Along with other in-game resources that will be tokenized on the blockchain and sold as NFTs, these assets also include in-game tools, weapons, and currency.
This is frequently the reason why the play-to-earn business model has been successful when introducing blockchain games.
In July, the play-to-earn game Axie Infinity brought in a total of close to $120 million. While Axie Infinity’s hits exceeded $215 million as of the time of writing, the remaining top ten apps on Token Terminal’s list had a combined total of about $41 million.
Develop Like Axie Infinity?
When playing the Axie Infinity Game, players receive the native token Small Love Potions (SLP), which they need in order to give birth to young Axies. Axie charges for buying and selling Axies on the website.
Participants may sell their SLP tokens to other players on the open market if they do not plan to keep them.
Play-to-Earn Games and Developing Countries
An average player can make about $4,500 SLP every month, or about $1200, which may seem unanticipated and even comical, but it frequently happens. As a result, people are quitting their day jobs and dedicating their time to Axie in nations like the Philippines and Vietnam. It takes a lot of time and requires strategy. In addition to carefully breeding your Axies to acquire particular skills, players must also finish tasks in order to gain energy, which enables them to play the game for a longer period of time. However, it is important to note that some workers in these nations view this as a side job rather than a full-time profession.
Revenue of the NFT Gaming Platform
Axie estimates that 350,000 daily active users visit the website. Some individuals, particularly non-gamers, may find this ludicrous, but the wonderful thing about it is that it has assisted many people in overcoming the financial challenges brought on by the ongoing worldwide COVID-19 pandemic.
The Major Applications of Gamify(Play-to-Earn Games)
- Fantasy Sports: Users can establish their own fantasy sports team, and players can receive points based on how well they perform in real-time. Football, baseball, cricket, and soccer are just a few of the fantasy sports available on gamify.
- Lottery: Users can use GFX to buy lottery tickets and join a pool of other people hoping to win the big jackpot.
Play-to-Earn and Blockchain Gaming
Play-to-earn games are the most recent innovation in the blockchain gaming sector. Users’ interactions with the economies of their favorite games will shift as a result. In order to ensure that players who contribute to the game world are financially compensated, it has ensured and embraced the concept of an open economy. Due to this ripple effect, players from all over the world are flocking to these games (regardless of how gaming-oriented they are) in order to play and profit.
I hope you now have a general understanding of the most recent NFT gaming trend and the benefits of creating an NFT gaming platform.
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