A significant part of the games, which are based on cryptocurrency and operations with it, has a high level of transparency. This minimizes the risk of fraud on the part of both players and developers.
Functional feedback to developers
Since the internal economy of NFT games depends directly on the actions of users, the creators of such projects listen to their wishes and promptly make changes to the smart contract protocol. Some crypto-games work according to a decentralized management method, and all changes in them are carried out by voting among the owners of non-fungible tokens.
Non-fungible tokens obtained in the game process can be purchased and sold both in the game itself and on specialized NFT trading platforms.
The Role of Blockchain in P2E Games
Such applications are perfectly combined with cryptocurrencies and NFTs. Paying rewards in fiat would entail a lot of legal complexities and obstacles.
NFT in P2E
Primarily, non-fungible tokens serve to signify user ownership of in-game items.
Opportunities to earn money in blockchain games
You can create new objects or characters in the form of NFTs, then sell them on the built-in market. You can receive rewards for winning tournaments and other game activities.
Games with the possibility of earning are already very popular, so new projects appear regularly. At the moment, developers are also paying attention to improving graphics and simplifying interaction with protocols.
Play-to-Earn (P2E) is a new term for video games where gamers can earn cryptocurrencies and NFTs through their gaming activities. The play-to-earn trend has gained a lot of momentum over the past few months.
Gaming itself is a huge global market. There are over 2.7 billion gamers in the world. At the same time, analysts expect that in the next few years the value of the industry will exceed $300 billion. However, there are two important problems in the industry:
Players do not own their purchases in the full sense of the term. In-game items (equipment, weapons, power-ups, and so on) increase the player's performance and enjoyment of the game, but serve no other purpose. As a result, they fall into the category of entertainment expenses rather than investments;
Lack of choice of business model. 80% of total digital gaming revenue comes from free-to-play games. This limits developers and the types of gameplay mechanics, as well as the development of the industry itself. However, as new business models emerge for game developers (such as NFT resale commissions), new forms of gameplay will also emerge.
The new direction of Play-to-Earn can change the existing landscape of the gaming industry. This trend immediately embraced the development on a variety of blockchains. The number of games has already exceeded 200, while they occupy up to 45% of the traffic of all decentralized applications. As a result, the trend is even singled out as a separate area of GameFi (Game Finance).
In 2021, the process of creating in-game tokenomics and the device of play-to-earn games has just begun. However, this trend will be popular for a long time. Blockchain technology has once again been able to make a breakthrough: now it is a new level of interaction between players. The P2E model allows players to create and trade digital assets through the game's infrastructure. Thus, Play-to-earn is not a marketing ploy, but an attempt to create a new economic model within video games.
An overview of the most popular decentralized video games at the moment can be found here.