Blockchain developments have swept their way to the gaming industry too. The starting point for blockchain gaming was Axie Infinity, using blockchain to create pay-to-earn games. This method was soon followed by several top games like The Sandbox, Star Atlas, Illuvium, SolChicks, Guild of Guardians, and more. Today, experts say that this introduction of blockchain into gaming would disrupt pay-to-win games’ growth and future.
What are P2E Games And The Role Of Blockchain In Them?
Play-to-earn games rose to global prominence in 2021. Under this, the players will gain points while participating in solo or PvP battles. The players can exchange the point for virtual/real money. The players can also invest their points into the game.
Conventional games use a static model in which the games are viewed as sunk costs. A player, in most scenarios, will not earn back his investment. The investment includes the money he spends on in-game purchases and the time spent on the games. In addition, the gaming industry is introducing new costs such as premium editions, upgrades, microtransactions, and more. These will help a player to progress faster in the game. For instance, a player who spends hundreds of hours will have the same experiences, weapons, and points as a player who spent money buying those points and experiences. P2W games created a hierarchy where people who spent a lot could perform better.
Blockchain allows players to monetize their time or money spent in becoming a pro in that game. Blockchain gaming offers NFT that can be exchanged for legacy money. Thus, games are also a source of income and have entertainment value.
The P2E concept was introduced in 2021 but had already started in 2017. Cryptokitties game introduced this concept using blockchain gaming. In 2020, the idea started using DeFi dApps and NFTs for better implementation.
Gaming Industry Stability Is On The Walls
The P2E will change the entire dynamics and gaming economies. People compared P2E to a house of cards. However, the truth is that the blockchain gaming industry would disrupt the legacy gaming ecosystem. The number of players interested in P2E is increasing, and several innovative options have been used to modernize and make P2E more accessible. P2E will also incorporate DeFI staking, lending, trading, and more. Conducting tournaments and offering higher payouts in challenging gameplay would make it more attractive to a larger crowd.
The Fall Of P2W Is Already On The Horizon
People are starting to question why they should spend hundreds of dollars on clothes, add-ons, and other upgrades when they can use their points to buy assets and earn from them. Blockchain gaming has created a reality where sitting on the couch and fiddling with the console is a form of investment. In the past, people have to spend money to play the game, and now the game offers assets for playing. This shift in dynamics would alter the gaming industry.
The Muddle In The Blockchain Gaming Progress
In 2021, the P2E and NFT had a low run. Investors were not keen on investing in blockchain gaming. They were worried about the lack of reasonable profit. This tank in interest is not something new and similar to 2017’s ICO bubble, 2018’s crypto crash, etc. However, the fall was a short-lived situation. The market rebounded, and NFT and blockchain gaming started gaining more interest in 2022. Experts state that blockchain gaming will see tremendous progress in SE Asian countries.
What’s Next For Blockchain Gaming?
The introduction of NFTs is the first wade in the blockchain gaming progress. And along the way, the blockchain gaming industry is disrupting the traditional gaming world. But is it just a fad? For a gaming technology or trend to be successful, it should attract many players. Over time, what would happen if the player population is filled with people wanting to make money rather than those who want to enjoy the game?
The current changes that blockchain gaming will bring forward are;
- P2E creates an environment where game developers constantly interact with gamers worldwide.
- All the in-game credits can be turned into fiat currency at any point.
- Games will start tokenizing using NFTs.
- Players and developers will collaborate and strategize to bring the next-generation gameplay experience.
P2E will dominate the gaming industry, and blockchain gaming initiated the disruption of legacy gaming models. However, the developers should also find ways to keep the players engaged in the game for entertainment.