The play to earn gaming concept is the most popular right now. Let’s take a look at why it is so popular and why the cryptocurrency is such an important component of these play to earn games.
Recently, play to earn games have been inundating the media and the gaming community with all of the excitement around them and their association with cryptocurrencies. Of course, you may be wondering what exactly this new form of the game is and why it’s become so popular all of a sudden, and you wouldn’t be alone.
To put it another way, play to earn gaming is merely another business model in the gaming industry. Perhaps you’ve heard the terms “free-to-play games” and “pay-to-play games” in the past. As a result, play to earn is just another variation of those sorts of gaming paradigms. As implied by its name, this business model is defined as follows: the players participate in the game with the goal of earning some money in the form of bitcoin.
You may have noticed that practically all play to earn games that have some trade aspects also has some kind of play to earn element included in them. Skins were available for purchase and sale on the Steam market in Counter-Strike: Global Offensive. If the skins are really uncommon, you may also be able to sell (trade) them for real-world money if the skins are in high demand. Some skins may fetch as much as $100,000 USD and in some instances considerably more than that.
It was possible to sell accounts in World of Warcraft for real-world money, with the price of the account increasing in accordance with the level of things held. There are also incidents of account-buyers in DotA and other competitive play games to earn of a similar kind, in which novice players acquire high-ranked accounts and play outside of their ELO range. So, sure, whether intentionally or unintentionally, nearly all play to earn games feature some aspect of “play to earn.”
Although not a feature, play to earn games fully implemented this element and encourage players to upgrade their items or characters in order to increase their market appeal. The more time a player puts into the game, the more they will be rewarded with high-value characters or assets; the more time a player puts into the game, the more they will earn. Players will be able to exchange these assets since the game will give them the required tools and space. In the earlier play to earn games, however, these facilities were non-existent, and third-party websites were often required to execute a purchase. In essence, as you can see from the examples above, play to earn games take use of NFTs in order to operate their whole brand-new business model.
The relationship between NFT and cryptocurrency in P2E gaming
Understanding NFTs is crucial if you want to make sense of the whole world of play to earn games and their mechanics. NFTs are a kind of nonlinear optical fiber that you may be familiar with. If so, move to the next part of the article. If you don’t know what non-fungible tokens (also known as non-fungible coins) are, they are basically a contemporary form of bartering that is sprinkled with bitcoin and powered by blockchain technology. In our situation, NFTs are often connected with “internet” goods such as images, movies, GIFs, or in-game assets, which are all examples of what we mean by “internet.” Due to the ease with which duplicates of these products may be made on the internet, NFT additionally includes proof of ownership that is safeguarded by blockchain technology.
If you’ve read thus far, you should have a general understanding of the relationship between the whole crypto NFT shenanigans and play to earn games. In order to get uncommon things, you must play the game. These goods are represented by NFTs, which serve to validate your ownership of a certain in-game object in question. You may then trade or sell these products to other players in return for bitcoin, allowing you to earn more money. The cycle continues until the game develops its own crypto-ecosystem or economy that revolves around the game.
Those of us who just want to purchase and enjoy the play to earn games we play are in the minority, while publishers are increasingly considering how they may utilize NFTs and “play to earn games” in the future.
NFTs and play to earn games, according to Eurogamer, are a “essential element of the future of our business,” according to EA CEO Andrew Wilson, who claimed last week during an earnings call that both are “critical parts about the future of our company.” The executive also confessed that they would not feature in any EA-published play to earn games in the near future since “it’s still early to figure out how that’s going to work.”
This concept, known as “play to earn games,” compensates participants with cryptocurrencies and, in certain cases, makes use of blockchain technology. In contrast, non-fungible tokens (NFT) are digital certificates for intellectual property that may be used for a variety of purposes throughout a game. It is possible that the creation of material for a certain title will result in the creation of an NFT.
For the time being, EA acknowledges that this relatively new technology will be significant, but no one understands how to use it successfully in video play to earn games at this point, according to the company. It is unlikely that it will be included in a future Battlefield, FIFA, or The Sims game since it could quickly backfire and hinder sales.
Another issue is that of regulation, or rather the lack thereof, in the cryptocurrency space at the moment, which might develop into a minefield for Electronic Arts. It was only a few days ago that it was announced that Ubisoft is also looking at NFTs and blockchain technology, indicating that the large game publishers are taking this seriously.
As part of the Q2 financial results, EA released a statement from CEO Andrew Wilson noting, “This was the most successful second quarter in the history of Electronic Arts, with more people across the globe joining and participating in our top franchises, new releases, and live services.” He also expects the firm to have high sales throughout the Christmas season, thanks in part to the release of Battlefield 2042, which will take place on Nov. 19. Visit http://thecompleatgamester.net/a-concise-overview-of-what-gamefi-is/ to read about A concise overview of what GameFi is.