What is Play-to-Earn (P2E; Play2Earn)?
Let's find out Play-to-Earn (Play2Earn) meaning, definition in crypto, what is Play-to-Earn (P2E; Play2Earn), and all other detailed facts.
Play2Earn (P2E, or play-to-earn) games are a type of gaming in which a network allows its users to acquire any type of in-game commodity that can then be transferred to the physical world as a desirable attribute. By playing a particular game regularly, each player has the possibility to earn more items or tokens to sell and generate income.
The method of each game may change, but the benefits are typically derived through staking, cultivating in-game currency, or creating tradeable NFT products. Users in previous blockchain games relied purely on mere luck to benefit. Play-to-earn has given rise to in-game economies and business concepts in which gamers may make an income.
Video game business models have evolved to a whole new level as technology has become more available to the general population. Formerly, arcade machines in designated gaming arenas were the only places where you could play games. With a sack full of quarters, players would compete for the highest score.
Things changed dramatically, though, when the technological revolution introduced games to our cellphones, home computers, and gaming consoles such as the PS5, Xbox, and so on.
Currently, the world was introduced to a new gaming model known as play2earn, particularly from the blockchain perspective. It successfully provides players with the possibility to generate revenue by partaking in games.
Gamers generate value for other gamers as well as developers by interacting within the in-game environment and gaining assets for their participation. These digital assets can be anything from coins to accessories that have been tokenized on the blockchain.
As a consequence, the play-to-earn business model complements blockchain gaming well.
Moreover, the NFT industry has already topped $2.5 billion in sales in 2021, and this figure is expected to rise dramatically as new NFT games hit the market. The rise of NFT is spawning a new era of revenue streams within the blockchain world. It may not be long until it outpaces just about every major business.
A fitting illustration of P2E is Axie Infinity (AXS). In this particular game, Axis are cute animals that players get, breed, and then use to battle and obtain rewards. Every Axie is, in fact, a non-fungible token, so it is a one-of-a-kind virtual collectible.
Besides, there is a world called Lunacia, which is a whole new economy within the game. In there, users can get land and breed Axies utilizing their in-game tokens, Axie Infinity Shard (AXS), and Smooth Love Potion (SLP).
The advantages are also transferred to the physical world.
Play-to-earn games such as Axie Infinity, are already assisting individuals around the globe in earning a good amount of capital. For instance, people in the Philipines are earning $1,500-$2,000 a month just by playing Axie Infinity as a hobby.