The play-to-earn business model supports the notion of an open economy and gives financial rewards to players who bring value to its metaverse.
Play2Earn (play-to-earn) games refer to the concept of gaming in which a platform provides its players with a chance to earn any form of in-game assets that can be transferred to the real world as a valuable resource.
As technology has become more accessible to the general public, video game business models have developed to a whole new level. Previously, games could only be played on arcade machines in specific gaming arenas. Gamers would battle for the highest score with a sack full of quarters. However, things changed drastically as the revolution in technology brought games to our smartphones, home computers, and gaming consoles such as PS5, Xbox, and so on.
Now, the world is seeing a new gaming model known as play2earn, specifically in the blockchain universe. It effectively gives players a chance to generate revenues by participating in games. Players create value for other gamers and developers by engaging in the in-game ecosystem and earn assets for their contributions. These digital assets might range from coins to accessories that have been tokenized on the blockchain. As a result, the play-to-earn business model pairs nicely with blockchain games.
A great example of play2earn games is Axie Infinity. In this game, Axies are adorable animals that players acquire, breed, and battle to win rewards. Each Axie is a non-fungible token (NFT), meaning it is a one-of-a-kind digital collectible. Within the game, there is a whole economy (a world called Lunacia).
Play-to-earn games, like Axie Infinity (AXS), are already helping people around the world (especially countries hit hard by the current pandemic) earn a handsome amount of money. According to an estimate, people in the Philippines are earning $1,500-$2,000 a month just by playing Axie Infinity as a hobby. Many people in Vietnam have also quit their full-time jobs as they are earning a handsome sum of money from these games.
The NFT market has already surpassed $2.5 billion in sales in 2021 and this number is set to grow exponentially as new NFT games flood the market. The boom in NFT is giving birth to a new generation of revenue streams inside the blockchain world and it might not be long before it surpasses every other major industry.
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