Play To Earn Games Reflects Broader Web3 Trends

New blockchain-based solutions demonstrate that blockchain is more than we could ever imagine. The enormous potential of blockchain could support the creation of numerous innovative new solutions for various industries. Finance is leading the way in the adoption of blockchain, but it's important to consider how other industries will benefit from the web3 trends that will accompany blockchain. A glaring example of how blockchain has changed the gaming industry is the popularity of play-to-earn games.

If you're wondering what makes the gaming industry so unique, you should know that it may reach a total market value of $268 billion by 2025. Blockchain-based gaming solutions provided by play to earn platform development company created an ideal environment for players to win games in the crypto landscape thanks to the NFT boom.

Massive expansion of the gaming industry

Nearly 3 billion people play video games today, and there is a whole industry built around professional gaming that has given top players significant opportunities and wealth. The very best of them are regarded as athletes because they are paid as team members, receive prize money at competitions, and command high-paying sponsorship deals. Others earn money by watching themselves play games on streaming services like Twitch or YouTube Gaming.

According to BITKRAFT Ventures, the industry for software, hardware, and intellectual property related to video games is now worth $336 billion. Certain traits have evolved along with gaming as it has expanded to overtake linear TV, on-demand entertainment, film, and music as the largest media category in the world. Importantly, almost all game-based economic activity is centralized, giving developers and publishers complete control over their games' content. The business case behind this is to take advantage of the enormous revenue streams produced by the sale of in-game content, digital goods, and subscriptions. However, this also means that the vast majority of players have few options for participating in the value chain without going down the path of professionalization.

With the introduction of so-called "play-to-earn" games, the industry's long-standing custodial model of ownership and profit sharing may be about to undergo a change. Players can 'truly' acquire and own digital assets in this kind of video game, which they can later sell outside of the game at their discretion.

Work of Games That Pay You to Play

NFTs are brought to light by the distinct impression of web3 crypto trends. Nobody could, however, challenge the fundamentals of NFTs in gaming, especially with new blockchain games fusing gaming, finance, and NFTs. Players can now receive financial rewards for playing games and progressing to higher levels. However, a lot of people are skeptical about the ways that play-to-earn games in cryptocurrency can be used to make money. Here is an idea for how the new breed of blockchain-based games contributes to generating income in particular ways.

In-game cryptocurrencies are the first method of income generation offered by the best play-to-earn games. Players can acquire in-game currency, such as the Smooth Love Potion, by completing daily quests and other in-game tasks.

Acquiring in-game NFTs

By trading them, players could also make money from the play to earn web3 games. The NFTs are purely aesthetic or only useful within the game and could represent objects, characters, or any other in-game collectible.

Another promising way for players to make money through staking is through play-to-earn games. There are some NFT games that assist users in encrypting cryptocurrencies or NFTs in smart contracts. Users can then generate rewards for their participation later on. You can use the example of staking MBOX tokens as evidence that there are ways to make money playing blockchain games.

Users who staked their MBOX tokens would be rewarded with MOMO NFT Mystery Boxes. Random NFTs with varying rarities are included in the mystery boxes, and players can sell them on secondary markets. On the other hand, in order to earn games in crypto and earn better staking rewards, players would need to make larger initial deposits.

Final Thoughts

There is nothing wrong with the current gaming industry. Play-to-earn games, however, make a significant contribution by integrating blockchain gaming functionality. Games that allow you to make money solely by playing them might exist. Additionally, players have the option to trade their earnings in cryptocurrency or NFTs.

It is reasonable to wonder how popular "play-to-earn" games like Suffescom would develop in the future given all the positive buzz surrounding them. The inclusion of NFTs and the development of sizable communities, along with the powerful support of blockchain to guarantee security and transparency, would be the standout features of new blockchain-based games. Let's wait and see how the blockchain in web 3.0 affects this new generation of games.