Play-To-Earn Business Model
Metaverse and Play-to-Earn Business Model in Gaming
In most cases, blockchain and NFT technologies are deployed in such games. Today, we’ll learn what Play-to-Earn is and which Play-to-Earn games are worth your time.
The Fundamentals of Play-to-Earn (P2E)
The Free-to-Play (F2P) model is the foundation for Play-to-Earn (P2E). This implies that there is no cost to download, install, or play the game. Players can still pay for the tasks they require, such as in-game items or cash, more content, and so on.
Many famous online games, such as Dota 2, Fortnite, Hearthstone, and League of Legends, are founded on this model and generate billions of dollars in revenue for their developers every year. As a result, the concept is complete, and it’s time to consider additional mechanisms.
The New Play-to-Earn Model Has the Following Features:
- Players that participate in the in-game economy add value to other players and developers.
- Players are rewarded with digital items that may be utilized in the game or sold for a profit on the open marketplace.
- The notion works well with blockchain technology since anything can be a reward, and using cryptocurrencies and NFTs is extremely convenient.
- Even though the applications are free to download, most games need users to purchase a character to play. That is to say, you will need to invest some funds at the outset.
- Developers compensate players for investing time and effort into the game in this way. The P2E business model has the benefit that players always generate assets that can be sold.
The Importance of NFT Tokens: What You Should Know
Blockchain gaming and NFT technologies are tangled. Many gaming assets are NFTs, and they are generally available for purchase or sale on a marketplace. NFTs can be used to establish ownership of a digital asset.
As a result, NFTs have become a popular tool for people to claim ownership of digital art, allowing them to claim the original copy of an image, piece of music, or movie. Similarly, minting in-game things using NFTs allows you to exchange them with more assurance. Each item in the game is distinct in some manner and might be of high or low rarity. Of course, the latter is more valuable.
In Axie Infinity, for example, players acquire, breed, and employ Axies to combat in one of the most popular P2E games. Each Axie is represented by an NFT in turn. Axies may be enhanced to become rarer and more valuable animals by converting them into cryptocurrency. Although the gameplay in other games may change, the core game assets are always offered in the form of NFTs, which guarantee user ownership.
The most successful P2E games have a significant market capitalization of their native currencies. Let’s have a look at the most famous choices!
- The launch date is set for 2020
- $AXS is the native token
- $SLP is a secondary in-game token
- Market capitalization of $AXS is $3,161,964,887
- Market capitalization of $SLP: $35,070,340
Axie Infinity is a strategy game in which you must breed Axie pets, improve their talents, and earn energy to play the game by performing in-game objectives. The typical player is said to be able to make up to 4,500 $SLP every month, which was roughly $1,800 at the peak and is present at $46. As a result, some Filipinos have even resigned their jobs to devote their time to the game.
- 2017 is the year of the launch
- $MANA is the native token
- $4,837,940,997 in market capitalization
Decentraland is a metaverse in which users create avatars and interact with them in several regions, each with its own set of in-game objects and decorations. The majority of the products are NFTs, which may be purchased and sold using the built-in marketplace. You may use a special function Object [native code] to make your products, which you can then sell.
- The launch date is set for 2021
- $GALA is the native token.
- $1,337,707,946 in market capitalization
The platform supports several blockchain games at the same time, all of which are linked by the technical elements of the platform being hidden from regular users. The platform’s architects think that in games, the blockchain should be invisible. The community is in charge of the decentralized ecosystem. Gala Games’ Town Star is regarded as one of their most promising titles.
The Play-to-Earn concept is a blockchain industry breakthrough that has the potential to disrupt the gaming business. The open economic approach ensures that players that contribute to the game world’s evolution are rewarded financially. Then the domino effect occurs, with more and more new players joining the game as they witness how other users profit.
In this field, there is currently an increasing tendency. Large institutions and investment funds, in addition to ordinary investors, actively invest in P2E games. The industries near future appear to be bright.
As we’ve previously mentioned, KOOP360 is the world’s first customized, open-source, radical BOT development environment, where NFTs and meta-verse ecosystems may be quickly constructed or developed using AI/ML technology. Generate, construct, or develop NFT digital art, then sell it utilizing a simple plug-and-play technique on the KOOP360 marketplace. Self-generated code produces a metaverse that combines virtual/augmented reality with an ecology based on the human touch.