Play-to-Earn Games Let Users... Play to Earn
Play-to-Earn Games Let Users... Play to Earn
Play-to-Earn Games Let Users... Play to Earn
By Ellen Glover
May 23, 2022
Summary
Play-to-earn games are online games that let players earn rewards with real-world value by completing tasks, battling other players and progressing through various game levels.
Traditional vs. Play-to-Earn Games Olga Vorobyeva, a longtime consultant for various blockchain-based companies, described traditional gaming as a "Closed-end model." Players have to pay to play the game, and then spend lots of time "Grinding" and doing repetitive tasks within the game to advance or unlock prizes.
Play-to-earn games "Bring value back to the players," Vorobyeva told Built In. They can earn rewards by way of in-game assets like crypto tokens, virtual land, avatars, weapons and other non-fungible tokens, or NFTs, by completing tasks, battling other players or progressing through various game levels.
Unlike traditional games, the decentralized nature of play-to-earn games lets players buy and transfer in-game assets to outside the game's virtual world.
"Now it's time for gaming." CryptoKitties: Developed by Canadian studio Dapper Labs, CryptoKitties is an Ethereum-based blockchain game that lets players purchase, collect, breed and sell virtual cats.
"With all investment comes risk." "When you start playing, you're investing in the game's universe, you're investing in their ecosystem, so you need to understand what you're doing." The possibility of play-to-earn games becoming a real money-making opportunity for people outside of the Global South isn't that far-fetched, especially when you consider that professional eSports players and Twitch or YouTube streamers make tens or even hundreds of thousands of dollars a year.
MORE ON GAMING What Does the Future of Gaming Look Like? What's Next for Play-to-Earn Games? Eventually, the vision for GameFi is that it will be like the Matrix, or Ernest Cline's novel Ready Player One.
Reference
Glover, E. (2022, May 23). Play-to-earn games let users... play to earn. Retrieved June 1, 2022, from https://builtin.com/blockchain/play-to-earn