NFT-based Play-To-Earn game developmentP2EPlay-To-Earn News
In countries around the world that have been impacted by Covid-19 and its resulting economic downturn, many people have turned to Play-To-Earn gaming as a fun way to supplement their income.
Most developing countries introduced early lockdowns and mobility restrictions to contain the spread of the coronavirus disease, measures that have had grave economic consequences for businesses, workers, and poorer people.
The impact of the pandemic has been worse than expected. Many have lost employment during the health crisis, which has led to a declining labor supply. The best illustration of this is the Philippines. The jobless rate was 17.6% in April 2020, following a series of stay-at-home orders and cordon sanitaire measures. There were 4.138 million unemployed Filipinos in April.
Losing one’s job is one of the most stressful life events. It has an immediate impact on financial security and well-being. The sudden drop in income causes a real budget crunch, so it’s necessary to take action immediately to avoid long-term financial hardship.
Many people have resorted to Play-To-Earn (P2E) games as a way of making a living. Labor markets are slowly improving in developing countries, yet many prefer NFT games. They earn cryptocurrency that has real-world value while having fun. This is a common story in regions with poor employment rates.
It can be challenging to estimate how much players can make from a blockchain game. What is certain is that it’s necessary to make an initial investment to play, such as purchasing in-game items. Users can’t acquire starter items if they don’t have funds in their wallets. There’s a way to overcome this barrier, but we’ll let you know soon. As with most new projects and ideas, you must be in the queue to leverage them.
Play-To-Earn games have taken the world by storm. The gaming model is powered by blockchain technology, namely decentralized finance (DeFi) and non-fungible tokens (NFTs). Players can earn rewards via in-game assets such as crypto tokens, avatars, virtual land, weapons, and other NFTs by completing tasks, taking part in contests, and so on.
The Play-To-earn model embraces the idea of an open economy, meaning that the games aren’t just a way to have fun. A platform provides its players the opportunity to earn valuable assets that can be transferred to the real world as a valuable resource.
As technology has become more accessible to the general public, Play-To-Earn has developed to a new level. If in the past these games could be played only on arcade machines in certain gaming arenas, the gaming revolution has reached people’s smartphones, home computers, and gaming consoles.
Players have complete control over their digital assets as opposed to traditional games. More specifically, they can trade, sell, or use their rewards across different games. At any time, players can sell these assets for cryptocurrencies like Ethereum or real money.
An ever-increasing number of platforms are lowering the barrier to entry for Play-To-Earn games. Investors, gamers, and managers facilitate the purchasing of in-game assets. The otherwise expensive tokens required to enter the game become affordable and accessible for new players.
The guild, as it’s called, makes a profit by sharing a portion of the earnings. More often than not, the money is reinvested into creating an immersive Play-To-Earn environment to engage the gaming community. Put another way, the profits are used for NFT-based Play-To-Earn game development. The crypto gaming guild is basically an alliance. It provides training, tools, NFTs, and funds to the player who would not be able to afford them.
Game guilds are the easiest way to get started in a particular game. The guild offers scholarship coins to aspiring gamers. Existing members can lend or rent out their NFTs to the scholars. The scholars join the guild and play a game corresponding to the rented NFT. It’s a win-win for everyone.
Ways of earning and expanding in-game assets are staking and referral programs. Big tech giants such as Microsoft and Meta are investing in the world of GameFi, so the overall supply ecosystem for Play-To-Earn gaming provides harmonious interactions and ensures greater participation across geographies.
Gaming guilds aren’t a new concept. As a matter of fact, they’ve existed for decades. As the GameFi industry continues to grow, guilds will create great value for their members and the industry as a whole. They’re fundamental in the Play-To-Earn ecosystem, creating opportunities for both small-time and deep-pocketed gamers.
Play-To-Earn games such as Axie Infinity stand out for their specifics. These games create economies that support themselves by making available incentives that balance NFT and tokens’ versatility. In Axie Infinity, players are rewarded for their time by receiving a Smooth Love Potion (SLP).
The SLP token enables players to breed Axies, in-game characters that can be deployed for battles or sold. Conversely, the tokens can be sold on secondary markets. Certain stores and restaurants accept SLP tokens as payment. It doesn’t come as a surprise that many people in Vietnam have quit their jobs to play NFT games full-time.
Gaming has transformed from a passive hobby to a multibillion-dollar industry. Singapore is the country with the second-highest adoption rate as far as Play-To-Earn games are concerned. Roughly 35% of Singaporeans have played such a game. The Metaverse and NFT boom is paving the way for new revenue streams inside the world of blockchain, and there’s a chance it will surpass every other major industry.
Blockchain is already being applied to various sectors, ranging from finance to art. Play-To-Earn games can be sold on marketplaces without much difficulty. Attention must be paid to the fact that they don’t entirely eliminate the centralization found in games.
For players in developing countries, the income they earn by playing NFT-based Play-To-Earn games is more notable than what their local economy can offer. Evolving technologies unique to the blockchain sustain economic stabilization owing to the access to currency alternatives.
The rise in the number of gaming options offers the chance for additional income streams for those struggling to make ends meet. Play-To-Earn can be a solution to the economic problems associated with the COVID-19 pandemic. Players can earn money without constantly monitoring the value of their tokens. Many games are built on popular blockchains like Ethereum.
Editorial Note: This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.