Pay to Lose or Play and Earn?
10 Marzo 2022 - 5:31AM
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The gaming industry showed great resilience during the 2020-21
pandemic period, adding more than 300 million new users and $180
billion in revenue. Gaming is considered the hottest sector
globally, and it is expected to reach a valuation of $320 billion
by 2026-27. Thanks to the digitization of communities and the
increase in mobile penetration worldwide, all age groups have a
massive interest in gaming. It has become the ultimate form of
entertainment and engagement on the internet. Over the years,
gaming was treated as a leisure activity with zero financial
upside. Players are the ones who usually pay thousands of dollars
for in-game items and other premium gaming products. The return on
that investment is not quantifiable outside of social status in
digital communities. Well, that is now slowly changing with the
emergence of play-to-earn gaming. By leveraging the underlying
blockchain technology of NFTs and the metaverse, P2E games are
providing skilled players a new avenue of monetization. Unlike the
corporate-controlled Web 2.0 games, blockchain gaming promotes
player-owned economies, giving power back to the players. How
Play-to-Earn is Changing the Gaming Dynamic In the traditional
gaming world, players spend countless hours honing their skills and
advancing to higher levels of competition. In return, they don’t
get any kind of compensation or reward. One hundred percent of the
revenue generated is distributed among a few developers and game
publishers. The value created by players is never on display. By
transitioning to the blockchain world, the long-standing economic
structure and value distribution change forever. In a play-to-earn
game, players have full control over their in-game assets, backed
by true ownership of NFTs. They can be treated as any other digital
collectible with a secondary market. So players can sell them at a
marketplace and gain value in tokens or their desired currency.
Furthermore, play-to-earn games are community-driven, meaning the
roadmap and game mechanics evolve based on community interactions
and suggestions. In traditional gaming, it is the complete
opposite. Few centralized entities hold all the power to decide the
game’s future. In fact, they can even ban players from using
third-party marketplaces to exchange in-game items. The
play-to-earn movement is also not limited to only gaming
activities. Within the metaverse, one can create many
revenue-generating opportunities like renting real-estate or
licensing games. According to Grayscale’s metaverse report, the
annual revenue generated from metaverses could exceed $1 trillion
in the foreseeable future. So the digital economies created in the
crypto landscape via play-to-earn are better alternatives to
traditional gaming. Comparing Pay-to-Play vs Play-to-Earn One type
of game is making big moves when it comes to gaming and leveling up
from pay-to-play and play-to-earn. Penguin Karts translates the
mechanics of typical pay-to-play kart racing games to Web 3,
transitioning to play-to-earn and allowing players to benefit in
the physical world. Penguin Karts is a play-to-earn racing game
with a P2P battle environment, staking features, and online
gambling platform. To ensure users get utility and rewards from the
NFTs, they can be staked and payouts come in the form of Fantom, on
which the game is built. Players can earn unique kart skins,
accessories for their Penguins and other rare and super rare swag
for a personalized racing experience. Traditional racing games
allow players to earn coins, and unlock different parts in terms of
the in-game economy, Penguin Karts offers so much more. Players can
build and host their own tournaments and choose to hold private
events or promote them publicly, rental fees are paid in the PGK
token and a % is returned to the treasury for continued expansion
of the ecosystem. A trip to the races, even when in the metaverse,
would not be complete without a sportsbook, so spectators will be
delighted to know they can place bets on their favorite drivers.
Creating NFTs that have real utility is very important to the
Penguin Karts team, the Genesis Penguin 2D editions will provide
early access to the game in beta, and will be able to be staked to
earn loot. When launched, the 3D NFTs can be used as custom avatars
in the game and also staked. The goal is to provide value to the
gamers, investors and inside the game but also with true value
outside the game in NFT marketplaces such as OpenSea. Is
Play-to-earn the Biggest Driver for Crypto Adoption? It is evident
how much better an economic model blockchain gaming has created
than traditional gaming. When player-owned economies show signs of
sustainability, more gamers will likely transition to the web 3
world. As NFTs and gaming are more compelling than DeFi, we may see
a much faster adoption rate with P2E games than any other crypto
market sector.
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