Play-to-earn games give the player a platform where they can earn money as they play. Its business model is built on blockchain technology. Are you wondering how all this happens?
In the Play to Earn games, players can hold potential valuable in-game assets. This can be in the form of cards or cryptocurrency. The more one plays, the more assets one garners, hence more value. Earlier in traditional games, the assets were of value only inside the game. However, players can transfer the assets collected to a real-world value in the current Play to Earn games.
What is the Play to Earn Business Model?
According to https://joystickgaming.io/, The Play to Earn business model embraces the concept of an open economy and gives a financial benefit to the players who contribute to the games. As technology continues to advance, the Play to Earn business model is evolving as well.
Primarily, the games give players ownership over in game assets and allow them to increase their value by playing more. By participating, players create value for other players and the developers as well. They are rewarded with some assets. The assets can be in game resources that can be tokenized.
The Play to Earn business model rewards players for their effort in the games. An example is the Axie Infinity game, where players earn Small Love Potions. Every player will need these tokens to get a new Axie. They can sell the token to other players on the open market, which is an excellent way to earn from the game.
Why does the Play to Earn Business Model work for Gaming?
The idea and concept behind Play to Earn games is straightforward and easy, the players collect NFTs produced in the blockchain. Next, they generate income through selling the in-game NFTs or by being rewarded with cryptocurrencies. Both the NFTs and Cryptos can be exchanged for fiat cash. Buying and reselling the NFTs is somehow risky since you do not know the future of the game, but of course, this method gives the best returns.
Using NFTs in a gaming environment gives players ownership of their in-game assets rather than the game developers. Blockchain technology allows players to save the in game purchases, sell them to other gamers, or use them in other supported games. The game assets are interoperable such that two games developed on Ethereum networks can support the same assets, such as vehicles.
NFTs exist independently of a gaming platform and live on the blockchain. Hence, in-game purchases can be made regardless of what happens to the game. New games can be designed into an existing blockchain. Additionally, blockchain-enabled game assets cannot be interfered with because a permanent record is generated after NFTs issuance.
Also, the Play to Earn games are based on the concept that the more the player participates, the more the chances to make more assets and increase the value of the collected assets. As more players join and develop the market, the value of the game increases for the developers and the community.
Gaining tokens and generating revenue involves the use of skills and proper strategies. A more talented player will gain more assets than a less experienced one. Regardless of how skilled a player is, many of them are joining the Play to Earn games. It is important to note that even the free NFT games will require you to make some initial deposits. Therefore, choose a game that you enjoy playing. Otherwise, if you do not enjoy, you will end up losing interest and losing your initial investments.