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- Though P2E exploded into the world in 2021, the concept originally gained traction in 2017 with CryptoKitties, the first popular game to use blockchain technology.
- Since the introduction of CyptoKitties, there has been a stratospheric growth in play-to-earn games, a progressive approach that aimed to replace the outdated pay-to-play model used by many traditional games. Play-to-earn strives to keep the characteristics that players enjoy, such as great graphics, a captivating story, and engaging gameplay.
- Might reinvest in the game they’re now playing. The static approach in traditional gaming means that games are a sunk cost; gamers never recoup their investment in terms of time and in-game purchases.
The year 2021 was a watershed moment for blockchain-based play-to-earn (P2E) gaming. Axie Infinity, a Philippines-based start-up with a play-to-earn game, exploded in popularity, especially in poor countries, followed by Illuvium, Guild of Guardians, Star Atlas, Splinterlands, The Sandbox, and Catheon Gaming’s SolChicks, among many others.
The First Popular Game To Use Blockchain Technology
Players are given the option to participate in PvP (player against player) combat or battle their way through a gaming plot in play-to-earn games. They earn more points as they move through the game and win more battles, which can be swapped for cryptocurrency or cash. Alternatively, they might reinvest in the game they’re now playing. The static approach in traditional gaming means that games are a sunk cost – gamers never recoup their investment in terms of time and in-game purchases.
Meanwhile, as more publishers explore methods to incorporate upgrades, premium editions, and microtransactions, where players can speed up progress by purchasing in-game goods, traditional game pricing has become a cause of frustration for the community. Players may now monetize their in-game success thanks to blockchain gaming, which provides a representation of value that can be exchanged — as non-fungible tokens (NFTs).
The principle is simple: these games give players the resources they need to create cash while also giving entertainment value, with certain games delivering more than others depending on the level of gameplay development.
Though P2E exploded into the world in 2021, the concept originally gained traction in 2017 with CryptoKitties, the first popular game to use blockchain technology. Since then, we’ve seen the emergence of blockchain-based gaming, with exotic acronyms like P2E and GameFi, which owes itself to the decentralized finance (DeFi) dApps and NFTs that drew a lot of attention and investment during the bull run at the start of 2020.
A Stratospheric Growth In Play To Earn Games
Any idea or product that receives this much attention when it first enters the market is certain to receive some criticism. Most play-to-earn games are a house of cards, according to Jonathan Teplitsky of Horizen Labs, who claims that they are fueled by hype and price speculation. Regardless of where you stand on the debate over the P2E business model’s long-term viability, blockchain gaming will undoubtedly disrupt the old gaming industry, resulting in the emergence of a new gaming environment.
Since the introduction of CyptoKitties, there has been a stratospheric growth in play-to-earn games, a progressive approach that aimed to replace the outdated pay-to-play model used by many traditional games. Play-to-earn strives to keep the characteristics that players enjoy, such as great graphics, a captivating story, and engaging gameplay, while also including innovative revenue models such as DeFi staking, trading, lending, and even tournaments with cash prizes for top performance. Players are given these as a way to entice them to play the game.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
