Games to earn meteoric rise could reshape Web3

Games to earn meteoric rise could reshape Web3

P2E games are growing almost at the speed of light and may well change the dynamics of Web3.

Play-to-Earn games have seen massive growth recently. They rise almost astronomically. It has become something of a phenomenon and may well take a central role in shaping the future of Web3. Shifting focus to the gaming industry in general, it appears to be a money-rich one. Because there is a constant flow of millions of dollars on a regular basis. But there is one main difference between the two i.e. Web2 and Web3.

In the case of Web2, whatever the profit, it remains limited to one side of the chain. In a way, it can be termed as a ‘block chain’. The millions of players around the world, who actually continue to dictate the fate of these games, are left out when it comes to sharing the profits.

On the other hand, the equation of the Web3 gaming industry itself is completely different. Rather, it is almost the complete opposite in nature. Here, the developers are more in focus. Moreover, along with them, players also get their share of the pie. This particular characteristic makes the Web3 gaming industry not only an interesting area, but also a completely different ball game.

Let’s delve deeper with the P2E games as they are proving to be the real game changer in the gaming world as well as in the Web3 industry within such a short span of time.

P2E games

There is a strong possibility that P2E gaming stocks will skyrocket the moment VR/AR devices become widely popular. [Image Credit: Freepik]

What makes Play-to-Earn games stand out

Play-to-earn games entice players to complete in-game missions by offering them exciting incentives upon completion. Unlike Web2 games, where you only get in-game rewards, the P2E games offer some fascinating benefits that can be earned. We must keep in mind that there are many factors contributing to the success of these Play-to-Earn games – Blockchain, Cryptocurrencies, Non-Fungible Tokens (NFT), Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR) and the Internet of Things (IoT).

See also  Fan creates ROM hack that takes the Legend of Zelda in a new direction

More often than not, such P2E games seem to be compatible with multiple blockchains, thanks to using cryptocurrencies and NFTs to a large extent. Due to the cross-chain compatibility feature, players can remain present across networks to play together.

Allowing virtual and augmented reality elements, players can immerse themselves in an immersive and unique gaming experience. There is a strong possibility that P2E gaming stocks will skyrocket the moment VR/AR devices become widely popular.

Interestingly, players can earn money even when they are not playing the game. This can be achieved by renting NFTs in the form of in-game assets to another player. Moreover, the rewards approach has been carefully designed in such a way that both players and developers continue to reap the rewards.

Above all, transactions are completely hassle-free as they absolutely remove the middlemen. These NFT games come with a built-in NFT marketplace, where players are allowed to trade in-game assets through auctions as well as fixed price sales.

Thanks to the community management aspect, players have a say in the flow of the game or any kind of changes. Being based on blockchains, there is little threat when it comes to hacking or tampering. But, the recent Deribit hack has raised some pertinent questions about this thought, apart from sending shockwaves across the global cryptocurrency market.

Massive influence

The global crypto market is currently going through a hectic situation. It had a dream run during the pandemic, followed by a terrible crash. Over time, it tries to restore parity. But in recent times, events like the FTX crash have given new wounds, apart from spilling blood from the old ones.

See also  Hacker Sick Codes says cyber security in agtech is no game after viral John Deere tractor hack

In such a scenario, Play-to-Earn games generate a renewed interest in cryptos in the form of alternative NFT means. It provides a new ray of hope amid the volatile state of the world economy. We’ll have to wait a while to find out how P2E gaming turns out to be a game changer for Web3. We at Technowize will keep a close eye on this and provide you with exclusive updates.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *