Gaming is a popular pastime activity among over two billion people. It’s so popular that the gaming industry is now valued at $173.70 billion with estimates suggesting that it will sit atop the quarter trillion dollars mark in the next five years.
Sadly, despite this massive growth trajectory, the industry has always been one-sided. It’s almost always that only the gaming studios can turn in a profit while users only pay for in-game assets they do not even have ownership of. Making a livelihood from playing games has long been a pipe dream for many. However, new solutions are emerging with the introduction of the play-to-earn (P2E) model. All thanks to blockchain and crypto!
The Change of Blockchain and Crypto-Powered P2E Games
Innovation with blockchain and cryptocurrencies has helped turn gaming into a source of revenue rather than just entertainment for thousands of people.
Blockchain-based, play-to-earn online games are allowing users to earn crypto as incentives, and many have attested it as a secondary source of income. For instance, in the Philippines, a crypto player named John Aaron Ramos claims to have purchased two houses entirely with revenue from playing Axie Infinity, a P2E fantasy game.
The concept of in-game rewards has proven to be successful, allowing users to earn crypto for actions they take while playing the game. For example, Clash Crush Block is a fantasy game that allows players to earn crypto by completing in-game challenges. The game is similar to Candy Crush but with the added benefit of earning free cryptocurrencies.
Similarly, NFTs are…