Blockchain is more versatile than we could have ever imagined, as evidenced by new blockchain-based solutions. Blockchain technology has a huge amount of potential, Which could support the development of many novel new solutions for various industries. Although blockchain adoption is currently being led by the financial sector, it’s important to take into account how other sectors will profit from the web3 trends that will coexist with blockchain. The prevalence of play-to-earn games is a glaring illustration of how blockchain has transformed the gaming sector. If you’re curious about what makes the gaming industry so distinctive, you should know that it may have a $268 billion market value by 2025. Thanks to the NFT boom, blockchain-based gaming solutions offered by the play to earn game development company` created the perfect setting for players to succeed in games in the crypto world.
Massive growth in the gaming sector
Today, almost 3 billion people play video games, and a thriving industry centered on competitive gaming. Which has provided the best players with abundant opportunities and wealth. Because they are compensated as team members, receive prizes at competitions, and can negotiate lucrative sponsorship deals, the best of them are regarded as athletes. On streaming services like Twitch or YouTube Gaming, some people make money by making money watching themselves play video games.
The market for video game-related software, hardware, and intellectual property is currently valued at $336 billion, according to BITKRAFT Ventures. As gaming grew to become the largest media category in the world, surpassing linear TV, on-demand entertainment, film, and music, certain characteristics also changed. The majority of game-based economic activity is centralize. Which is significant because it gives developers and publishers total control over the content of their games. Utilizing the sizable revenue streams generated by the sale of in-game content, digital goods, and subscriptions is the business case for doing this. The vast majority of players, however, have few options for contributing to the value chain without taking the professionalization route, as a result of this.
The industry’s long-standing custodial model of ownership and profit sharing may be about to change with the introduction of so-called “play-to-earn” games. In this type of video game, players can ‘truly’ acquire and own digital assets. Which they can later sell outside of the game at their discretion.
Also Read: Achieve the Utmost Level of Exposure by Utilising Your Own White Label NFT Marketplace
Work of games that reward players
The distinct impression of web3 crypto trends draws attention to NFTs. Despite this, no one could contest the fundamentals of NFTs in gaming. Particularly in light of recent blockchain games that combine gaming, finance, and NFTs. Nowadays, gamers can get paid for winning games and reaching higher levels. Many people, though, are dubious about the potential revenue streams offered by play-to-earn game development company in the cryptocurrency space. Here is an example of one way in which the new generation of blockchain-based games helps to generate income.
The best play-to-earn games’ first method of income generation is the use of in-game cryptocurrencies. Players can earn in-game money by completing daily quests and other in-game activities, such as the Smooth Love Potion.
Purchasing NFTs in-game
Players could also profit from the play to earn web3 games by trading them. The NFTs can represent objects, characters, or any other in-game collectible and are purely decorative or only useful within the game.
Play-to-earn games offer players yet another promising way to profit from staking. Some NFT video games offer users help with smart contract encryption for cryptocurrencies or NFTs. Later on, users can generate rewards for their participation. Staking MBOX tokens use as an illustration of how you can earn money from playing blockchain games.
Users would receive MOMO NFT Mystery Boxes in exchange for staking their MBOX tokens. The mystery boxes contain random NFTs of varying rarities, which players can sell on secondary markets. On the other hand, players would need to make larger initial deposits in order to play games in cryptocurrency and earn better staking rewards.
Final Reflections
The current gaming industry is in perfect health. However, by incorporating blockchain gaming functionality, play-to-earn games significantly contribute. There may be games that let you earn money just by playing them. Players also have the choice to exchange their winnings for cryptocurrencies or NFTs.
Given the positive media coverage “play-to-earn” games like Suffescom have received, one might reasonably wonder how popular they will become in the future. The distinguishing characteristics of new blockchain-based games would be the incorporation of NFTs. The growth of sizable communities, as well as the strong backing of the blockchain to ensure security and transparency. Let’s wait and see how this new generation of games impacts by the blockchain in web 3.0. They are also one of the best web 3 game development company.
