- Play-to-earn gaming has been created thanks to the blockchain, cryptocurrencies, and NFTs. The inclusive nature of web3 games makes them the next generation of gameplay.
Video games have evolved from classic computer or mobile games to players-incentivizing cryptocurrency-based play-to-earn (P2E) games. The avatars in video games are players’ digital selves, and the problem with the classic games was players never owned rights to those avatars and skins they paid thousands for. So there’s this emotional connection built with one game character, but you, being a player, do not own it.
Play-to-Earn or Blockchain games addressed this issue by turning these assets into digital assets – NFTs or Non-Fungible Tokens. ‘Right to ownership’ is ideally addressed, and in-game assets are NFTs, so the players are free to use them in other games or even trade for potential cashouts – thanks to crypto.
Players are the most crucial entity in the gaming ecosystem, and blockchain games are better at incentivizing players to win and pouring their time into the game. The rewards were either crypto tokens or NFTs. Still, there was space to include the players in the decision-making process as they were the primary “product” consumer – that’s when we discovered Web3 Games.
Crypto is all about decentralization, and web3 games offer a similar environment where there is no central authority, but players are the ones in control through the consensus mechanism. Players earn tokens that are then used to vote on the future decision-making process and steer the whole ecosystem that is most favorable for the entire community.
This inclusive nature of web3 games makes them the next generation of gameplay. Web3 and play-to-earn games function on separate blockchains, so to use the in-game assets of one game in the other was the issue that was solved through the cross-chain bridging. With this interoperability, players can use one game’s character and skins in another.
For example, Axie infinity functions on the Ethereum blockchain. So, if a player requires to use a character from Axie in an off-chain game, the cross-chain bridging comes in handy. This also means those assets, such as NFTs, can be listed on many marketplaces to get maximum exposure.
However, since games like Axie infinity and the SandBox are older in the market, there is significant competition, and not anyone can make an impact and claim the throne. Therefore, recent games try to solve these problems of the big gaming platforms by offering players huge incentives, freedom, decentralization, rare items and value, and gameplay that spurs retention.
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sources: Axie Infinity, Leewayhertz
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.