Nowadays, the Metaverse, crypto, and NFTs are all everyone’s talking about. Everybody’s got opinions, and you’ll hear so many versions of what it all means and how it works that at the end of the day, you’ll wonder what’s what.
If you’re also a gamer, you know by now that digital assets and crypto rewards add a new layer of excitement to the ever-expanding gaming industry. But, how are they all connected?
The rise of the play-to-earn model is making way for the future of gaming, where blockchain games are opening wide the metaverse doors through NFT collectibles, in-game cryptocurrencies, and custodial and non-custodial wallets.
Let’s take things one virtual step at a time.
Metaverse Intro
Ideally, the Metaverse is a virtual world of all worlds, a space that encompasses all the virtual realms and ecosystems, connecting them all. In reality, there is no such singularity at this point, each company creating its own metaverse with proprietary ecosystems, avatars, or currencies.
The metaverse opportunities are vast. The emergence of non-fungible tokens as a vital part of the metaverse economy has led people to take ownership of their digital assets, consisting of plots of virtual land, digital art, event passes, or in-game assets like skins and customizable avatars.
When P2E comes into play
Until recently, video games were working based on a centralized economic model. That means that game developers and publishers held the rights to any in-game assets, and they had the right to distribute them as they wished. Any in-game items or skins you thought you owned, well, they weren’t really yours.
Through NFTs, users gain full ownership of all digital assets they buy or earn through the game. No two NFTs are alike, and you can decide what to do with them: collect, borrow, exchange, or sell for real money.
How play-to-earn works
These games rely on blockchain technology, as players can earn crypto rewards as they advance through the game. These rewards can be tokens of the in-game currency or NFTs that can be used to personalize your player persona through skins, avatars, or even name handles.
The P2E business model also allows gamers to increase the value of their digital assets by actively playing the game. Users participate in the in-game economy, and that helps create more value for other players, as well as for the developers.
The more time and effort one invests in the game, the more they get rewarded.
We are still in the early days of the play-to-earn game model in the metaverse, and while some might express reluctance ( as it happens with most things when they are new), most people can’t help but feel excitement for how the future of gaming is shaping right in front of our eyes.
After all, let’s not forget that arcade games were truly revolutionary when they first appeared in the late ‘70s. Since then, the gaming industry has evolved at a fast pace, and it’s not going to stop anytime soon.
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