Over the last couple of years, tons of changes have occurred in the gaming world to significantly shift the landscape of how players relish their favourite games. First, there were the pay-to-play games which were gradually outpaced by free-to-play games, and now we have the play-to-earn business model. Ever imagined getting paid for something you love doing just for fun? Well, lots of skilled players get paid to do just that on play-to-earn gaming platforms. If it’s something you’re interested in, today’s post will give you ample insight into how you can get there.
However, before we go further, you should understand that online gambling platforms use a different approach. While there are tokens, perks and real money payouts that players may receive from the house, the business model here is not play-to-earn because you have to spend money to access the games in the first place. On the other hand, internet gambling platforms also offer the free-to-play model. In such a case, a platform will allow players to test the demo versions of their games with fun money rather than spending real cash. But, of course, players can’t collect real money either when they win.
So, what exactly is the play-to-earn business model? Is it an improvement on the free-to-play business model that we are already used to? Let’s take a few minutes to dig deep into the subject.
Free-to-Play Model Forms The Basis Of Play-to-Earn
Before the free-to-play gaming model came into existence, there was the pay-to-play model. With the entry of free-to-play, many gaming critics spelt doom for the gaming sector largely because of the limited monetization options for developers at that time. Some still do, but that point no longer holds much water because of how creative developers have become with monetizing their products.
The free-to-play model has been very successful because, at first, you are free to download the game on your device or launch it from your browser, and you can start playing for free. But then, limitations of your access to the game’s features will start kicking in as soon as you start enjoying yourself. For instance, you won’t be allowed to perform some actions in the game or advance to the next stages of the gameplay. This is a smart business model on the part of the game developers because, by the time you are already considering spending to go to the next stages, you are already hooked. Therefore, you’ll have to spend some money to keep enjoying the game or proceed to the next stages.
While some players critique the free-to-play model as frustrating due to the hurdles faced by non-spending players, it is here to stay. The model is so effective that the play-to-earn model borrows some of its features to create a somewhat new experience for you. For instance, some play-to-earn games require you to purchase some assets before you can later put them up for sale.
How The Play-to-Earn Business Model Works
For the most part, the play-to-earn business model focuses on the financial benefit of the player, as it essentially means you get to be paid for playing video games. As the player, this new-fangled business model allows you to create value for other players by participating in the in-game economy. Your participation in the in-game economy is vital here as that’s how you’ll, in turn, get paid with in-game assets.
What are In-Game Assets?
In the play-to-earn business model, players have the opportunity to own assets that they collect during the gameplay and later sell in the market for real cash. The value of these assets keeps increasing as you delve deeper into the game or based on their importance in the game itself. Some popular in-game assets in the play-to-earn business model include the likes of skins, tools, artillery upgrades, and most recently, cryptocurrencies and NFTs (Non-fungible tokens). And of all the in-game assets, NFTs have of late been generating the most profits for players. So, here is what you should know about them:
NFTs and How They Work in Gaming
Non-fungible tokens are specialized blockchain-based assets that you can buy or sell. The blockchain technology they use is similar to that of cryptocurrencies, but they differ from cryptocurrencies in that they are non-fungible. A non-fungible item cannot be exchanged with an equivalent item. But then again, just like cryptocurrencies, you can buy or sell NFTs in specialized markets that will enable you to make money off them.
In case you are wondering about how secure these NFTs are, you should rest easy knowing that they are just as safe as cryptocurrencies. Moreover, NFTs are hard to interfere with as they are stored in a distributed public ledger of blockchain, making them easy-to-trade assets in the gaming world, just like cryptos.
What Does The Future Hold for Play-to-Earn?
If we were to gaze into a gaming crystal ball that would predict the future, there’s no doubt that play-to-earn will do well. Moreover, the ongoing popularity and demystification of cryptocurrencies and NFTs also perfectly align with the bright future imminent for the play-to-earn business model. So, what are you waiting for? Take your pick from the most popular play-to-earn games today so that you can start earning as you have fun. What better way is there to make money than when you are doing something you enjoy?