Play-to-Earn games are seeing massive growth lately. They are going up almost astronomically. It has become something of a phenomenon and could well play a pivotal role in shaping the future of Web3. When we shift our focus to the gaming industry in general, it appears to be rich in cash. Because there is a constant flow of millions of dollars on a regular basis. But there is one main difference between the two i.e. Web2 and Web3.

In the case of Web2, whatever the benefit is, it remains limited to one side of the chain. In a way, it can be referred to as a ‘blockchain’. The millions of players around the world, who actually dictate the fate of these games, are left out of the question when it comes to sharing the profits.

On the other hand, the same equation of the Web3 gaming industry is completely different. Rather, it is almost completely opposite in nature. Here, the developers are more focused. Also, along with them, gamers also get their share of the pie. This particular characteristic feature makes the Web3 gaming industry not only an interesting space, but a whole different ballgame as well.

Let’s dig deeper into P2E games as they turn out to be the real game changer in the gaming world as well as the Web3 industry in such a short time.

There is a strong possibility that P2E game stocks will skyrocket the moment VR/AR headsets become widely popular. [Image Credit: Freepik]

What Makes Play-To-Earn Games Stand Out

Play-to-Earn games entice players to complete in-game quests by offering them exciting incentives upon completion. Unlike Web2 games, where you only get in-game rewards, P2E games offer some exciting advantages that can be monetized. We must keep in mind that there are many factors that are critical to the success of these Play-to-Earn games: Blockchains, Cryptocurrencies, Non-Fungible Tokens (NFTs), Artificial Intelligence (AI), Virtual Reality (VR), Augmented. reality (AR) and the internet of things (IoT).

Most of the time, these P2E games appear to be multi-blockchain compatible, thanks to the use of cryptocurrency and NFTs to a large extent. Due to the cross-chain compatibility feature, players can stay present on the networks to play together.

Thanks to virtual and augmented reality elements, gamers can immerse themselves in an immersive and unique gaming experience. There is a strong possibility that P2E game stocks will skyrocket the moment VR/AR headsets become widely popular.

Interestingly, players can win money even when they are not playing. This can be achieved by renting NFTs in the form of in-game assets to another player. Furthermore, the reward approach has been meticulously designed in such a way that both players and developers continue to reap dividends.

Above all, the transactions are completely hassle-free as they absolutely eliminate the middlemen. These NFT games come with a built-in NFT marketplace, where players can trade in-game assets through auctions and fixed-price sales.

Thanks to the community governance aspect, players can have a say in the flow of the game or any kind of changes. Because it is based on blockchain, there is little threat when it comes to hacking or manipulation. However, the recent Deribit hack has raised some pertinent questions about this very thinking, as well as sending shockwaves through the global cryptocurrency market.

massive influence

The global crypto market is currently going through a topsy-turvy situation. He had a dream race during the pandemic times, followed by a terrible accident. Over time, you are trying to restore parity. But of late, incidents like the FTX accident have opened fresh wounds as well as shed blood from old ones.

In such a scenario, Play-to-Earn games are generating renewed interest in cryptocurrencies in the form of alternative NFT assets. It gives a new ray of hope amid the volatile state of the world economy. We have to wait a while to find out how P2E gaming turns out to be the game changer for Web3. We at Technowize will be keeping an eye on this and giving you exclusive updates.