The emergence of Play-to-Earn Blockchain games has transformed the gaming industry like never before. With play-to-earn games, players can earn real-world rewards and enjoy an immersive 3D virtual environment. The in-game assets in the gameplay empower the players by offering them great rewards.
The rising opportunities in the gaming world have captured the attention of world leaders. Now, an increasing number of entrepreneurs are showing interest in launching their own blockchain game to open diverse revenue-generating streams.
Blockchain in the Gaming Industry: P2E Games
Unlike traditional video games, P2E games offer deserving rewards to the players for investing their time and effort in the gameplay. Players acquire decentralized ownership of virtual assets that cannot be forged due to the strong security protocols of blockchain technology. The interactive 3D virtual user interface offers a consistent user experience to players across different screen sizes.
Basic Elements of the Play-to-Earn Blockchain Games
Non-Fungible Tokens (NFTs)
NFTs are the basic building blocks of a successful play to earn game development. NFTs add to the revenue generation of a blockchain game. NFTs are the unique digital assets of blockchain games having distinctive characteristics. Players buy/sell and trade these NFTs to earn profits. Any gaming character, avatar, digital asset, or art is termed as NFT.
Smart Contracts
Smart contracts are the self-executing digital conditions that are responsible for the execution of the transactions, ownership, and rewards. Smart contracts regulate the token distribution, upgrade the assets, and ensure fair exchange of the digital assets. Smart contracts are the backbone of P2E blockchain gaming.
Cryptocurrencies
Digital currency plays a significant role in the rising economy of the play to earn games. Players can earn cryptocurrencies by winning battles, participating in events and competitions, and selling their digital assets. Players can exchange the digital currency for real-world monetary values.
Uncovering the Numerous Benefits of Blockchain in Gaming
The introduction of Blockchain technology in the gaming industry has disrupted the traditional gaming industry. Players are more inclined towards leveraging the economic growth opportunities associated with the blockchain power games. Let’s uncover the benefits of blockchain gaming.
Better Player Engagement & Retention
Players feel encouraged to participate in the gameplay due to numerous economic opportunities, and it became possible with the involvement of blockchain technology. The ownership of the NFTs and the cryptocurrency incentives are the major factors for the highest player retention rate for play-to-earn games.
The rewards and opportunities of asset trading lead to a more dedicated player base. Blockchain technology powers the interactive and dynamic gameplay of the P2E games.
More Security & Fraud Prevention
Security is the most crucial aspect of the P2E games to ensure the ownership of the digital assets of the players is safe. The immutable nature of the blockchain ensures that the gaming environment is safe from fraud and other security-related vulnerabilities.
Innovative Game Infrastructure
Most of the interactive aspects of the P2E games are possible with the use of blockchain technology. Blockchain offers dynamic gaming experience, complex game players, the evolvement of gaming assets, etc, to deliver an interactive experience.
Blockchain enables cross-game integrations supporting the collaborations of the developers, ensuring innovation and interconnection of the gaming environments.
Reduced Operational Cost
Blockchain technology removes the need for third parties to handle the transactions and reduces the cost of the involvement of the 3rd party. Also, blockchain developers can reduce the transaction fees associated with gaming assets. Decreased cost also stimulates the in-game asset economy with trading.
Cross-Game Interoperability
Interoperability is a concept that contributes to the evolution of blockchain in gaming in the market. High cross-platform compatibility offers new opportunities to the game developers and the players. Players can use their virtual assets on different platforms.
When players can utilize their NFTs across different platforms, it increases the token utility and leads to more earning revenues. Cross-platform compatibility helps to boost the gaming economy and the versatility of the games.
Challenges for the Implementation of Blockchain in the Gaming Industry
Legal & Regulatory Issues
The involvement of Blockchain Technology in the Gaming sector is still at a naive stage. This trend is still evolving and often faces regulatory challenges. Following the legal and regulatory guidelines can be one more complex layer to the development of p2e games.
World-wide, different approaches have been observed to address issues like legality related to cryptocurrencies and digital assets. The industry experts are taking initiatives to tackle these issues and make it simple to adhere to the legal and regulatory compliances.
Environmental Challenges
The environmental impact of blockchain networks is the next major concern among industry leaders. The blockchain mechanisms, like PoW, consume a lot of energy that can be challenging for the environment and energy resources.
Gradually, it can be a serious concern about the carbon footprint of blockchain technology. Therefore, shifting to a more efficient and sustainable consensus mechanism is demanding.
Scalability
Various popular blockchain networks suffer from scalability issues that lead to slower gaming experiences. The speed and the capacity of blockchain games are the real issue that needs to be addressed. To resolve such issues, gaming developers are focusing on implementing layer-2 scaling solutions. With less scalability and flexibility, the p2e gaming solutions cannot accommodate the higher player base without compromising performance.
Top 5 Most Popular Play-to-Earn Blockchain Games
The emergence of Blockchain in the gaming industry has disrupted the traditional ways. It has brought a paradigm shift in the gaming world by deviating all the attention of the game lovers toward playing to earn games.
As we have already explained, P2E games offer vast economic opportunities for the players, this trend is prevailing day by day. Here, we have listed the top 5 globally famous players to earn games:
Sandbox
Powered by the Ethereum blockchain, the Sandbox is the most popular Play-to-earn game, offering diverse revenue streams to the players and the game owner. Players can monetize their gaming experience by buying/selling their user-generated assets. Players can create their virtual gaming world based on land. The players can create unique assets to empower and entertain themselves.
Core Features of the Sandbox Game
- Interactive experiences for players
- Cross-platform compatibility
- Players earn rewards
- Secure digital ownership of avatars, virtual land
- Full control over in-game assets
- Players can monetize in-game assets
- Multiplayer gaming experience
Axie Infinity
Axie Infinity is another famous play-to-earn game based on collecting, breeding, battling. These virtual creatures are the NFTs that players sell/buy on this gaming marketplace. Axie Infinity has earned a strong player base with its robust incentive-earning model. Players get true ownership of the Axie tokens, which are rare editions.
Core Features of the Axie Infinity Game
- Valuable rewards for players’ engagement
- Strong in-game economy with AXS and SLP tokens
- Community-powered by decentralized governance
- Seamless gaming experience across different platforms
- Earn by collecting, breeding, and trading.
Decentraland
The rapidly growing NFT-based gaming platform Decentraland offers digital ownership of virtual land to players. This blockchain-powered immersive 3D environment works based on token-MANA, an ERC-20 token. It is used to buy digital assets within Decentraland, like wearables, parts of the land, and the LAND token.
Players have complete control over their assets, and they can also be members of the DAO governance through which users hold the voting power to make a decision. Decentraland offers a wide range of earning possibilities. Players can Yield farms the MANA tokens. They can put their earned tokens in the liquidity pools and earn significant amounts based on the platform’s popularity.
Core Features of the Decentraland Game
- MANA cryptocurrency for in-game asset trading
- Decentralized government organizations empower users
- Virtual real estate experience through NFTs.
- Customize your avatars with accessories.
- Interactive 3D virtual world
- High cross-platform accessibility
- Monetize the gameplay & earn
- Participate in virtual events and concerts.
- Secured ownership of the Ethereum blockchain.
CryptoKitties
Cryptokitties is the first game built on the Ethereum blockchain network in 2017. The CryptoKitties game is based on the breeding of the kitties and then selling them as digital assets to earn profits. Not all the crypto kitties are worth the same value; the rarest ones are the most profitable ones. The virtual cats are represented in the form of NFTs, and when these kitties breed, the offspring acquire the attributes of the parent kitties called “cattributes.”
Based on the unique and rare characteristics of the newborn kitties, the players can generate more money through selling. The unique features of the Cryptokitties game are as follows:
Core Features of the CryptoKitties Game
- Trade unique digital cats as NFTs
- Built on Ethereum blockchain supporting scarce assets.
- Trade cryptocurrencies on the gaming marketplace.
- Limited edition cats for more profits.
- Active player community for better engagement
- It’s an exciting gamified experience with rare breeds.
- Every cryptokittti is uniquely produced.
CryptoPunks
Powered by Ethereum, Cryptopunks gained early success just after its launch. This blockchain-powered p2e game has iconic symbols of artistic expression. Every punk has unique and distinctive characteristics like facial expressions, hairstyle, accessories, etc.; having ownership of crypto punks gives you the opportunity to earn more with time.
Key Features of the CryptoPunks Game
- NFT-based game powered by Ethereum
- Revolutionized the entire NFT movement
- Versatile characters like humans, zombies, and aliens.
- A fixed supply of crypto punks.
- Cryptopunks are based on digital art and rarity.
Key Market Insights into the Play-to-Earn Blockchain Gaming Industry
In the past few years, the play-to-earn gaming market size has rapidly expanded. It is expected to reach USD 614.91 billion in 2030 at a CAGR of 21.8% in 2030, according to official reports. The gaming industry has been transformed with the integration of NFTs, decentralized environments, and vast crypto adoption among people.
Blockchain in the gaming industry unlocks new revenue models for entrepreneurs and players. Now, crypto market leaders focus on developing
play-to-earn games, seeing the success of the top P2E games. Also, many developers are emphasizing building clones of games that are already thriving.
If you are a crypto enthusiast or industry expert looking to launch a Play-to-Earn Blockchain-powered game, then you can consider consulting with our Blockchain gaming experts. You can share your idea with us, and our business consultants will guide you about the blockchain networks, revenue models, cost, and time requirements to make an informed decision.
Why WisewayTec is Your Ideal Partner for Play-to-Earn Blockchain Game Development?
Certified Blockchain Developers
We have professional blockchain developers with extensive experience in the gaming industry. We have launched successful blockchain-powered games for our clients in various genres. You can rely on her to discuss your idea, and we offer you the best strategy to launch it in the market.
Customer-centric Approach
We invest time to understand your vision to launch a P2E blockchain game. Based on your requirements, Wisewaytec conduct market research and understand the industry trends to offer you the best gaming solution that addresses the existing pain points of the entrepreneurs and the players.
Cost-effective Gaming Solutions
We deliver tailored solutions that can fit your dedicated budget. You get the gaming features to set you apart from your competitors but without giving you the overhead of the cost. Connect with us to share your cost limitations, and we will get back to you with the best advice.
Diverse Blockchain Frameworks
We specialize in developing blockchain games powered by popular blockchain networks like Ethereum, Solana, etc. We have high-tech solutions to design a top-notch play-to-earn blockchain game for you.
