Since the non-fungible token (NFT) movement, which saw certain tokens rise by as much as several hundred percent, the new but not quite new “Play-To-Earn” trend has been blossoming. Numerous reputable NFT (NFT Game Development) game development businesses have made using crypto collectibles a fun experience. Millions of players played this kind of game between the end of 2020 and the beginning of 2021 as a result of the success of Axie Infinity, a game project in which Omatech is involved.
Learn more about Play to Earn, the market’s development potential, practical uses for NFT economies, and investment prospects by reading this article.
1. Recognize the trends in game-playing for money.
Playing for Cash essentially gives users and gamers ownership and management rights over in-game assets, as well as the chance to actively contribute to their growth. .
Players in this business model provide value for game producers and other players by participating in the in-game economy. As a reward for their involvement, they receive in-game items. These resources can include things like game engines, weaponry, or virtual currencies, as well as other in-game items that can be tokenized on the blockchain and sold as NFTs at the end. are transformed into money. Because of this, the play-for-money business model has been effective when used in conjunction with blockchain games.
2. Why is NFT game creation increasing, even though the trend has been there for a while?
Although this type of cryptocurrency has been around for a while, it reached new heights during the coronavirus 2019 (COVID-19) pandemic, with shutdowns that followed leaving millions of people with the opportunity to make money. making money via gaming.
The overall NFT market valuation increased from $338 million at the end of 2020 to $22 billion by the end of 2021, according to the most available statin.com data. And a sizable chunk of that goes to the sector. game industry, which has a lot of potential for producing games.
Play for money has the potential to go off for two reasons:
- Leveraging NFT technology to increase the number of Play to Earn game pools
- Sincere Ownership
Some games reward players with cryptocurrencies, while others let them build up NFTs inside the game that they can later sell for a profit. The blockchain provides decentralization, giving players back control. The game companies have complete control over conventional games. Through in-game purchases, players have amassed a sizable sum of money, but they have never actually owned the things they bought. However, thanks to blockchain games, this is altering. When you purchase an item in a blockchain game, you become its only owner and possess total control over it. A number of blockchain game efforts have surfaced as a result of the NFT application development platform’s success, raising the possibility that this is the direction that gaming may take.
The NFT game has been around since the 2017 release of CryptoKitties, when users could only purchase or hatch eggs to hatch NFT kitties. The second generation of games then appeared, including The God Unchained and Axie Infinity, allowing players to engage in multiplayer battles with their NFTs, considerably enhancing character interaction. play. Axie Infinity has developed into a ground-breaking project in the Philippines, with growth of up to $2 billion, thanks to the fusion of online gaming and blockchain technology.
Future game generations will address the shortcomings of the existing game, improving the quality and experience for players. Because there won’t be as many requirements to play, players will be able to enjoy a better gaming experience. The game will also run faster and more smoothly. The Play to Earn concept is successful because of all of the aforementioned advantages, and players can firmly view gaming as a legal way to augment their income.
3. Real-world applications of NFT economies
In the NFT Play-to-Earn gaming industry, a new push is now under way to become the second unicorn. Recently, the moniker Axie Infinity has gained popularity there.
Axie Infinity is an Ethereum-based blockchain game with adorable animals called Axies that was released in 2018. Axies are all unique. Each person’s genetic makeup determines their unique strengths and limits. Axie Infinity Shards (AXS) tokens are available to players while they are playing this game. With the use of the in-game governance token AXS, players can cast ballots for crucial decisions. It also serves as money on the Axie market. Soon, players will be able to stake AXS to increase their token earnings.
Axie Infinity has had a major impact in the Philippines. Axie became a lifeline for the Filipino people as a result of their low income and the effects of Covid-19, which forced them to search alternative forms of revenue. At the end of June 2021, the price of AXS was $3, but it is now $4.
Axie Infinity is now one of the best games available for purchase. The market is filled with games that are very similar to this one. The games all have various themes, but they all have similar essential elements, such the capacity to work with DeFi equipment.
For instance, users must stake tokens or NFTs to access in-game features, or users who stake admin tokens can vote for features they want and get incentives. valuable rewards. Furthermore, luck plays a role in some NFT games’ payback times. Purchase eggs containing lovely animals that will hatch, or strike it rich with expensive products that will fetch many times your initial investment.
Finally, after you have joined and played the game, keep an eye on the vibrant community surrounding the project. Monitoring initiatives to see if they are on track will help you determine which ones have the best chance of succeeding. Players can then purchase tokens on the exchange and hold them as a sign of their belief in the project in addition to playing for real money.
There is a lot of discussion regarding the current cryptocurrency, the development of the NFT, and what might occur in the upcoming 12 months. As an investor, you have the choice to either purchase NFT in the market and wait for the price to rise or to enter the game right away to get incentives and profit from purchasing NFT there.
Contact us if you have an idea to launch a gaming business with your own NFT marketplace. Using the newest and most popular blockchain technology, Omatech will assist you in creating your own NFT-based game with the support of a competent and experienced team of Axie Infinity developers!