One of the most popular entertainments chosen by kids to adults is Gaming. Games? Isn’t it something that is meant for kids and teens? Today Gaming is the most preferred entertainment over televisions and movies today. Blockchain technology has made Play to earn NFT games an important player in the gaming industry. Have you ever heard someone say,” what are you doing this weekend? Shall we have a game night playing this new crypto game?” probably no. Yet it is estimated that there are over 3 million crypto gamers who are into this new gaming chapter that involves blockchain technology.
You might have also heard the news where gamers created a buzz after resigning their professional jobs to play a P2E NFT game. What is actually happening around this gaming world, and what is retaining these players to play these games? Here is a blog curated for you to debunk everything about these games.
A game with Blockchain
Crypto games go by several names, including Play to earn or P2E games, NFT games, Blockchain games, or even web3 games. The inclusion of Blockchain and the rewarding system makes them stand out from traditional video games. Did you know the current video game market crossed the worth 200 billion dollars(the year 2022)? This is an approximate 5.4% increase from the previous year. The play-to-earn gaming market is a great contributor to this number. It is estimated that the market worth of Play to earn NFT games will reach 2845 million dollars in the next 5 to 6 years.
NFT games are similar to traditional games in every other way except the fact that in-game items are not just digital files or metadata on a common database. They are minted as NFTs on the Blockchain giving tradeable ownership. This makes it easy for the gamers to
The number is indeed surprising even after the crypto market crash. So coming back to the question, what is pushing people to play these NFTs games and what is retaining them in these NFT gaming platforms? Is it the Function or the Fun?
Fun or Function?
While Play to earn games got popular among gamers, there were also critics who described them as a Ponzi scheme. Many Play-to-earn gaming platforms had an unstable rewarding or earning concept. With this, many people started abandoning the game, and this brought a considerable number of games to shut down completely.
On the other hand, games like axie infinity gave people the opportunity to earn and have fun at the same time. Yet, the recent Ronin bridge hack made people think a lot before entering this new gaming sector.
Play to earn NFT games have over 1.2 million gamers as of march 2022, and it is increasing every month. This clearly shows that the number of players has increased over the years. The P2E gaming community is not just made up of gamers but also the NFT and crypto enthusiasts who are interested in trading.
Looking at a broader view, NFT gaming platforms are also Defi platforms disguised as dapp games. Since it is attracting a lot of crypto traders, the function, the earning mechanism, the rewarding system, and tokenomics make people get involved in these platforms. Of course, what is a game when there is no fun?
Gaming economy through NFT games
In 2021, the NFT gaming sector received 4 billion US dollars, attracting both gaming titans and startups to crypto gaming. However, the crypto market fall in the first quarter of 2022 painted a contradictory picture. In the first quarter of 2022, the NFT gaming sector received a 1.2 billion US dollar investment. The sector was robust in the second quarter of 2022, earning 2.5 billion US dollars. The sector is estimated to earn around $10 billion by the end of this year. The Play-to-earn gaming sector has been contributing to the gaming economy since its emergence.
Check out : how these Play-to-earn games are modifying the gaming economy
The bottom line
Though the crypto market crash has brought a collapse in the P2E gaming sector, the players still find these games futuristic. The number of active gamers in popular NFT gaming platforms remained constant even during this time, and it is showing signs of growth. The revenue growth of NFT gaming is constantly increasing year after year, and it has recorded a 19% growth from the previous year.
The data and statistics presented above from the market analysis produced by Dapp Rader plainly demonstrate that P2E games are never dead. Since this sector has acquired a huge investment in the last few months, we can expect a number of P2E games in the market very soon. The market crash or the crypto winter overshadowed the progress of P2E NFT games. With several breakthroughs in the usability of NFTs and the technological advancements of Blockchain, P2E games will continue to entice a large number of players and crypto aficionados.
