The future of gaming: Exploring the revolutionary play-to-earn model

It has been interesting to see how the world of cryptocurrencies continues to expand, new opportunities are emerging that are changing the way we think about digital assets. NFT art used to be groundbreaking but is now relatively old news. A lot of people are wondering what else could the world of crypto hold? I certainly don’t have the answers, but I can talk to you about new trends that I come across and walk you through my own ideas about them.

One area that has recently caught my attention is the intersection of non-fungible tokens (NFTs), gaming, and play-to-earn models. This market is transforming the traditional gaming industry and providing new economic opportunities for people around the world. It not only takes the culture of gaming, which intersects heavily with tech and crypto culture, but also adds a new cryptocurrency aspect to it. But what does this mean? What does a play-to-earn model look like in action?

So, have you ever played a game that gave you rewards or coins for completing tasks or challenges? That’s the basic idea behind play-to-earn games.

Play-to-earn (P2E) is a cool feature in some video games that lets you earn real cryptocurrency tokens by playing the game well. You can earn tokens for completing tasks, winning battles, or leveling up in the game. The rewards can be different types of cryptocurrency, like MANA or ETH, or special in-game items like skins, cards, or characters that are unique and can’t be found anywhere else.

The more time you spend playing the game, the higher your chances of winning these rewards. For example, in Decentraland, you can even rent out your virtual land to earn money when other players use it. And in games like Axie Infinity, you can earn points that are worth real money by winning battles and using the game’s special currencies. By the way, the Philippines was Axie’s number one player market during the pandemic.

Aside from the P2E games, there are also NFT games. These are mostly connected to the metaverse, which is like a virtual world where you can play games, hang out with friends, and go to events. NFTs are important in this world because they allow players to own and control parts of the environment.

This means you can make your own things and even make money from them. It’s like having your own little piece of the metaverse. Right now, gaming is the main way people are using the metaverse, and games like The Sandbox and Decentraland are really popular. In these games, you can buy and own things like land and avatars, and you can even trade them with other players. The cool thing is that you can make money from these things too, whether it’s through in-game incentives or renting out your virtual property. It’s a really exciting new world that’s just getting started, and I can’t wait to see how it evolves in the future.

As we continue to explore the world of cryptocurrencies, we are discovering new ways that technology can change the way we think about the digital world. While there are certainly risks involved, such as the potential for cryptocurrencies to be volatile and impact the enjoyment of the game, the overall potential of NFT gaming and play-to-earn models is significant. These models have the potential to create a new economy that is more accessible and more exciting.

The stories of people using games to earn a living are inspiring, and we believe that this trend will continue to grow and evolve in the coming years. It’s exciting to see how this market is developing and how it will impact the broader world.

As more businesses and investors recognize the potential of this market, we expect to see more innovation and growth in the NFT gaming space. This could potentially lead to more job opportunities for gamers and other individuals who are interested in the world of cryptocurrencies.

I also anticipate that there will be more research and development in this area, leading to more sophisticated gaming experiences and further economic opportunities. The possibilities are endless, and it’s exciting to see where this new technology will take us.

In the end, only time will tell what the future holds for NFT gaming and play-to-earn models. But one thing is certain — this is a fascinating area of the digital world that is worth exploring and learning more about. So why not dive in and see what you can discover?

Dr. Donald Lim is the founding president of the Blockchain Association of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.