P2E — a new form of gaming

Probably all of us in our childhood heard from our parents that playing games will never do us any good and we should focus on learning to get a profession.

As cybersports have already shown, it is possible to earn money on gaming, and through blockchain it has become even easier.

We know that blockchain is already present in practically every sphere of our life, so it’s no wonder that it has also entered the world of entertainment, which in its virtual form is already heavily expanded. We’re talking about Play-to-Earn games.

So the question is “how does it work?” The principle is very simple, you must play the game to earn real money in the form of cryptocurrencies. As the amount of time the player spends on the game increases and the skill increases, so does the reward: it can be an in-game character’s equipment or other assets that can then be tokenized and sold. In a word, the better a player can handle the game, the higher the earnings will be.

Cryptocurrency games are divided into those where you can join for free and those where an initial investment is necessary.

Is it the next step to transfer society to the virtual world? It is worth noting that this is already happening. The most obvious phenomena are our remote / virtual work or virtual worlds in which people already live like real reality. The Covid-19 pandemic helped, which showed us that everything from grocery shopping to official errands can be done online. There are already start-ups that build virtual offices in the metaversum, which will make it possible to transfer entire companies to virtual reality in the near future. It gives savings on renting the premises and opens cooperation to new people, ignoring their geographical location.

Due to the financial situation of citizens of individual countries, it is worth noting that P2E is the most beneficial for the inhabitants of poor countries (India, Venezuela, Philippines). There are already many examples of people who earn much more by playing games than in any job. There is also a sponsorship option (a completely new business model) where players buy a character in the game only to pass it on to another player who will continue the game and share the profits with the character owner.

According to research by Finder.com, India has the most P2E players, followed by the United Arab Emirates, followed by the Philippines, Vietnam and Singapore. We can learn from the same report that the popularity of cryptocurrency games will increase this year, and 11.4% of respondents plan to start playing this type of games soon. The report also showed that P2E games are most often played by men aged 18–34.

So it is safe to say that this industry has a future ahead of it. The world of virtual games will continue to develop and if players have a chance for real earnings, their popularity and the number of users will also increase, as well as the popularity and trading of cryptocurrencies.