June 14, 2022
Near Future of NFT Play-to-Earn (P2E) Games
Co-Founder & CEO
June 14, 2022
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Video gaming has always been conceptualized as a habit of people who don’t want to develop their careers. And the reason for this belief is valuable – video games had low earning potential. However, the world moves with an immense speed, and this passive habit transforms into an engaging way to get revenue. Even though professional players have been able to earn money through winning competitions or revenue through streaming, now every person interested in games can profit by enjoying this hobby.
Just imagine that the global gaming industry reached $300 billion in value. According to this resource, the video gaming domain has become the most profitable niche of entertainment in 2020. In the same year, this industry was worth $57 billion in revenue, which is more than the music and movie industries together. Based on the data.ai report, the U.S. consumer spending on games worldwide reached $116 billion at the end of 2021.
As a result, P2E gaming industry gaming enthusiasts are exploring new ways to make their hobby a significant income. And with the popularity of this niche and the development of technologies, this idea becomes more and more real every day. The 2021 report provided by Blockchain Game Alliance found that the NFT game industry generated $2.32 billion in revenue in the third quarter of 2021, with 22% of all NFT trading volume.
That is why we curated this guide to help you learn what is the NFT play to earn games future and what trends you can expect in this domain in upcoming years. We will also describe problems that often happen with P2E games. Let’s start with the definition of P2E games.
What is Play-to-Earn Gaming?
Play-to-earn gaming (which is more commonly known as P2E) is a quite broad term for an umbrella of games that allow players to earn real money by playing. In most cases, these games use cryptocurrencies and blockchain tech to provide stable and safe incomes. Due to P2E, gamers worldwide can easily generate an income from cryptocurrencies or non-fungible tokens NFTs just by playing games on their phones or computers.
Using blockchain technology, game developers provide in-game items that are unique and can be transferred within the game. These items can be in the form of NFT or a cryptocurrency that is designed for the game, or even a well-known cryptocurrency. Once players earn these assets, they can export coins or NFTs they earned to a crypto wallet, allowing them later to convert them into fiat money, like U.S. dollars. NFTs earned in the game are usually sold to other players and collectors or downloaded into an NFT marketplace to provide them to speculators. Let’s see how blockchain can change games.
What are the Issues of P2E Games?
Security
Just like NFT marketplaces and crypto wallets, P2E games usually experience hacker attacks for various reasons. Even though blockchain ensures extra security layers, most game developers skip the stage of providing multiple protection and, thereby, put players at risk of losing either NFTs or crypto from their accounts.
Since technologies are developed rapidly, hackers also always find new ways of stealing user data and items from P2E games. Unfortunately, no one is protected from fraud. However, you can lessen the chances of being attacked by making multiple security layers with new technologies like biometric authentication.
Bots
Most video games have always been struggling with bots. This is true for traditional games and P2E games as well. This is because P2E games have become a highly appealing target for bots as they are financially incentivized. However, there is a solution – the number of proactive monetary policies and safeguards can effectively protect genuine P2E players from bots.
Negative Sentiment Toward P2E Concept
Alongside outdated beliefs about traditional games, old players almost hate P2E and NFT. This is because they don’t see the future of this sector in upcoming years and don’t take these games seriously. And they used to love their regular games, so now they need to improve their skills and learn about the P2E industry.
Upcoming GameFi Trends
Virtual Reality
Virtual reality (V.R.) attracted gamers for many years with a perspective of diving into a fully immersive experience. However, the technology was slow in development and growth, and only in recent years has it seen a boost in use in various industries, including P2E games. However, V.R. is still a sub-niche when compared to the whole gaming industry (it accounts for less than 50% of all gaming sales).
Video games have steadily risen in popularity for years. And with people looking for new ways to socialize and stay entertained during the pandemic, the trend has only accelerated. Gaming is now a bigger industry than movies and sports combined.
Even though virtual reality has not proved its hype, well-known tech companies like Valveand Sony, and Facebook are trying to apply this technology and move the industry further. While there are promising products on the horizon, companies have to first resolve challenges.
Augmented Reality
Do you remember how the whole world enjoyed the famous game Pokémon Go? The game generated over $5 billion in sales and was the first time people interacted with AR-packed games. And it was a huge success. The real key to success is combining virtual and real, so players can enjoy both digital characters and physical locations. And that is one of the reasons why A.R. is more used in modern P2E games.
Artificial Intelligence
The idea of bringing artificial intelligence into the world of gaming has been here for many years and is now developing with great speed and interest. This is because modern developers have taken a more sophisticated approach to NPCs, and now they are designed with behavior trees. This allows them to make more complex and engaging decisions. We could expect more advanced A.I. use in Gamefi games in the future. However, there are many things game designers have to consider before it becomes a game standard.
Cloud Gaming
Another future of Gamefi is the cloud. This is going to offer gamers a chance to play video games streamed from companies’ servers. This will happen like Netflix allows users to watch T.V. on their laptops without a DVD.
Cloud gaming will make users’ local hardware less vital, meaning they can play using any device they want. For instance, Sony and Microsoft, which are giants in the console gaming space, have produced their own cloud gaming services. Cloud gaming can be a great opportunity for this niche, and experts predict the industry will reach $1.6 billion in revenue with over 23 million players.
High-Fidelity Graphics
Most modern gamers don’t like the exciting graphics in video games. Even though many years ago the graphics were really awful and have significantly improved, people always want the best experience. And this can be achieved by bringing ray tracing, which is an algorithm that simulates the physical behavior of light.
Experts believe that this technology can become a game-changer in upcoming years and for many valuable reasons. However, not every game should use this method, especially indie games.
The Metaverse
Last but not least – metaverse. While it is a buzzword in most industries today, Gamefi seems to benefit most from applying it to its sector. Even though we are still far away from bringing a metaverse in all games, there are many great real-life cases that have already been done by large companies. For instance, Roblox allows luxury fashion brands like Gucci to host events in games like Fornite. Therefore, players can dress up their characters while also watching virtual shows in-game.
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Examples of Interesting P2E Games to Look Out For
Stepn
Stepn was designed on Ethereum and created by app developer FindSatoshi Lab. It is a smartphone application that allows users to earn money just by walking, jogging, or running for a specialized amount of time that refreshes every 24 hours.
This game is also packed with A.R., where the concept took off in 2015 with Pokemon Go. The app has a feature of a sneaker, which has a key effect on how much money a player can earn. Users get rewards in Stepn’s native cryptocurrency, the Green Satoshi Token (GST), which is credited to a wallet created in-game or imported to external channels.
Players start by buying an NFT sneaker so they are able to play. Then they can also boost the amount of GST earned per walk by upgrading their sneakers in various ways. The sneakers represent an NFT token, which can be later traded on secondary markets.
Axie Infinity
Axie Infinity represents a metaverse game where users compete with each other by pitting their pets, known as “Axies,” in battles. This game has also been designed based on the franchise Pokemon, which follows an open-ended digital pet universe storyline. The game allows gamers to perform individual and community quests in order to get a profit. Axie rewards players with Smooth Love Potion (SLP) tokens, which can be converted to fiat money or other tokens. These tokens can also be used to breed Axies.
Alien Worlds
Alien Worlds is an NFT-powered game that is made up of a metaverse featuring seven planets intended to represent a digital version of the Earth but with a different economy provided by its native Trilium (TLM) game tokens. NFTs in this game allows players to own and trade any asset they can find within this virtual world. Players are able to mine TLM, compete with other gamers, or just complete in-game quests. Alien Worlds also provides its own decentralized finance (Defi) features allowing TLM players to stake their holdings on one or more planets.
How Can Interexy Help?
Interexy is on the list of top Dubai & Miami blockchain development companies who have worked with $11M NFT launch – Lil Durk NFT Drop with Gary Vee Involved – American rapper and partners with Sandbox. Being experts in blockchain, NFT development services, and P2E game development, we provide only specialized resources for each product we develop.
Our team is made up of tech-savvy engineers who have expertise in the required field. As a result, your product will be developed by a team that knows every minor point of the industry and can produce top-notch results and a successful launch. Explore our Play-to-Earn (p2e) games development and overcome your competitors with our help!
Bottom Line
The gaming industry is one of the most popular ones today. Even though people were skeptical about playing games earlier, P2E space refreshed the way people think about gaming and allowed people to earn money by playing their favorite games. We curated this guide to help you learn what is the future of gaming and how this space will develop in upcoming years. If you want to create your own P2E game, we can cover your needs. Book a free consultation, and let’s discuss your idea!
NFT will surely become a must-have in most games, as it allows people not only to play but also earn tokens which can later be traded on marketplaces.
Is NFT the future of gaming?
NFT will surely become a must-have in most games, as it allows people not only to play but also earn tokens which can later be traded on marketplaces.
What is the future of GameFi?
The Gamefi industry will see many trends in the near future, like A.R., V.R., metaverse, Web3 rise, and more.
How big is the GameFi market?
The global market cap of GameFi has reached U.S. $55.38B as of Feb 2022.
