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The next generation of gaming is here: blockchain gaming has increased by 2000% since the first quarter of 2021, with a 194.2% year-on-year rise in funding according to the DappRadar and Blockchain Game Alliance report from Q1 2022.
The same study revealed that it is predominantly play-and-earn games (also known as P2E, enabling gamers to generate an income stream from NFTs or other crypto assets while playing) that have been dominating blockchain activity overall, with the number of unique active wallets reaching an all-time high of 1.23 million in April 2022.
But what gives P2E its edge over traditional gaming, and what makes these games so appealing? As the CEO of the upcoming play-and-earn retail game Fashion League, due to launch this summer, I see three clear factors.
Unlike traditional games, play-and-earn games like our very web3 fashion metaverse, puts the power in the hands of all gamers, not just a select few, incentivizing engagement. Every single player has the opportunity to monetize their time playing through earning NFTs or other crypto assets — not just professional competitive gamers and streamers, which can often be the case in traditional gaming. In our own metaverse, you have multiple earning opportunities: from earning passive income through sales tax revenue on your Fashion League land to converting in-game cash to tokens or even winning fashion events.
Not only do play-and-earn games have the ability to make the crypto gaming community far more inclusive and immersive, but P2E could also be the major catalyst for Web3 adoption amongst blockchain newbies.
How? Because the entry bar for play-and-earn does not necessarily need to be high — all game and crypto newbies need to do is simply spend time playing a game they love, making an introduction to Web3 less daunting than other avenues.
Having no barriers was a key point of focus in the development of Fashion League: we wanted to create the next metaverse for fashion and creatives that could onboard a wide range of players: from beginners to gaming aficionados alike. All our players will be united by their love of fashion, with the opportunity to learn the Web3 fundamentals such as minting, buying, trading, staking, and renting NFTs as they play, in the event that they need to brush up on their knowledge.
Play-to-earn gaming shows the enormous potential of blockchain technology — after all, how many other online platforms do you know that provide their audience with valuable digital assets simply for interacting with them? Right now, it is certainly few and far between —and this is exactly where P2E has a significant advantage. Players feel more engaged as not only are they able to yield money for their time but they are also gaining assets in the form of NFTs or other cryptocurrency assets, providing yet another incentive to keep playing, alongside the obvious reason of course — fun!
The blockchain gaming world is evolving at a dramatic pace, and as more gamers increasingly step out of traditional gaming and join the fascinating world of play-to-earn, I'm excited to see blockchain technology deservedly enter the mainstream.
Believer in co-creation, Web 3.0, NFT, NFT Gaming. Follow Theresia on LinkedIn
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