The Play-to-Earn marketplace is gaining traction. The lockdown measures implemented due to the Covid-19 pandemic has meant that people have turned to gaming in droves.
But Play-to-Earn, when combined with crypto, takes on an entirely new meaning than merely ‘gaming’. Tokens earned in the cryptocurrency environment can be turned in for other tokens, which can be used to buy real things - like clothes, gift cards, flight tickets, property, etc. **
Users are highly incentivized to participate in an entirely new ecosystem with multiple benefits. And it can also be a fun experience built around social networking.
The central concept behind Play-To-Earn gaming is that you are rewarded for your participation with tokens. But we need to explore a few other topics to really break it down, namely NFTs and the Metaverse.
Users will typically be rewarded in the form of a native token and they can trade these for NFTs -
NFTs can also be used for eBooks, music, website address, property ownership, the applications are endless. This is why this concept is taking the world by storm. The Play-to-Earn ecosystem is also taking off as it is a major marketplace and environment for the earning and trading of such NFTs.
The Metaverse is not just limited to online gaming worlds such as Fortnite, World of Warcraft, Minecraft, etc. it really denotes an online virtual (non-physical) environment where two avatars can interact. If the universe is all things physical, then the Metaverse would be all things virtual, including AR, VR, social media, online gaming, cryptocurrency, etc.
Facebook is already attempting to monopolize the Metaverse, but has a very slim chance of succeeding due to the power of blockchain, where better games with intelligent token distributions are being built. The decentralized nature of blockchain means that it can't be monopolized. Blockchains are basically designed so that there is no central point of power.
Even attempts to purchase blockchain-based companies will ultimately fail due to the democratic nature and ethos of distributed ledger technology. So the Metaverse is well and truly open for business and nobody can say for certain where the Web 3.0 future is going to take us.
Many might question the viability of Play-To-Earn marketplaces as a means to earn a living. Do professional adults truly want to develop a career as a fictional character in a virtual universe?
Yet the marketplace is closer to home and more real than you might think.
Another powerful and established marketplace is
The power of Play-to-Earn and NFTs are compounded when the implications of augmented and virtual reality are considered. Pokemon Go was a precursor of what is soon to come with VR/AR. Players will interact in the Metaverse while using this technology, and this will combine physical actions in an extremely futuristic context. Companies such as
Most, but not all, Play-to-Earn games are free, as opposed to the Free-to-Play model. Some require an upfront investment. While many might balk at the idea of paying for these games, it's worth remembering that games take a long time to develop and need funding.
It’s also worth noting that it is useful to actually spend money on a product that you believe in. Using Google and Facebook is great, except that your data is sold and your messages are stored and monitored. The charges are merely undisclosed. In other words, it’s good to actively support companies that are changing things for the better.
Disclaimer: The author holds tokens in some of the above-mentioned companies. The opinions in this article belong to the author alone and should not be considered investment advice.