The rate at which blockchain technology is disrupting various industries demands our attention. A decade ago, no one could have imagined that it would be as successful as it currently is, but here we are.
Although we still have a long way to go, the future of play-to-earn games is bursting with potential.
Games have often been considered to be a great way of relaxing or having fun after a stressful endeavor. However, the application of blockchain technology in the gaming industry has taken us several steps further as you can now make money playing your favorite blockchain games.
This means you can now have fun and earn decently from playing your favorite crypto games even if the rarest NFT is missing in your wallet. This method of earning is called Play-to-Earn. An example of this is the crypto game Cryptokittieswhere you’re only required to breed and trade crypto-collectibles.
Can P2E be a sustainable source of income for you? How do you earn from it? What roles is MegaFans playing to shape the future of P2E games?
Let’s answer these questions!
Understanding P2E Games
Contrary to the nature of the traditional gaming system, the blockchain system always wants to incentivize its loyal participants in every possible way.
In the trad gaming system, whatever in-game items you buy or win playing video games remain in the ecosystem of that game and can never be converted to real money. In fact, most of these games are addictive and you have nothing to show for it except mere fun!
Now, imagine playing your favorite video games and making real money while doing so. This is not as out of reach as it used to be. In fact, it is something we are already witnessing in the blockchain system.
Games are always more fun when the stakes are high, and the fear of getting addicted drops considerably, seeing as the games you become addicted to could pay your bills.
That’s the whole idea of P2E games!
With play-to-earn games, you can generate a steady stream of income for yourself; this form of income is usually in the form of Cryptocurrencies or NFTs and can be converted to real money on any supported exchanges. These rewards usually come from staking or farming the game’s native tokens or generating their NFTs which are also tradeable on any supported exchanges. You should, however, be aware that the protocols or mechanisms on which each game operates may differ.
Although earning from blockchain games used to rely solely on luck, the economic and business models integrated into the current P2E system have changed the narrative and players can now work to earn a decent amount of income.
Do P2E Games Have Any Other Benefits?
From the above explanation, you should be able to list some benefits of this gaming system. However, let’s take a look at a few…
- You Make Real Money Interacting With P2E Games
Playing your favorite blockchain or crypto games is fun! Making money in the process makes it more fun. The in-game items you win during the gameplay can be exchanged for crypto or real money in the marketplace.
- P2E Games Utilize Blockchain Technology
In the traditional gaming system, the in-game items you win or buy are eventually owned by the game developer since it is impossible to move them out of the game. Irrespective of how much you’ve invested, you never get anything in return.
P2E games, on the other hand, are built on the blockchain and possess its intrinsic characteristics. One good thing about this is that blockchain technology helps secure the ownership of in-game items since each item is unique. Moreover, these in-game items cannot be moved or tampered with without the knowledge of the owner.
- P2E Games Can Drive Crypto Adoption
The Crypto market, even at its current market capitalization, is still considered immature because there are a lot of untapped opportunities. Of course, many individuals enjoy playing their favorite games for relaxation purposes, and if introduced to a system that pays them for doing the same, they will adopt it without hassle.
Adopting such a system means these new players will be made to adopt cryptocurrencies and other digital assets for a better game experience.
- Easy Development Of The Gaming Community
The P2E gaming community is one of the fastest-growing and active crypto communities in the crypto space. One reason behind such rapid growth is that players of any gaming community can work together to tackle various quests and missions within the game while being rewarded accordingly. Such a reward system encourages players to promote the game across social media platforms ultimately contributing to its growth.
Moreover, the development of such a gaming community is useful to both the players and the game developers as it means more visibility for them which could ultimately drive demand for their tokens.
Challenges Of Play-to-Earn Games
Although worth playing to generate a regular stream of income, the P2E model has some challenges that have inadvertently contributed to the low retention and conversion rate of players. Let’s take a look at them:
- High Entry Free
Many play-to-earn games often require a certain entry fee which seems quite high for some individuals who would want to participate. For example, before you can complete some quests or missions in Axie Infinity, you must buy some monsters fit for those missions. Moreover, a fee of 3 Axie is usually required to begin playing the game (this is expensive).
Well, this is not only associated with Axie but some other P2E games ultimately scaring some individuals away!
- P2E Games Can Be Exhausting
Most developers usually focus on the economic model of their games which makes it pretty difficult to unlock certain achievements or in-game items. However, this is because these games are centered around “earning”, with minimal attention paid to the user experience.
- There Is No Defined Structure
Since P2E games are built on blockchain technology, they possess its intrinsic characteristics. As a result of this, P2E games also face some of the challenges associated with the chain such as scalability, network infrastructure, accessibility, etc. Moreover, the volatility of digital assets like cryptocurrencies and NFTs could be favorable or detrimental to players’ investments or earnings.
- Potential Loss Of Money
Many P2E games are structured in such a way that you’re mandated to play for several hours, weeks, or even months before you could earn rewards significant enough to compensate for your initial investment. Although it claims to be decentralized, the gaming system is still controlled by the developers who could put limits on what you can earn or sell within a specific period.
Such an approach is considered healthy for the development and longevity of the project, however, it serves as a potential loss of money which is very detrimental to your investment as a player.
How MegaFans Is Disrupting The Mobile Gaming Economy
The challenges highlighted above are a major cause of the high attrition rate currently seen both in P2E and/or F2P gaming systems and if solutions are not proffered sooner rather than later, P2E games could lose the attention they’ve gained over time.
MegaFans wants to solve this problem by building a platform (with an improved user experience) where anyone, irrespective of their location, can play to win various mobile games. The projections are that this will attract a massive, untapped global audience and eventually increases the retention rateof P2E gamers like you.
Its location-based tournaments accompanied by robust prize pools will make these things possible. However, the beneficiaries of the solutions offered by MegaFans are not limited to gamers, rather, it extends to collectors and developers using the platform.
Let’s take an in-depth look at how MegaFans wants to achieve its aims.
- Improved Retention Rates Using GRM
The current gaming system makes customer acquisition its focal point without doing so much to retain them. What’s the point of customer acquisition if you cannot retain them? It is pretty common for users to interact well with a mobile game the first few days after downloading it, but what happens in the coming days? You guessed it, If they don’t find the experience enjoyable then they probably stop playing the game or uninstall it from their phones.
To deal with this, MegaFans will use Gamers Relationship Management (GRM) to identify high-value or active gamers and reward them with experiences and various prizes including fiat, gift cards, and cryptocurrencies. Active users will also have the opportunity to participate in exclusive, location-based tournaments that feature grand prize pools and experiences.
- Improved Conversion Rates
Based on intensive research, MegaFans believes that the lack of sophisticated freemium advertising, monetization, and the need for deep audience segmentationare the major causes of the low conversion rates in P2E. However, it aims to tackle these challenges in the following ways:
Promote free gaming apps deployed on Apple iTunes and Google PlayUser Acquisition campaigns through Facebook, Iron Source,Applovin, Tapjoy,Vungle, and othersSocial media posts and advertising campaigns on platforms popular in gaming circles such as Twitch, Tik Tok, Facebook, Instagram, and TwitterKey partnerships with individual game developers, personalities, and studios“Push Alerts” through partner gaming appsPermission-based native advertising using platforms like AdMob, Chartboost, and othersPaid search advertising on Google, Bing, Yahoo, DuckDuckGo, Baidu, and othersPaid and earned reviews and advertising projects with popular influencers active on GamesBeat, Gamasutra, Reddit, Steemit, and YouTube
- Cross-border Payments Using Blockchain
Gamers interacting with mobile games might need to make a purchase which is not often cost-effective for those staying in different locations. Although not a new thing in P2E, MegaFans utilizes cryptos to avoid these issues with fiat, thereby, giving more gamers access to any gaming products. Transactions made on the blockchain are faster, cost-effective, and secure.
Who Are The Beneficiaries Of MegaFans?
The beneficiaries of Megafans are, of course, the users of the platform.
MegaFans For Gamers:
Gamers benefit from the platform in the following ways…
Play-to-earn NFTs and CryptoGlobal MMO TournamentsProprietary Rewarded Ad SystemParticipation in Tokenized Revenue ModelsFirst Mobile eSports Community
MegaFans For Partners:
MegaFans partners benefit from the platform in the following ways…
Patented Turnkey White Label SystemLicense or Shared Revenue ModelsSponsorship OpportunitiesIncreases Retention and Monetization 10xIncreases Player LTV 5X-10X
MegaFans Tokens & NFTs
MegaFans ecosystem will be run by two tokens namely; $MBUCKS and $MFANS.
$MBUCKS is the governance token of MegaFans that can be staked for future equity, NFTs, private tournaments, airdrops, and more.
The $MFANS token (and NFTs), will be the utility token that opens up additional benefits that the MegaFans ecosystem is continually exploring and adapting within the marketplace.
You can, however, learn about their tokenomics on their
Conclusion
With the P2E model, users can now make a decent amount of money interacting with blockchain games. Different P2E games have different game modes and you must understand what the requirements are before participating in such games.
Of course, both the conventional and blockchain gaming systems have their issues and not all users on the F2P system can be diverted to the P2E system based on personal preferences.
However, MegaFans in the P2E gaming system lightens its hope in terms of user acquisition and retention which may contribute immensely to its growth.