Why is the Play-to-Earn & NFT Gaming Industry Growing So Fast?

Many gamers can recall being chastised for 'wasting’ their time when they were devoted to their computers, gaming all day and night. There's no denying that spending hours upon hours gaming has its downsides, yet what was once merely a pastime has turned into a rich business. Nowadays, gaming has become as much about having fun as it has about making a lot of money.

This is because a rising number of gamers are turning to P2E games, which reward players with cryptocurrencies and NFTs in return for their time and work. P2E gameshave ushered in a new age of digital economies, where users may create, sell, and exchange in-platform commodities for real money.

Most modern play-to-earn games reward players with an in-game token, the value of which is determined by the amount of liquidity (or money) in the token. That is why many people employ non-fungible tokens (NFTs) to support their token at first, allocating a percentage of their income to keep it afloat until players start investing.

Monoverse, a blockchain gaming company that developed the play-to-earn NFT game Frutti Dino, had its second presale for Frutti Dino tokens (FDT), with rewards in rare Frutti Dino NFTs. The sale ran from March 23rd to March 29th on the Frutti Dino website and was available to whitelisted users.

Following that, it's up to the game designers to create a well-balanced internal economy that creates and burns tokens on time while also providing a pleasant and engaging experience that keeps players coming back for more than simply money.

The majority of gamers, at least those above the age of 18, do not intend to make gaming their new job. At least, not in a practical sense. The amount of money earned at the level of the game's player is nothing like what would be necessary for full-time employment.

Under the existing P2E paradigm, this is illogical. Paid incentives are more of a lovely little bonus where players either break even on their investments or even receive a terrific bonus, thus the major reason for a game's success will still be the pleasure.

However, if the game is as enjoyable as its non-blockchain competitors, a game that pays you for playing will likely win out in most players' opinions.

Many people in third-world nations have been utilizing play-to-earn games like Axie Infinity to make a reasonable living since the American dollar is worth more than the local currency.

Alexis Ohanian, the creator of Reddit, forecasts that Play-to-Earn games will account for 90% of the gaming businessin the next five years.

"90% of people will not play a video game unless they are fairly compensated for their time," Ohanian remarked.

"In five years, instead of being harvested for commercials or fleeced for bucks to purchase silly hammers you don't own, you'll be playing some on-chain similar game that will be just as exciting, but you'll generate value, and you'll be the harvester," says the Reddit founder.

New ways of earning money will undoubtedly emerge as time goes on. It will all come with the arrival of the Metaverse, whatever shape it takes, from adopting a huge company's name to renting out a property, selling digital things, and performing digital services.

It's still a new idea, but one that's gaining hold with a demographic that used to spend their money on gaming but is now able to invest it and their time.

In gaming, the most important thing is still having fun. Yes, being paid in bitcoin and NFTs is a great incentive to play, but it doesn't make a bad or boring game any less so.

Even if some people are persuaded to play because of the promise of "free money," they won't stick around long, and word of mouth is a strong method to spread the word about your game. You may do this by rewarding people in a fun and equitable way.

It's evident that gaming psychology has shifted; players want deeper involvement in games, ownership of the assets they've worked so hard to acquire, unique experiences, and the ability to affect the future of gaming. In addition, players are more entrepreneurial than ever before, earning from digital gamification and ownership.

Users may earn in-game NFTs, which can subsequently be sold or leased out to other players, thanks to blockchain gaming. Creators may be engaged in every stage of the process, from creating new assets to pricing them, and they can even be compensated for secondary trades on their inventions (in the form of NFT royalties).

This new ecosystem is revolutionary because it is constantly updated with original content that can be bought or sold for real money. Players enjoy not just their innovations and triumphs, but also their capacity to cooperate with others, which is fostered by blockchain gaming.

Many people have been attracted to the value proposition of P2E and blockchain games, and we're likely to see players spending more time in this new gaming format.