Blockchain technology continues to bring innovation to several industries globally. GameFi is one of these new decentralized industry innovations. The traditional games incorporated with the NFTs, DeFi and fundamental blockchain concepts has resulted in a paradigm shift in the gaming community. The ‘play-to-earn’ model proposed by GameFi enables gamers to earn real rewards from money by just completing tasks or missions in the game. It must be built on a scalable and fast blockchain for excellent game performance and scalability
Although the most popular GameFi project, Axie Infinity, was built on the slow and expensive Ethereum blockchain, the ‘play-to-earn’ model’s acceptance rate continues to rise despite the obvious blockchain obstacle.
The GameFi world has grown dramatically, and it is expected to have a significant impact on the global gaming market, which is expected to reach USD 314.40 billion by 2026. Reputable investment firms are interested in GameFi projects because they see it as a viable gateway for newbies into the Web 3.0 space. This article will examine how the “play-to-earn” model is transforming the gaming industry.
The ‘Play-To-Earn’ Games
Play-to-earn games have upended the traditional gaming market by allowing users to earn money for completing pre-set objectives. According to one survey, over three out of four online gamers desire to exchange virtual assets for a currency that could be used across multiple platforms. This new structure ushered in a paradigm shift in the gaming industry. Players can now trade and exchange digital assets on several trading platforms.
It is important to note that the advent of the Play-to-Earn model made in-game tokens and assets have real-world value. Traditional games used to be only for entertainment and thrills; the play-to-earn model introduced the benefit of earning money while maintaining the fun and thrills that traditional games offer.
The ‘play-to-earn’ games have become a popular gateway for people new to the cryptocurrency market, pushing the adoption of blockchain technology. Axie Infinity‘s gross income of $781.6 million drove a rapid increase in GameFi revenue in the third quarter of 2021. The Axie Infinity token, which began the year with a $0.54, also reached an all-time high of $155 this year.
Example of Innovative “Play-To-Earn” Projects
Let’s take a look at Attack Wagon, an innovative play-to-earn project. Attack Wagon is a blockchain gaming development studio specializing in free-to-play and play-to-earn games. Attack Wagon uses blockchain technology, DeFi, and NFTs to provide users with an immersive gaming experience. Scrap Guilds, a Sci-fi RPG with direct in-game use of Attack Wagon’s native token $ATK, was recently released by Attack Wagon and is now available for purchase on Gate.io and Quickswap. $ATK is a Polygon chain-based ERC-20 token. $ATK can be used for in-game purchases within the Attack Wagon ecosystem, such as NFTs and PvP entry fees.
Attack Wagon was devised with an aim to lower entry barriers into the lucrative world of play-to-earn, offering free in-game starter items to maximize engagement and monetization while the user plays. The items (or NFTs) gain value with higher levels of usage as they are upgraded, giving the potential to generate even more value over time.Attack Wagon provides users with real-time value by allowing them to earn the same cryptocurrency passively across multiple games, increasing their chances of making significantly more money. Scrap Guilds, Attack Wagon’s first game, has an exciting storyline and exciting features like multiplayer mode, quests, PvP, and so on. The game’s release date is set for the third quarter of this year.
The Future Of Gaming
As can be seen, blockchain transformed the outlook of the gaming industry by introducing the “play-to-earn” model. There is now transparency in the gaming ecosystem, and gamers can be confident that game developers will not tamper with their in-game assets. Gamers can also sell their in-game assets for real money and use those assets in other games. It appears that the future of gaming will be connected and interoperable gaming communities, with GameFi projects like Attack Wagon leading the way.