What is Play to Earn Games

The gaming industry has evolved like no other. Video games have evolved from palm-sized handheld devices to computer games and wireless consoles. Players moved from vanilla games to blockchain games where they also had the opportunity to earn money.

In fact, according to some research and estimates, the global gaming market is expected to grow to around $268 billion by 2025.

The Gamefi industry has seen various trends ranging from First Person Shooters (FPS) to Multiplayer Online Battle Arena (MOBA) games.

The gaming industry has evolved like no other. Video games have evolved from palm-sized handheld devices to computer games and wireless consoles. Players moved from vanilla games to blockchain games where they also had the opportunity to earn money.

In fact, according to some research and estimates, the global gaming market is expected to grow to around $268 billion by 2025.

The Gamefi industry has seen various trends ranging from First Person Shooters (FPS) to Multiplayer Online Battle Arena (MOBA) games.

Lately, the cryptocurrency industry has also realized the growth potential of the gaming industry and its impact on blockchain-based technology. The collaboration of the two industries was made possible by the rise of non-fungible tokens (NFTs), as developers could create a tangible value transfer in gaming ecosystems.

This is how the play-to-win model for cryptocurrencies began.

Play to Win in the Metaverse
Most video game models are centralized where developers and publishers are entitled to all the economics of the game. Additionally, they can distribute game resources as they see fit. This means that in-game items and skins belonging to any game belong to you until the developers allow it. Once they decide to delete the game or close it, all is lost.

In the case Metaverse it is quite different. Any game items or skins you own come in the form of digital assets. They are completely yours and you can even sell them on other marketplaces.

The play to win model is entirely based on blockchain technology, as you can earn items in the form of non-fungible tokens (NFTs), crypto tokens, and through a process called staking.

Additionally, the key element of this model is to give games ownership of in-game assets and continue to increase in value as long as they are actively playing.

Play to win with NFT
Most blockchain game assets are given away in the form of NFTs. They were invented because the problem with normal tokens was that they were divisible and interchangeable. However, with NFTs, the problem of interchangeability is solved.

Additionally, the play-to-win model in the gaming industry is flourishing thanks to NFTs, as it allows games to create micro-economies in which game assets can be traded.
Ethereum introduced the ERC-721 standard which provides game developers with the ability to define unique assets.

The need for NFTs in games started when gamers were willing to pay more to receive a nice skin to enhance their gaming experience. control in-game prices and change them as well.

With NFTs, in-game economies are ordered because digital assets cannot be controlled or altered. In fact, scarcity can be controlled and players can trade their digital assets.

Play to win with Memecoins
People know cryptocurrencies like bitcoins, but it’s not the only ones out there. Some plays were created as pranks and are often referred to as meme-based plays. Some of the currencies have become mainstream and most of them are used in the gambling industry.

Mononoke INU is one such company that creates an ecosystem in the gaming industry and rewards gamers. They were inspired by the adventurous image that most people have loved since childhood and the crypto anime trend served as a catalyst for the same.

So there are many possibilities in the game to win matches now. You can choose to earn crypto through gaming or by investing in in-game assets. In Gamefi, you can earn or sell in-game assets in the form of Non Fungible Tokens (NFTs).

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Kingsley Obiakor

Sharing tips on Crypto, NFT, Defi, GameFi, Metaverse, Blockchain, Making Money Online, YouTube, Network Marketing, Product Reviews, Health, and Fitness.