Many of you have recently asked, "Is the Play-To-Earn trend still going to last?" For your convenience, I'll share my viewpoint here.
First of all, what is Play-To-Earn (P2E)?
Play-To-Earn refers to earning money by playing games. As the name implies, this is a method of earning money by playing games. This form has been used in traditional games for a long time, but it has now been "optimized" through blockchain-based games like Axie Infinity, Alien Worlds, and others
Is Play-To-Earn a "trend"?
This is a great question, and I'm wondering the same thing. However, unlike previous short-term "trends" such as meme coins, food coins, and so on, I believe this is not simply a "temporary trend".
Why do I say that P2E isn't a "trend" and that it can last?
"P2E can last a long time," in my opinion. Why do I believe this?
Firstly, P2E, or paying to play games, has been around for a long time in the traditional game world. Traditional games, on the other hand, only Pro-Players can make money through games; however, games built on blockchain are currently being optimized, allowing anyone, Pro or Non-Pro, Crypto or Non-Crypto, to make money through games. So, rather than saying "P2E is a trend," consider P2E as a use case, a function/use of Blockchain, and a specific function will always be "further away" than "P2E" a short-term pattern.
In addition, unlike traditional Pay-to-Earn games, players who want to profit from the game must deposit money and play hard in comparison to other players to have a chance to gain profit. Players in the NFT Game will almost always have to put in an equal amount of money, and the amount of profit will be the same, demonstrating the fairness and transparency of the blockchain. There are also some NFT Games where you can profit without investing any money, which you can find here.
Many people have recently discovered ways to make money on the internet as a result of the Covid-19 epidemic, which has caused a sharp increase in the number of unemployed and low-income people. And the wave of Play-To-Earn through NFT Games began to form and grow quickly, with Axie Infinity averaging 600,000 daily plays at the end of July, 800,000 at the start of August, and reaching 1 million at the end of August. The majority of the players are from countries that have been severely impacted by Covid-19, such as the Philippines and Vietnam.
Part of the reason for the current P2E rush is that Covid-19 is still ongoing. However, this does not mean that P2E will disappear once the epidemic is over. P2E has the advantage of occupying a small portion of a player's "online" time on the internet, so even if the Covid-19 situation stabilizes, players can still combine Play with other jobs to earn more money.
The NFT Game is one of the few blockchain/crypto applications with "real users." However, the combined capitalization of all NFT Games is currently less than $50 billion, accounting for only about 2.5 percent of the gaming industry's total capitalization ($2,000 billion). I believe that this number is still insignificant in comparison to what NFT Game offers and that it will continue to rise shortly.
The traditional gaming industry has grown tremendously in the last ten years, despite the economic downturn in nearly every country. The game industry has currently surpassed both the film and music industries combined, and if blockchain is the technology of the future, games on blockchain will go even further.
The preceding is my viewpoint and opinion, not investment advice. You can find out more!
Ancient8 is Vietnam’s biggest blockchain gaming guild incubated by Coin98 Labs, Kyros Ventures and Coin68 Media. Ancient8 aims to create a Decentralized Autonomous Organization (DAO) that develops a platform to enable everyone to play and build the metaverse while earning rewards. Besides, we offer scholarships, educational content for equal economic opportunities in the metaverse.