Play-To-Earn gaming is one of the biggest aspects fueling the blockchain market bull run in 2021-22. The Play-To-Earn gaming pertains to certain games (built on blockchain framework) where gamers can play and earn monetary rewards. The gamers do not have to use ancillary methods such as streaming to earn money but the design of the game itself rewards gamers for their time and skills invested in the game.
The P2E gaming model is creating employment and some gamers are even quitting their full time jobs to spend more time on games to increase their earnings. However, on the flip side there are people who are non-believers that say it's just temporary hype and gaming can’t be considered as a consistent source of income.
Deep diving into the Play-To-Earn gaming, NFTs and blockchain gaming there are some important insights from the founding team of OneTo11 which is ‘World’s First Play-To-Earn gaming ecosystem’. Their platform already has 2 million registered users playing various games and earning money just using their skills and gameplay experience. The platform has over 100,000 DAU and completed over 20 million transactions.
The CMO of OneTo11 Manasvi Singh shared that - “The introduction of metaverse adds fuel to the fire, if we consider blockchain adoption to be the fire. I would say it will double the growth rate of the industry. As metaverse offers more immersive and engaging capabilities, it's just a matter of time when gaming is going to become the most popular activity taking over all other forms of entertainment such as sports, Hollywood and streaming.”
OneTo11 team believes the popularity of Play-To-Earn is definitely not just a temporary phase, rather a pivotal moment which will frame how people think and perceive online gaming. “Until 2019, games were just for entertainment, and time and money spent on gaming used to be considered as wasted. Now, imagine being able to earn money by playing games and the more time spent on gaming equated to more monetary reward. That is what is made possible by Play-To-Earn gaming with the help of blockchain technology, NFTs and decentralized gaming platforms.” says Ravindra Kumar - the CEO of OneTo11
In the USA, gaming is already bigger than Hollywood and sports combined, as the world gets better access to the internet and economical gaming devices(including smartphones & computers), we will see more people globally participating in the P2E gaming phenomenon making it one of the biggest economic sectors of the world.
The younger generation that has grown up with smartphones and games are extremely likely to shift to P2E games. It's simply logical to spend time on games with a possibility of earning money, whether you are doing it to kill time or playing games as a passionate hobby.
Another important reason for P2E as the future of gaming is control or ownership. Non-P2E games are in complete control of game publishers, which means when gamers progress in a game using their time, skills or sometimes money(buying special characters, weapons or other in-game assets), there is no value that can be obtained from it outside the game. Whereas with NFT capable P2E games allow gamers to own their characters, progress, profiles as NFTs which can be sold in the open market for monetary value. This feature alone puts gamers on top of the gaming economy where they can sell the NFTs from one game and move to another one without losing all the value invested in the form of time, skills or money.
“Blockchain industry is expected to grow to a value of 163 billion USD by 2027, and the merging of metaverse & gaming with blockchain might push this number even higher. It is just a question of how innovators utilize the technology to come up with real world applications that generate value for people individually and collectively.” Mentioned Anirban Chatterjee the COO of OneTo11.
All the major game publishers have already announced their P2E game initiatives, looking at this trend P2E games could very well be the top choice of gamers within the next 2-3 years. The OneTo11 platform has multiple games to serve different kinds of gamers(fantasy sports, mobile games, trivia games and RPG) and all of them have grown exponentially in user base reaching a total of 2 million users in just 15 months after launch. The only phenomenon common in their games on OneTo11 is the P2E model and it is good enough to bring more gamers to our platform consistently.
The metaverse is supposedly framing the web 3.0, and blockchain or NFT gaming fit into this new version of the internet better than other technologies looking at the activity in the NFT marketplaces worldwide.
The CTO of Oneto11 Tirath Chand Sharma explains - “Blockchain, NFT and P2E gaming are the biggest building blocks of the web 3.0. Blockchain provides the framework for decentralization, NFTs enable true ownership of digital assets and P2E gaming creates a sustainable economy. So, any version of the metaverse is unimaginable without these three fundamental components.”
Owning core pieces of metaverse in the form of NFTs seems to be the most reliable way to ensure that there are no monopolies of large institutions and business entities in the metaverse and everyone can participate in a democratic manner.
The popularity and growth of Play-To-Earn games is more logic driven than just being a temporary hype. Just as any other industry changes dynamics with new technology becoming available, gaming also is going through a phase of turmoil at a fundamental level. OneTo11 as an organization is already a testament of possibilities and acceptance of the P2E model and blockchain gaming. They already have some major investors and advisors backing their vision of building an global gaming ecosystem namely - Oracles Investment Group, Maximus Capital, GDA Capital, Magnus Capital, NFT Technologies,Dutch Crypto Investors, Oracles Investment Group, International Blockchain Consulting, Jason Stone, and Carl Runefelt. As more traditional institutions announce their blockchain adoption plans it is quite possible that gaming will be transformed into a P2E arena completely as top blockchain pundits of the world are claiming.