The Evolution of the Play to Earn Space
08 Dezembro 2021 - 4:41AM
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Gaming is a popular pastime activity among over two billion people.
It’s so popular that the gaming industry is now valued at $173.70
billion with estimates suggesting that it will sit atop the quarter
trillion dollars mark in the next five years. Sadly, despite this
massive growth trajectory, the industry has always been one-sided.
It’s almost always that only the gaming studios can turn in a
profit while users only pay for in-game assets they do not even
have ownership of. Making a livelihood from playing games has long
been a pipe dream for many. However, new solutions are emerging
with the introduction of the play-to-earn (P2E) model. All thanks
to blockchain and crypto! The Change of Blockchain and
Crypto-Powered P2E Games Innovation with blockchain and
cryptocurrencies has helped turn gaming into a source of revenue
rather than just entertainment for thousands of people.
Blockchain-based, play-to-earn online games are allowing users to
earn crypto as incentives, and many have attested it as a secondary
source of income. For instance, in the Philippines, a crypto player
named John Aaron Ramos claims to have purchased two houses entirely
with revenue from playing Axie Infinity, a P2E fantasy game. The
concept of in-game rewards has proven to be successful, allowing
users to earn crypto for actions they take while playing the game.
For example, Clash Crush Block is a fantasy game that allows
players to earn crypto by completing in-game challenges. The game
is similar to Candy Crush but with the added benefit of earning
free cryptocurrencies. Similarly, NFTs are powering the P2E space,
allowing users to buy, sell and trade in-game items (as NFTs) even
off the gaming platform, on secondary marketplaces. For example,
Axie Infinity and Decentraland are leveraging the Ethereum
blockchain to allow the exchange of in-game items as NFTs on
OpenSea and other similar NFT marketplaces. Challenges and
Solutions within the Gaming Industry Implementing a play-to-earn
model is not that easy, and most industry professionals are humble
enough to admit that the P2E crypto-based games will face several
challenges before gaining widespread acceptance. One major
challenge for P2E platforms would be eliminating the potential
anti-money-laundering risk since users will trade the in-game NFT
products against crypto. While developers agree that there would be
regulatory constraints, the majority feel that the most serious
difficulties will be internal and are beyond the reach of
authorities. Another significant challenge would be that the
opportunity to earn money via gaming would encourage certain abuses
and hatred among gamers, destroying the ecosystem. Furthermore,
most gaming platforms burn money by investing it in pointless
upgrades and features that benefit no one but the platform.
However, solutions are emerging to resolve the existing challenges
within the industry. One such solution is Citrus, a gaming token
that aims to accelerate the transformation of gaming. It offers a
wide range of solutions to the blockchain world through the DeFi
ecosystem, NFTs, advanced DApps, etc. With strict KYC/AML policies
within the gaming ecosystem, Citrus aims to reduce the money
laundering risks. Moreover, with the implementation of a strict
reporting mechanism, it aims to eliminate in-game abuses or hate.
Further, Citrus will utilize the funds collected through the
platform to create better utility apps, dApps (decentralized
applications), and tokens that will benefit the Citrus community in
return. The ultimate goal of Citrus is to improve the P2E paradigm
by making it more secure and scalable by employing features like a
100% audited code, low cost, and reliable investment model, as well
as high-speed transactions. The Future of P2E While play-to-earn is
still a new concept, it has the potential to change more than just
the typical gaming scene. Furthermore, with the emergence of P2E
platforms such as Citrus, the future of gaming is likely to become
safer, more beneficial to players, and highly trustworthy. Citrus’
self-sovereign banking system, open creative economy, universal
digital representation, and ownership could be a key booster to
P2E’s rapid growth.
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