In 2021, the NFT market soared to all-time highs as the widespread adoption of this cutting-edge technology found its place in new homes and industries across the globe. However, one specific application of NFTs gained significant traction among the rest and that is the phenomenon of Play-to-Earn (P2E) gaming, also called NFT or blockchain gaming. It elevates the player’s experience (and wallet size) by enabling them to earn and keep assets they accumulated in a video game. These assets include the platform’s native token and NFTs that can be traded or sold on the crypto market.
This promising concept was well-received by the gaming community as, until recently, profiting from video games was reserved mainly for developers or the top 1% of professional gamers and streamers. Now, anyone has the opportunity to “play to earn,” which is a welcomed change from the pay-to-play model offered by traditional games.
Immensely successful P2E franchises like Axie Infinity pioneered the market and paved the way for a multitude of teams to enter the space. These developers created a new wave of NFT games that put their traditional counterparts on notice. Since their inception, the impressive strides made in blockchain gaming offer up better graphics, gameplay, and even fully immersive experiences with VR and AR technology. Developers in the P2E segment now utilize top-tier technology such as Unreal Engine 5, and some have lured in talent from traditional gaming companies such as EA, Ubisoft, and SEGA, to name a few.
Today, players in countries with struggling economies have embraced this novel sector, with some earning more through P2E gaming than in their day jobs. Moreover, a recent study conducted by the Balthazar gaming platform showed that 32% of Filipinos would consider quitting their day jobs to become full-time NFT gamers. This immense progress in such a short period has led to market projections of over $3B by 2028.
Another unique benefit that NFT gaming provides players with is the opportunity to vote on crucial platform decisions, rather than be at the mercy of decisions made by traditional game developers. Votes are cast by players that hold or stake the platform’s native token, and in some cases, having more of the token will offer more weight to your vote. Players can vote on issues such as reward distribution, characters, new levels, and other game-related features.
A recently exposed cheating ring in Call of Duty and Overwatch tournaments highlighted the risks involved in traditional gaming ecosystems. The criminals, in this case, sold cheat codes to players, amassing over $70 million from this subscription-based scheme. However, implementing cheat codes in a blockchain game would not be feasible due to its decentralized nature. Furthermore, the blockchain itself is virtually impossible to hack, adding to the overall security for gamers.
Blockchain games have the potential to reshape the multibillion-dollar gaming industry and the global economy as a whole. Telos stands ready to empower NFT gaming developers with the necessary tools to deploy their games on the world’s fastest and most affordable EVM.
The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG compliant evolutionary blockchain governance system, including smart contracts, advanced voting features, and flexible and user-friendly fee models. In addition, Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Come build with us.
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