What’s Next for the Play-to-Earn Gaming Business? Last year was a great year for the play-to-earn gaming sector, which works hand-in-hand with the crypto world, but as the games improve and create more options for players, what’s next for the industry? There are a variety of chances and challenges for builders and gamers, whether it’s expanding the gaming experience or opening new doors for non-crypto native players to enter the market.
Alex Paley, co-founder of Solana-based blockchain game firm Faraway, told TechCrunch, “The idea is to transfer the Web 2.0 conventional gaming masses to web3.” “The only way to do this is to eliminate as many artificial barriers as possible.” According to a DappRadar and Blockchain Game Alliance research from Q1 2022, the blockchain gaming business expanded 2,000 percent in the previous year. According to the research, $2.5 billion was invested in the blockchain gaming area last quarter, compared to $4 billion raised for the sector in whole in 2021, indicating a considerable increase in money streaming into this space.
While the web3 gaming industry is known for its play-to-earn models, a number of crypto gaming companies are now giving free-to-play options for new players who wish to try before committing entirely. The free games business was large about ten years ago, during the height of mobile gaming’s free-to-play period. There were a plethora of methods for non-gamers (and seasoned gamers) to pick up their phones, download an app, and play within minutes, ranging from Angry Birds to Candy Crush.
According to a research by Business of Apps, Candy Crush has been around for ten years and has made billions of dollars in overall income and over $1 billion in revenue in 2020 alone. “The beauty of free-to-play was that it substantially increased the audience of individuals who could experience your game,” Paley explained. “It’s equally vital to accomplish that with web3.”
Some crypto games are now contemplating the free-to-play model as a method to attract new players to the typically closed crypto gaming sector, which is known for its play-to-earn strategy. “We anticipate a bright future for web3 gaming,” Phil Sanderson, managing director and co-founder of Griffin Gaming, told TechCrunch. “In many respects, I see the entrance of blockchain into gaming as disruptive as free-to-play gaming was too mobile.” However, non-crypto-native audiences will benefit from more accessible games with easier onboarding, and the fun component will ultimately drive their success, according to Sanderson.
Last month, Axie Infinity released the Origin version of the game, which allows players to check it out for free and acquire up to three Axies (free characters). “I think having free initial Axies is a significant moment for NFTs,” Jeff “Jiho” Zirlin, Axie Infinity co-founder, previously told TechCrunch. “People may fall in love with the IP and world and test it out and see whether it’s for them before making major economic commitments.” These blockchain-based games must first establish to players that their games are enjoyable, then find out a method to get them to work and contribute to the economy by playing the game, according to Paley.
Apart from the financial incentives that crypto play-to-earn games give, the most crucial thing is to create something engaging. “Our number one objective is to make sure we’re making a pleasant product,” Star Atlas creator Michael Wagner stated. “It makes no difference how generous the financial incentives are. Our main goal is to provide a fun, high-quality experience that will draw people in. Of course, there are financial incentives, but that’s simply an added bonus to the game.”