The Play-To-Earn Breakthrough in the Gaming and Gambling Industry By CoinQuora
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Cryptocurrency7 hours ago (Jan 26, 2022 03:30AM ET)
The Play-To-Earn Breakthrough in the Gaming and Gambling Industry
- P2E gaming is revolutionizing the way online gaming works.
- Blockchain technology provides new avenues for earnings as well as security when gaming, e.g., Fairspin.
- In the next five years, “90% of the gaming market could be P2E” predicts Reddit CEO
Play-to-earn is the concept of playing a game and obtaining digital assets in the process. These assets are in the form of tokens or non-fungible tokens (NFTs). These digital assets can be monetized in the form of selling and trading in-game. A dedicated Marketplace is often involved to trade these items with other players.
, for example, is a game that presents you with unique monsters to put into battle. These monsters can be sold and traded to other people with the price depending on the rarity. In Decentraland, players can buy and sell virtual plots. Recently, a plot of land was sold for $2.4 million in this game.
Fairspin is another example. It is an online gambling platform that provides you with earnings by playing through its games. Fairspin is an interesting example because it is based on the blockchain and issues complete transparency. On that note, play-to-earn has also revolutionized the world of online gambling. Let’s look back to Fairspin again.
Fairspin’s play-to-earn model comes from gambling and bets earnings synergies. Players receive tokenized rakeback for every bet and the rewards depend on the bet size and game category. These games include slots, board games, and live games.
Tokenized rakeback also means that earnings are credited automatically after the bet is done at Fairspin. After only a few months, Fairpin’s Play To Earn program resulted in players receiving 29,287,214 TFS. Besides P2E, Fairspin also features another program: Hold To Earn. This is when players place their tokens into holding, allowing them to gain some of the platform’s income.
The following factors influence rewards of HoldTo Earn
- The time selected for holding (from 8 hours, 1 day, or 3 days)
- The number of tokens put into holding
- The Fairspin income during the time of holding
The Hold To Earn program made Fairspin the first gaming platform of its kind that shared its income with the players. Also, only registered Fairspin users can join the Hold To Earn program. As of January 2022, Fairspin’s Hold To Earn program has resulted in players receiving $669,469.
Play-to-earn is absolutely making waves in the industry. Changing both traditional gaming and even online gambling. This format is revolutionizing industries and we’re seeing the beginning of a new era in gaming. Not only are we able to monetize our time as players, but also we will end up valuing our time even more. Rather than the current norm where mostly only companies see the monetary gain. Alexis Ohanian, The Co-Founder of Reddit, claims that 90% of games in the market will be play-to-earn in the next five years.
In five years, you will actually value your time properly, and instead of being harvested for advertisements, or being fleeced for dollars to buy stupid hammers you don’t actually own, you will be playing some on-chain equivalent game that will be just as fun, but you’ll actually earn value and you will be the harvester.
