The advent of blockchain technology has caused a revolution in the internet space. Non-fungible tokens are a significant element in the Web3 space. Their use cases and applications have unfurled to a greater extent, where their incorporation seems inevitable for many industries across the globe. On the other hand, the Gaming industry is one of the most robust industries in the world, which adopts cutting-edge technologies from time to time. After the rise of web3 technologies gaming industry was one of the pioneering industries to adopt these futuristic advancements to provide better gameplay.
The adoption of blockchain technology is one of the paramount advancements in the gaming industry and is widely celebrated by gamers. Gaming-centric businesses have effectively utilized Non-Fungible Tokens, Crypto token development, and other scopes of blockchain technology to create P2E platforms that reward users with lucrative crypto rewards.
The Future of P2E and NFT Gaming Platforms
NFTs in gaming could lead to a massive revolution. In fact, the revolution has already started gaining pace among gamers. It is evident that the new way to game is widely accepted by gamers across the globe from the success of renowned gaming platforms like Axie Infinity, Cryptokitties, Sorare, and Meta Cricket League.
According to Business Research Insights, it is mentioned that “The global Play-to-Earn NFT Games Market size was USD 755 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with Play-to-Earn FT Games Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 3618.4 million in 2028, exhibiting a CAGR of 21.3% during the forecast period. The sudden rise in CAG is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.”
How P2E Games Bring Value To The Players
Unlike traditional games, P2E games add a lot of value to the players. In-game assets which are purchased through the NFT game marketplace enable the players to own unique assets for a lifetime. In addition, NFT offers a lot of control over the asset, which is not possible in traditional games. If the in-game assets are NFTs, the holders can exercise complete control over the sale and resale of the assets. Numerous games in the web3 space have used NFTs to sell assets like skins, characters, player emotes, and other assets.
Apart from immutable ownership to unique game assets, P2E games became a huge success for the revenue generation scope. The revenue generation through cryptocurrencies and other crypto assets.
What To Expect From The P2E Games In The Future
Further development in NFTs and blockchain space could lead to more advances in the gaming space. However, the expected advances to take place in the P2E game space include but are not limited to the below-mentioned.
Non-Fungible Token interoperability could be a big deal in the gaming space. In addition, it also enables multiple gaming ecosystems to join hands to provide a fascinating gaming experience. Interoperability enables gamers to play their favorite game character in different games, applying different game mechanics. For a publisher with many leading games, platforms will have a lot to offer to gamers through interoperable NFTs game assets.
On the other hand, interoperability can also benefit gamers economically. Gamers can gain access to supported P2E game platforms that supports the NFTs they already hold. Which eliminates the requirement to purchase NFTs each time when they want to try out a new game. Apart from saving extra bucks on NFTs, players can also widen their revenue stream from multiple games through interoperability.
The shared 3-dimensional virtual space can do a lot more than just connect people across the globe. Even though the metaverse space is still in the nascent stages, it has the potential to be the next big thing in the web3 space. However, pioneering web3 games like Decentraland and Splinterlands have already dipped their toes in the metaverse space.
AR and VR Technology Incorporation
Augmented reality and virtual reality have a lot to offer in the web3 space. Incorporating these technologies can help gamers have an immersive gaming experience. In addition, these technologies can also aid game development companies in using the metaverse platform better.
Virtual reality consoles can help gamers explore beyond the flatscreens and immerse themselves in the virtual environment to experience the fun and joy of gaming.
Summing It Up
The incorporation of blockchain technology is gaining pace across many industries globally. The gaming industry was one of the pioneers to incorporate blockchain technology which led to the advent of NFT P2E games. As these web3 P2E games have lots of benefits to offer to the users, it is one of the most celebrated gaming models in the world. The future of the P2E gaming market looks bright and is set to reach colossal market value in the coming years. It is the best time for gamers to switch to web3 P2E games from traditional games.