Sunday, June 04, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / Fun trumps function? According to an analyst, P2E games do not have to be ‘fun’ in order to retain customers.
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
August 18, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

Fun trumps function? According to an analyst, P2E games do not have to be ‘fun’ in order to retain customers.

P2E Games

Attracting investors’ attention in late 2021 were play-to-earn (P2E) blockchain-based games, with Axie Infinity topping the pack with over 2 million active users. As they advance through P2E games, participants receive crypto or non fungible tokens (NFTs). These digital assets can be sold utilizing markets and cryptocurrency exchanges, producing income in a decentralized manner.

P2E gaming differs significantly from conventional PC and console gaming, though, in many ways. Due to the limitations imposed by blockchain technology, crypto games are in that regard several decades behind.

Yes, the majority of crypto games offer a poor user experience.

Although AAA-level crypto games have the potential to evolve in the future, the majority of releases to date have focused on collectibles, digital trading card games, and decentralized finance (DeFi).

Analyst Udi Wertheimer noted that detractors of cryptocurrency games typically focus on the lack of enjoyment or a similar user experience compared to the traditional market.

According to Anton Link, the CEO of NFT renting and leasing protocol Unitbox Protocol:

“Unlike most Web2 titles, fun is not what play-to-earn gamers aim for. Their main goal is to make a profit and be the first to gain new valuable experience that they can effectively use as a guild or cybersports team member to monetize their time.”

The traditional gaming sector outperforms the entertainment industries of movies and television in terms of adoption. According to a recent Newzoo report, the industry for video games would grow by 5.4% annually to $200 billion in 2022. The survey also claims that there are 3 billion players in the gaming industry, which is a much larger number than the estimated 320 million crypto users globally.

Even if Wertheimer’s claims are true, which would indicate that demand for cryptocurrency games will remain weak, acquiring just 0.5% of this market would amount to 16 million people. Furthermore, nothing prevents someone from playing traditional games on consoles, PCs, and mobile apps separately and looking for a way to make money through P2E.

In regards to the potential expanding P2E user base, Anton Link, the Unitbox Protocol CEO said:

“I think NFT blockchain games and the GameFi sector will be the key drivers of the industry in the next few years – and will also become a vehicle for the mass transition of new users to the crypto industry through new NFT-based DeFi products.”

Collectible NFTs and in-game avatars, armour, weapons, land, and spaceships are very different from one another. According to statistics from DappRadar, the prejudice towards P2E games is likely due to the 67% decrease in NFT trade volume from May 2022 to July 2022. In addition, on March 29, a large $600 million Ronin bridge hack crippled Axie Infinity.

DeFi-focused games could generate income for many

Forcing consumers to purchase goods or tokens is among the most common legitimate criticisms of the cryptocurrency gaming sector. However, it should be noted that certain DeFi programmes, such DeFi Kingdoms, Farmers World, and Sunflower Land, are presented as games. It would be strange to expect free recompense in these circumstances with no out-of-pocket costs.

Despite the obstacles in onboarding users and developing sustainable in-game economies with sufficient incentives, Link noted that “It will only be a matter of time until institutions start financing against NFTs.”

He elaborated with:

“Once the institutional lending infrastructure is in place, we expect the demand for NFTs to rise as well, as institutional money can flood into the country due to the additional utility that comes from securing their NFTs.”

Perhaps soon players won’t need to purchase virtual monsters and spacecraft in order to go on P2E adventures. Although there is legitimate criticism of the cryptocurrency gaming sector, it is not impossible for there to be a 10x growth in active players to 16 million. More importantly, this expansion and the new business models that enable it do not require the same user interface as classic games that don’t involve blockchain technology.

newsp2e
Previous Post
How to find metadata for NFTs?
Next Post
Blue chip NFT performance fails recovery, but investors HODL even harder

Related Posts

Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
February 28, 2023 by admin
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
February 24, 2023 by admin
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
February 23, 2023 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • How To Bring Virtual Fashion Into The Mainstream
  • Poppy Playtime NFT and the controversy latest updates
  • What is Cryptocurrency, and how does it work?
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • Crypto Heirloom, Apex Legends - Ultimate Guide
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2018 Cryptex. All Rights Reserved.