Web3 NFT-based Play-To-Earn games are a fantastic idea, but P2E games have not lived up to their promises and have significant financial issues.
Why is Play-to-earn a problem?
In the previous year, investors, tech, and crypto communities all showed a lot of interest in a hot new gaming sector. Play-to-earn (P2E) is based on a simple and well-known premise: Through games, players can gain money or assets in part due to blockchain-based incentives such as tokens and non-fungible tokens (NFT). View Chainplay ranking of the best play-to-earn games.
The idea that gamers would receive genuine cash compensation for their time and attention is striking. P2E has the potential to be a strong force for good, balancing inequality, exposing millions of people to cryptocurrency risk-free, and maybe developing into a component of universal basic income.
But many now wonder if P2E is a pyramid or Ponzi scam that can do more harm than good. We must comprehend the context in which these issues occur and adjust designs appropriately if we are to realize the full potential of P2E.
Blockchain technology makes it simple to create games that let players create, earn, and sell in-game goods that have real-world value; but, issues might occur when game creators promote their product as a means of income or an investment opportunity for all users.
A brand-new intriguing virtual environment is promised by the majority of the newest Play-to-Earn (P2E) projects. This is the very thing that attracts investors from around the world who pay thousands of dollars only to get their hands on a new game.
Most if not all of these projects lack a finished result to display. Additionally, most of them base the worth of their token on a vision rather than engaging gameplay and a robust in-game economy. We are left with a large list of comparable, shoddy undertakings as a result.
The answer to play-to-earn’s problems
Concentrate on producing top-notch P2P games
The primary issue in the P2E industry is that the majority of projects gather money and utilize it to start extensive marketing efforts. However, they don’t work hard enough on improving the items themselves. The game’s long-term success depends on its ability to provide an in-demand offering packed with fresh features. It also maintains a steady flow of users.
Another issue is the fragility of tokens. Players will likely lose interest if the project doesn’t get enough traction and doesn’t provide the token various utility. The game will become obsolete, and the token value will crash.
To be able to make money, spending and investing must be separated from playing. Games where players may invest or spend money are perfectly OK, but there shouldn’t be any in-game rewards for doing so. Pay-to-win gameplay is terrible. They reduce the enjoyment and viability of games and exclude many players who lack the means to take financial risks.
Develop a fair P2E
An economic system with numerous participants, conflicting interests, and limited resources are found in P2E games. The mechanisms used to determine who receives how much of the pie must be equitable and level the playing field for all participants. Games should be understandable, playable, and realistically won by anybody regardless of age, gender, tech prowess, or culture in order to have a genuine economic impact. And not deceitful.
There should be open sharing of all significant financial information. It should be obvious how money is allocated and made inside the system. This will boost trust, engagement, and income prospects as long as rewards are distributed fairly among participants.
Blockchain should be used to provide gamers and developers with equal advantages. For instance, game transactions and results may be made publicly verifiable on the blockchain, and players can actively participate in ownership and governance.
The Metaverse will develop into a place where people are encouraged to step outside of their comfort zone, progressively widen it, and interact with others. We should support high-quality kinds of entertainment, starting with Play-to-earn, since its producers provide new forms of enjoyment, contexts for conversation, and spaces for learning.