The popularity of blockchain games has grown rapidly worldwide, especially with the rise of “play-to-earn” cryptocurrency games. This model allows gamers to earn cryptocurrency rewards by playing certain games, which can then be exchanged for other currencies or goods on cryptocurrency exchanges. This decentralized structure appeals to a wide audience, especially in parts of the world where employment opportunities and living expenses are scarce.
Another advantage of the play-to-earn model is its ability to create new opportunities for game developers. By integrating blockchain technology into games, developers can create more immersive and engaging gaming experiences that provide players with the chance to earn rewards, increasing the appeal of their game and attracting new users.
According to a recent report by Polaris Market Research, blockchain game transaction volume is forecasted to reach $5.41 billion in 2022, with a compound annual growth rate of 68.90%. The study attributes this growth to growing interest in cryptocurrencies and digital technology, as well as the Web3 technology that is blurring the lines between physical and virtual worlds.
A recent study conducted by cryptogambling platform Cryptogambling.tv analyzed the search volume of popular games that allow users to win cryptocurrency over the last 12 months. The study found that Axie Infinity is one of the most famous blockchain games with a play-to-earn model, where players can earn rewards in the form of Small Love Potion (SLP) by owning and fighting creatures called Axies. Other popular games include Virtual Metaverse, SecondLife, which lets users navigate an open virtual space and build their own lifestyle, and Stepn, a mobile “move-to-earn” game that rewards users for walking, jogging, or running.
Investors are eyeing the rapid expansion of the blockchain game market, which is currently valued at around $4 billion. The play-to-earn model, in particular, is attractive to investors as it has the potential to establish a new economy independent of traditional financial institutions.
In conclusion, the play-to-earn cryptocurrency game model is on the rise and has created new opportunities for gamers, developers, and investors. As technology continues to advance, it will be exciting to see how the blockchain game market develops and what new games and models will emerge.