90% of the gaming market will be play-to-earn games within the next five years, believes Reddit Co-Founder Alexis Ohanian. He says many people will not play a video game unless they are being properly valued for that time.
The emerging model play-to-earn uses blockchain technology to issue in-game crypto tokens. These tokens can be exchanged for normal currency. As such, people make significant amounts of money just by playing video games! Ohanian said the new model will inspire people to play an on-chain equivalent game that will be just as fun. The person playing the game will be the harvester and will get to earn.
Kraken Intelligence, in its annual crypto report, has acknowledged the new virtual economy from play-to-earn and blockchain gaming. It described the new model as “revolutionary” for gaming. However, some analysts argue that it will have an impact on the broader society as an alternative to universal basic income. Play-to-earn can rise as an efficient medium of providing low-skilled workers with a livable income. This will of course be through true ownership and in-game rewards.
The report highlighted the metaverse whereby play-to-earn games would be empowered with character avatars. Gamers would get to win valuable NFT tokens for completing specific tasks. A good example is Axle Infinity – Pokemon-style game, wherein players get to earn up to $500 per month from the in-game rewards. The Kraken report says it’s possible that people would eventually opt to make a career out of it.
The metaverse, with Web3 is set to grow into a huge multi-billion industry.