The head of Xbox, Phil Spencer says that play-to-earn (P2E) models are creating a workforce out of gamers who need to monetize the time spent playing. He believes the metaverse has been there for 30 years since digital gaming was first introduced. As such, the metaverse is nothing new. Spencer said that it’s related to what gamers have already been doing for some time.
He said people have been playing in the 3D shared worlds for years. The Xbox boss believes they have found that there’s more connection as they have a shared purpose. Spencer highlighted that gamers might be confused with the concept of the metaverse. He outlined that having an avatar in a game and being part of a virtual world can be considered inhabiting it. Microsoft and Xbox have used the term “metaverse” at different times. Microsoft, while announcing the purchase of Activision Blizzard for $69 billion in January, said the virtual world would accelerate the growth in the company’s business across mobile, PC, console, and cloud. It will provide building blocks for the metaverse.
However, Spencer is cautious about the play-to-earn model. He said P2E is a workforce out of players to monetize. The Xbox executive described it as a hammer looking for a nail when these technologies come up. Spencer said it might prove to be interesting in the future. He acknowledged its popularity with blockchain games like Axie Infinity which has yet to reach the Xbox or Sony Playstation 5.