How the Play to Earn Model Is Transforming The Gaming Industry
Videogames are a perfect pastime. They allow us to unwind or have a great time with friends and family. Since the pandemic, many more people have begun spending a lot more time playing various video games. What’s more interesting about this is that a large percentage of gamers are actually adults. According to USA Today, up to 67% of Americans aged 18 and above play video games. Out of this number, a critical portion spends at least 7 hours weekly gaming.
One of the many reasons for this spike in gaming interest is the developments that are beginning to take place across the gaming industry, particularly the advent of GameFi.
GameFi is a term that describes the merger between blockchain-based gaming and decentralized finance. Although blockchain games have been around for quite a while, GameFi is a relatively new area and has yet to reach its peak. GameFi bridges the gap between all the various players in the Web 3.0 ecosystem — gamers, investors, and traders — and provides a space where each of these individuals can participate.
Blockchain games have incorporated NFTs into their gameplay, creating a full-fledged ecosystem where players can own game assets and trade them. For instance, a player’s in-game avatar, costumes, or other game accessories could be NFTs. Most games have a digital marketplace where gamers can buy and sell these unique items, creating an opportunity to earn. This model has been widely referred to as the play-to-earn (P2E) system.
What is the play-to-earn model?
Previously, video games offered nothing more than the promise of a great time to players. However, thanks to NFTs, cryptocurrencies, and the massive growth of DeFi, game creators can finally offer a lot more to players. P2E is a model that allows blockchain-based gamers to enjoy their best games and still reap financial rewards.
Understanding P2E games and how they work
Before you can understand how this model works, you must first understand some key concepts, like what NFTs are and why they are essential.
NFTs (Non-fungible tokens) are unique cryptographic tokens representing a particular item. This item could be anything ranging from artworks to tweets, and even physical property. What makes these tokens special is that they cannot be replicated by anyone. Meaning that they are a credible method for establishing ownership.
The play-to-earn (P2E) ecosystem works by rewarding players with NFTs whenever they finish specific tasks or reach a particular milestone. Some games also adopt a similar approach to this NFT reward method. However, rather than rewarding players with NFTs, they have their own unique in-game tokens instead. In many cases, game developers increase the utility of their tokens by securing a listing on reputable decentralized exchanges (DEXs) like Binance or Coinbase. The implication is that players can now trade their in-game tokens or NFTs on a DEX platform.
In the P2E economy, the better you get, the more you are rewarded with tokens or NFTs. This is in sharp contrast to gambling where your earnings are entirely based on luck. The majority of P2E blockchain games are totally skill-based, meaning that you have control over how much you actually make.
Start earning money as you play with SpaceFalcon
If you are as excited as we are about this new era of gaming, then we would like to introduce you to the perfect P2E game — SpaceFalcon. SpaceFalcon is an intergalactic metaverse featuring a recreation of the classic space shooter game. It is built on the Solana blockchain, meaning that it is optimized for fast and cost-effective transactions, a major advantage for players looking to trade their NFTs. Although it is a P2E game, the SpaceFalcon team spared no expense in making sure that players enjoy a rich gaming experience. The graphics are top-notch, and the gameplay is guaranteed to leave you stunned.
About the game
The earth is under attack by a hoard of aliens, and there is only one last line of defense — your spaceship. Your job is to take your stand and protect the planet from this coming invasion. However, although the promise of reward is great, this is no easy task. With each victory, the difficulty also begins to increase. Only those who are strong enough will take on this fight and earn the title of earth’s mightiest protector.
Asset ownership in SpaceFalcon
SpaceFalcon is all in on the concept of decentralized gaming. The game universe consists of planets, rocketships, weapons, and many more items. And each of these can be an NFT. SpaceFalcon has its own marketplace where players and even creators can sell off their NFTs at a great price. Asides from being able to own almost anything within the game’s SciFi world, another amazing fact is that there are no limits to the number of ways you can earn using your NFTs.
SpaceFalcon has its own utility token, FCON. The games SciFi tokens can be borrowed out or staked for rewards. In addition, they can also be traded both within and outside the game’s ecosystem.
So what are you waiting for? Join in and begin enjoying the best possible P2E gaming experience today. You can visit our website and sign up to get started.
About Space Falcon
SpaceFalcon is a next-gen Intergalactic metaverse featuring the classic space shooter game and premium Sci-Fi NFTs from cosmos and beyond. Built on Solana Ecosystem for fast and low-cost transactions to ensure a lightning-fast experience for your space adventures.