GameFI Revolution Driven by Play-to-Earn NFT Games
If you’re a start-up enthusiast looking to create and launch a play-to-earn (P2E) gaming company using cutting-edge technologies like blockchain and NFT development services, this blog is for you. Here, we provide helpful information that NFT Game Development Company should consider before and during development.
Play-to-Earn NFT Games vs. Traditional Gaming
Traditional games have existed for a while and have changed over the years. This kind of game entails either paying to play the game or taking advantage of a free game. Typically, this category of games does not come with a monetary prize.
Unlike traditional gaming, HeliconNFT is revolutionizing the game industry. P2E NFT games are revolutionizing the game industry. It provides innovations that enhance gameplay and generate income. It serves as a link between the NFT and DeFi worlds.
Play-to-Earn vs. Traditional Gaming
Ownership of Assets
In a traditional game, the platform owns almost all of the items used to move around the game, regardless of whether the player holds the thing. The classic gaming industry is entitled to take away a player’s skins and collectibles. Players cannot transfer their collectibles to other platforms or sell them to third parties due to certain restrictions.
The users own NFTs used by Play-to-Earn gaming platforms. They may be created by gamers, transferred to NFT Marketplaces for sale, or exchanged for fiat money. The tools used to move around the game are called NFTs.
Users have little to no power to request changes in traditional gaming environments, but this is not true of Play-to-Earn blockchain-based games.
Play-to-Earn ecosystems frequently have a decentralized governance structure that allows users to participate in essential decision-making procedures.
For instance, community members make decisions in HeliconNFT. Users can participate in voting sessions as long as they have the native token. Players are welcome to participate in decisions that could determine the direction of the platform.
Conventional games are made purely for engaging gameplay that keeps players glued to the couch. In addition to those mentioned above, they do not offer players other ways to make money. The games are considered to be solely for fun and amusement.
With streams of earning opportunities, play-to-earn gaming platforms like HeliconNFT are changing the narrative. While performing various tasks, players can gather in-game resources. The gameplay affects the tasks that must be completed. If the game is combative, winning a battle might net the player money rewards. Before entering the gaming environment, some games require players to have an avatar.
Players can earn NFTs and cryptocurrencies by completing various tasks in the Play-to-Earn game. Skins, avatars, and other NFTs you collect while playing the game can all be exchanged for cryptocurrencies or even fiat money. Due to the high demand for these collectibles, which draws investors interested in collecting them, they have developed into financial assets.
Virtual economies are present in play-to-earn games. Each of them has proprietary crypto-tokens built on a different cryptocurrency’s blockchain (typically Solana, Ethereum, or its layer 2 chain, Polygon), and the supply and demand of their tokenomics fluctuate.
The model and economy of each game vary. Nevertheless, all of these in-game items have the potential to give players a financial advantage, whether it be as a result of winning a battle and receiving cryptocurrency, selling an in-game NFT on the market, or charging another player rent to use their virtual property.
It’s interesting to note that decentralization and autonomous governance are introduced wherever blockchain enters a sector. It has already changed fields like music and the arts. It’s time to start playing.
Understanding the NFT-Involved Play-to-Earn Game Economies
Developers must think beyond their bottom line to create a play-to-earn economy.
Players and developers are like business partners in this scenario. The way it works for NFT-based play-to-earn games is as follows.
The players in the partnership are responsible for holding valuable assets and distributing them via trading. The number of players in the game should rise along with the demand for the game’s NFT collection and the developers’ income. There is one crucial factor that developers must take into account.
NFT production has a cost, and that cost must be reimbursed. The developer benefits when transaction fees are decreased. Every time an NFT is transferred, the developer receives money.
Assume that a skin NFT’s royalty rate is set at 2%. The developer who created this NFT will make money each time sold to another player. Always, not just in the initial instances. They should encourage players to transfer these assets.
How about the video games that offer the current cryptocurrencies? How do they make money?
Most frequently by displaying advertisements to gamers. Here, time is a crucial factor. The creators should receive enough advertising revenue if players invest a lot of time in the games to earn some cryptocurrency.
Guilds of Gamers to the Rescue
Many problems can be solved by gaming guilds made up of financiers, players, and managers who can also provide upfront capital investment. They purchase virtual goods like real estate and other in-game assets in the form of NFT, lend them to new players who might be interested in trying out the new format, and profit from using those gaming goods in their respective virtual settings. The guilds then profit from the player by sharing their earnings and the rent they collect. The aim is to make it simpler for players to participate in P2E games without having to make an initial financial commitment.
Popular NFT Play-to-Earn Games
The “Axies” that players can collect, breed, raise, fight against, and trade with other online users in this trade-and-battle play-to-earn game are Ethereum-minted NFTs. Axies come in various varieties, and countless ways to customize them exist. When a user defeats another user, they are awarded Smooth Love Potion tokens, which they can exchange for the game’s primary utility tokens, Axie Infinity Shard tokens, by selling them.
A virtual reality platform, Decentraland enables users to create their own 3D world by purchasing land and developing it there. Once a player purchases land, they are free to build whatever they want on it, whether that be a brand-new game or a functioning online shop. Another option for players is to pay other users to guard their property while they are not around.
Most Ingenious Blockchain Platforms for NFT P2E Game Development
It is a global public blockchain network with numerous nodes. You can develop applications and write code to manage money using Ethereum development services. The blockchain of Ethereum is designed to run the source code of a decentralized application.
Tron speeds up and streamlines the deployment of decentralized applications. The cryptocurrency that Tron keeps is called TRX. By allowing content sharing, Tron develops an ecosystem where users can gain access to digital assets.
Begin with Conceptualization and Ideation
Start with a proposal that, in your opinion, takes into account factors like NFT integration, in-game economies, and game mechanics while also satisfying user and market needs. NFT token development company can help you define precisely what needs to be planned, carried out, and accomplished by speaking with you about it. The best technology and tools are then selected to implement your idea.