The Blockchain Gaming Industry — what is it?

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Blockchain Gaming and its rise

Cryptocurrency has continuously found its way to penetrate the unique markets — like when Visa has purchased Cryptopunks for $150,000.00 — and now, it is infused with gaming.

Forbes Crypto has recently featured the rise of a new crypto paradigm that “redefines the future of work.” Among these, Play-to-earn, or P2E, is the most developed model, thanks to its popularity with the online community of investors in many parts of the world.

The Play-to-earn model uses Smart Contracts — a set of codes automatically managing the movement and distribution of resources without the need for human intervention. Upon completion of certain conditions, tt allows distribution of rewards or cryptocurrency resources to users, often translating to actual earnings. Thus, public interest has ballooned over the potential of this innovation and the potential of growth.

The unstoppable growth of the Industry

These same games have revolutionized the landscape by attracting the younger demographic. Ironically, today’s pandemic, and other factors, have also accelerated interest in cryptocurrency.

El Salvador, for example, has passed its Bitcoin law in 2017, which granted the cryptocurrency legal tender into the country. After just a mere month, the digital wallet was downloaded by 3 million people, or 46% of the entire population. In contrast, the number of bank accounts held by the whole population only amounts to 29%. 93% of payments to companies in the country had been made through digital currencies as well.

Adoption is not ceasing; it is steadily growing.

Conversely, interest in earning while gaming is also increasing in this respect. By being able to amass millions and even billions of dollars’ worth in equity. All while paying the people that play.

However, much as the rush to discover the next best game, there is also an influx of those who want to develop such games. A rising number of blockchain games that incorporate the P2E model operate under Binance Smart Chain, Polygon Network, TRON, Ethereum, or other popular Networks.

The networks get filled up with game listings left and right.

_{Image credits: The Verge: Cloud gaming}

The search for the Ultimate Play-to-Earn

Admittedly, it is not always rainbows and sunshine since a good investor must also identify a good investment, even in games. The most glaring necessities are: that the team is documented and they openly verify themselves before the community for accountability. The game must likewise show concrete plans and not just fanciful statements. Lastly, the game must have promising potential.

An excellent example of this is Playermon. Developed by a Team from Malaysia, it is the next addition to the rising wave of Blockchain Play-to-Earn games. The game promotes its long-term sustainability vision that would embody a true platform that redefines a P2E game: One eventually thinning the line between gaming and work to an indistinguishable degree.

Playermon operates under the lowest transaction cost network, Polygon Network, and it is gearing to be the next leader in the play-to-earn industry. Albeit still in development, the game will feature scholarship integration and utilize other strengths of its predecessors in the industry as a springboard. Likewise, the issues faced by the pioneers — such as the lack of token-burning mechanisms — will be addressed to solidify the game’s latent potential for sustainability.

In addition, social features and interactions will also be developed alongside the game.

These might be the first step in creating a part of a gaming metaverse that allows connection between players in the game. Take note that this is the exact first step that the giant Facebook has delivered to propel it to immeasurable heights today. But in this case, it applied in Play-to-Earn gaming.

Real-world impact

News had made rounds in another part of the world when, in the Philippines, many players have reportedly been able to pay bills, save up, and even buy properties thanks to income derived from several play-to-earn games.

All this happened even during the pandemic, prompting more to invest and take part in Play-to-earn games.

A co-founder of Playermon describes this as “digital transformation.” It is the ability today to earn even with just a phone. The demand of the people also has developers change perspective in developing these games.

“Building a community where people can earn with their passion” and “We try to strike a balance now between having fun and earning,” said Marcus Leng and Jisheng Tan, respectively, co-founders of the game, in an interview.

Due to the pandemic, the world may be in a trench of stillness today from kinetic activities, but the digital world is abuzz with excitement. The lengths that the Play-to-Earn model will achieve are too extensive at the moment, and the potential is unlimited.

The only thing left to do, is not to be left out.

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This article was previously posted in te Official Playermon Medium Account

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