What are Play2Earn Games?
The term “play-to-earn” (P2E) refers to video games where the players can take ownership of in-game winnings and assets. It has become a common phenomenon in Web3 video games that use NFTs and cryptocurrencies as the major component of the gaming experience. This allows the user to earn outrightly from their video games. In-game assets which include all winning coins, gifts, mystery boxes, land, wearables, weapons, and other items purchased within the game can be converted to real cash. This is the power of crypto in NFT.
The idea is not completely unique; many games use a comparable model, particularly the classic free-to-play (F2P) games. These games allow you to play for free and even let you win items through gameplay, but these assets are not tradable or convertible to any valuable item in the real world.
This is, therefore, what sets play-to-earn apart from free-to-play because you can trade and sell your gaming assets, which are in the form of NFTs, to other players or generally in the crypto market.
Revenue From the Industry in 2022
According to Coinmarketcap data, the current market valuation of the P2E industry is over $5.6 billion. Frontofficesports.com, in March 2022, showed that the P2E industry grossed a total of $3.8 billion in assets.
1. Axie Infinity
Axie Infinity was initially intended to be a fun and informative tool to introduce blockchain technology to the world, but it has shockingly drawn investors worldwide. Sky Mavis, a Vietnamese gaming studio, developed the NFT game inspired by the Pokémon franchise in 2018.
The play-to-earn game is based on Axie’s Ethereum-minted NFTs, which users may gather, grow, compete with, and exchange with other online users. When a user defeats another user, they are awarded Smooth Love Potion tokens, which may be exchanged for AXS tokens, the game’s primary utility tokens.
Axie Infinity counts 1.48 million daily active users as of July 2022.
The Axie Infinity utility token is known as AXS and it is currently trading on VIBRA at $12.32 per token.
Like Axie Infinity, Decentraland is a virtual reality video game, but it is more immersive and real because one can own properties like real-world assets. As a result, everything available in the real world can be found here, from digital skyscrapers and rapid transportation systems to movie theatres and hotels.
Decentraland allows players to use predesignated tools to construct their 3D world, build a separate game, or purchase landed property and do whatever they want with it. A player can fight off other players or pay other users to keep their land secure while offline.
A number of big players have shown interest and invested in this digital real estate. JPMorgan, the largest bank in the US, said that it had created a lounge in Decentraland called Onyx Lounge, making it the first lender to enter the metaverse.
Decentraland token is MANA. MANA is currently at a market price of $0.70 and has a total market capitalization of $1.55 billion.
3. The Sandbox
The Sandbox is the third-largest metaverse based on the Ethereum blockchain. This game allows players to construct, create, and survive in a blocky metaverse. Users of The Sandbox can purchase SAND in-game currency tokens to construct a home or a castle, or to complete quests to earn more tokens. Combining creativity, strategy, and survival abilities, The Sandbox encourages players to actively purchase and trade NFTs on the platform. The more items players create, the higher their maximum level will be.
The Dubai government was a pioneer in embracing the metaverse and cryptocurrencies. According to a recent announcement, the Sandbox metaverse’s land has been bought by the Dubai Virtual Assets Regulatory Authority (VARA) to build its virtual headquarters.
Now, let’s discuss The Sandbox’s token:
SAND is an ERC20 token, and it powers all of The Sandbox’s transactions and interactions. SAND is trading on VIBRA at a market price of $0.85.
5 P2E Tokens that You Can Buy on VIBRA.
APE: ApeCoin is the utility coin for the APE ecosystem, which includes the ApeCoin DAO and all services and products utilizing APE. It’s currently trading at $6.01
GALA: GALA is an Ethereum token that powers Gala Games, a platform for blockchain gaming. GALA is used as the medium of exchange between Gala Games participants. For example, it can be used to pay for in-game items. GALA token’s market price is currently at $0.041
DEVT: DEVT is an ERC-20 governance token used to promote the development of the DeHorizon metaverse. DEVT token’s market price is currently at $0.024
GMEE: The GMEE Token is a utility token designed to be the currency of purchase, utility and reward in supported play-to-earn games on the GAMEE casual gaming platform. GMEE token’s market price is currently at $0.011
DOSE: DOSE is an ERC-20 Fungible Token (FT) of purchase, utility and action. It is the heart of the OliveX gamified fitness ecosystem. DOSE is currently at its all-time low price of $0.009