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Get ‘Paid-To-Play’: A New Economic Model For Web3 Games

Games & Play-to-Earn

Get ‘Paid-To-Play’: A New Economic Model For Web3 Games

Get ‘Paid-To-Play’: A New Economic Model For Web3 Games

The eSports and gaming industry is one of the fastest growing in the world with more people turning into gaming as a profession. This is a far-cry of the early days when gaming was solely seen as a pastime and a means to relax. 

The introduction of blockchain technology into gaming has further widened this notion as you can get paid to play games. Unlike the traditional system where all the profits made in games go to the developers, web3 games or Play-to-Earn games provide a way for gamers that like to grind to earn consistent profits.

In today’s article, we’ll be exploring how Play-to-Earn gaming works and why the service economy introduced by CropBytes could be a game changer for gamers. 

What Exactly Is a Play-To-Earn Game?

P2E games allow players to take real ownership of their in-game assets, which P2E game developers mint as NFTs on the blockchain. Although they perform nearly identically to their traditional counterparts, having in-game items minted as NFTs and in-game currency fully usable as crypto opens up a world of possibilities for the player.

Skins, weapons, characters, in-game currency, and even virtual land on the metaverse can all be traded or sold for profit, just like any other NFT. And, as with any other NFT, some of these in-game assets can sometimes fetch exorbitant prices on the secondary market.

Another significant difference between P2E games and traditional video games is their decentralized nature. In other words, the ongoing development of P2E games is done collaboratively, with developer feedback frequently used to improve the game. To foster further community-building among the player base of a P2E game, groups of dedicated players may even band together to form a decentralized autonomous organization (DAO).

However, players can participate in the ongoing progression and development of a P2E game in a much simpler manner. They can begin by simply playing the game, and players participating in the in-game economy create value for other players and developers.

Service Economy: A Sustainable P2E Game Model

Despite the initial euphoria, the hype behind P2E projects has reduced due to the extensive bearish market that has engulfed the crypto space.  

Many projects have been forced to shut down due to unstable tokenomics and the farming economy. The bearish market usually provides a period of clarity and it is obvious that the P2E projects must focus on developing sustainable economic models. 

CropBytes, a play-to-earn platform, is advocating for a unique concept called service economy as a way to create sustainability.

The core concept is that for a P2E platform to generate a consistent income, the game economy must generate wealth, which players can use to earn a consistent income through gameplay. However, wealth creation cannot be left solely to gamers, and investors and traders must also be accommodated in the game economy.

A service economy can be applied to any aspect of life, not just video games. The general idea is that those with money will want to pay others to do things they can’t do themselves.

In the context of CropBytes, a game where players breed animals and cultivate crops for rewards. It could be as simple as paying someone to grow crops or feeding animals. It’s common in the world of video games for players with a lot of in-game cash to outsource some of their playtimes to others who may have more time on their hands.

A service-based economy is not a key component in any other video game today. Furthermore, lending is another service that can provide sustainability. Owners of NFTs can lend their assets to gamers who earn money by playing Cropbytes or Axie Infinity for a fee.

CropBytes continue to lead the way for others to follow. For instance, Axie Infinity recently launched its Axie Homeland Alpha, which is built on the service economy model by CropBytes, in which an Axie land owner hires a Worker Axie to help them carry out tasks on their property for a price. 

This helps to create a sustainable economic loop providing value beyond just the price of the in-game token. 

Final Recap

Many blockchain play-to-earn games, however, are often unsustainable because developers are more concerned with making a quick buck for themselves and the players than with creating a long-lasting product.

With the implementation of the service economy, CropBytes is poised to usher in a new generation of web3 games. This will allow gamers to earn a living without making any investments and create a revolutionary economic model for blockchain games.

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Kim Cardanoshian

Journalist. I am interested in Games, GameFi, Play-to-Earn, Money and Entertainment

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