What if I told you that there are platforms where you can play games and earn Crypto? If I had asked the same question 10 years ago, it would have been almost impossible to believe. But it is a reality today, thanks to Blockchain.
This article will detail two latest trends in the Web 3.0 ecosystem- Play to Earn (P2E) and Move to Earn (M2E).
Applications of Blockchain in Gaming and Fitness
Blockchain technology has amazed us in the fields of De-Fi, Metaverse, and Smart contracts. It continues to branch out its use cases by helping developers create applications in the Gaming, and Fitness industry.
Read about: What is Metaverse: The Revolution
The trend of reward-based engagement has grown exponentially since the advent of Metaverse, and Blockchain use cases have expanded the creator economy beyond imagination.
The Gaming Industry has come a long way since the days of the very first iterations of the Nintendo console. Most of us would have come across games on isolated devices. Later, the internet allowed players to engage in battle royale games. These battle royale games were to an extent a projection of players into the gaming world.
Large scale use of YouTube and Twitch to stream games has further expanded the gaming universe and allowed gamers to monetize through entertainment. The latest upgrade to the gaming ecosystem is P2E gaming which rewards users for their achievements within the gaming ecosystem.
Play to Earn Crypto Games
Play to Earn ( P2E) fuses the concepts of blockchain with gaming. P2E games reward users with in-game tokens for their progress. These tokens can be swapped with Crypto assets which have real-world applications beyond the gaming ecosystem. The rewards are usually in proportion to the achievements of the player in the game.
P2E games have picked up pace since early 2021 and some of the notable names in the Industry Include Axie Infinity and Sandbox.
It is the market leader in the P2E space and it runs on the Ethereum blockchain network. Players can buy or rent NFTs called Axie’s and use them for gameplay. They are rewarded with in-game tokens called Smooth Love Potions (SLPs) which can be swapped with Fiat money.
The game has recently found itself in a soup due to a security breach but as per reports, the team is actively working to bring back the game’s former glory days. Even during the ongoing crypto winter, the game has managed to sell close to 3500 ETH worth Axie’s which shows that the game has active engagement.
Sandbox was initially a mobile-based game, and it transitioned to a blockchain ecosystem in 2018. It rewards players for building in-game ecosystems using NFTs. It’s a world with fewer rules and allows gamers to be more creative than usual.
Read about: What is The Sandbox
Players can create assets and sell them in the in-game marketplace. The decentralised marketplace within the game allows players to trade assets. Sandbox’s Game-maker allows players to build games. The token currently used in the Sandbox ecosystem is SAND.
Move to Earn Crypto Apps
Move to Earn (M2E) applications are fitness oriented and reward users for adopting a healthy lifestyle. The applications track the user’s geolocation and incentivize them proportionally based on the number of steps taken.
M2E applications caught fame with STEPN, the leading platform in the M2E space. Stepn aims to incentivize everyday activities such as walking, jogging, and playing. Users acquire in-app NFTs, which are collectibles like sneakers, badges, and gems. Users earn Green Satoshi Tokens from daily activities which can be used within the app ecosystem or can be cashed out to book profits.
STEPN has generated a mammoth $ 122 million in profits for Q2 of 2022. The company aims to reinvest the profits to improve the existing features of the app and increase the team size.
Read about: The Ultimate Comparison: Web 3.0 vs Web 2.0
P2E VS M2E Comparison
|Incentive system||Through in-game performance||Through physical Activities|
|Market Leaders||Axie Infinity, Sandbox||STEPN|
|Relevant tokens on Zebpay||Axie Infinity, Sandbox,MANA||STEPN|
Both P2E and M2E applications have great potential. Their use cases are levelling up by the day, and it is an exciting space to explore. The Crypto winter will certainly test these platforms, and the ones that survive will surely make a mark and set trends for the future.
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