The world of online entertainment is always changing, and a fresh idea called “Play to Earn” (P2E) has got many people talking with popular games such as Axie infinity and Decentraland.
If you enjoy any online games or are actively updated on the cryptocurrency industry, you might have heard about this. It’s a way where playing games can actually get you something back, maybe even a bit of money.
Now, the question everyone’s asking is: could this idea become a big part of online casinos too? Let’s have a good look at what this is all about and if it’s going to change how we Filipinos view online casino gaming as a whole.
What is Play to Earn Games?
Play to earn games are online games that reward players with things that have real value outside of the game itself. Usually, this means you can earn cryptocurrencies or Non-Fungible Tokens (NFTs).
NFTs are the unique digital items that you truly own in the game. The gist of it is that the more you play and the better you get, the more you can potentially earn.
People are drawn to this because it means the time and effort you put into a game can actually give you something tangible in return, and not just a cosmetic within a game.
Imagine spending your free time playing a game you enjoy, and instead of just having fun, you also collect items or currency that you can then trade or sell to other players. That’s the basic idea behind play to earn.
Why Play to Earn is Gaining Popularity
The rising popularity of P2E games isn’t just a passing fad, several key factors make them particularly attractive to a growing number of players:
- The Chance to Earn Real Value: This is perhaps the most significant draw. Unlike traditional games where in-game achievements and items remain within the game’s digital walls, P2E offers the possibility of earning cryptocurrencies or NFTs that can be traded, sold, or exchanged for other assets, even real money.
- True Ownership of Digital Assets: In many P2E games, players genuinely own their in-game items as NFTs on the blockchain. This ownership means they have control over these assets, they can trade them, sell them on marketplaces, or even use them in other compatible games or platforms in the future.
- Empowerment and Control: The decentralised nature of many P2E ecosystems, often built on blockchain technology, can give players more say in the game’s economy and governance. Some games even implement Decentralised Autonomous Organisations (DAOs) where players can vote on key decisions affecting the game.
- New Economic Opportunities: For some individuals, particularly in regions with lower average incomes, P2E games have emerged as a genuine opportunity to supplement or even replace traditional income streams.
- Community and Social Interaction: Many P2E games foster strong communities where players collaborate, trade, and strategise together. The shared goal of earning rewards can create a deeper sense of engagement and belonging among players.
- Novel Gaming Experiences: The integration of blockchain technology and tokenomics allows for the creation of entirely new game mechanics and economic models that are not possible in traditional gaming.
Online Casinos as We Know Them
Most online casinos work in a straightforward way. You put in your own money, you play different sorts of games like slot machines, table games such as blackjack and poker, or roulette. If you’re lucky, you win more money.
The excitement comes from the chance of winning and the entertainment the games provide. Colourful, addictive and entertaining, It’s been a popular way for people to enjoy themselves.
How Play to Earn Could Change Online Casinos
So, how could this new idea of play to earn fit into the world of online casinos? It could bring about some interesting changes:
- Rewards with Digital Items: Casinos might start giving out their own digital currencies or special items (NFTs) as rewards for playing, being loyal, or reaching certain goals. These digital things could then have value and be traded.
- Unique Digital Ownership: Imagine owning a special digital version of your favourite casino game or a unique character that gives you bonuses. NFTs could make this happen, giving players real ownership of in-game assets.
- Games Based on Skill with Crypto Prizes: While many casino games rely on luck, some, like certain types of poker, involve skill. If more games with a skill element were introduced, players could potentially earn cryptocurrency based on how well they play.
- New Kinds of Online Casinos: We might see completely new online casinos built using the same technology as cryptocurrencies. These places could have their own digital money that players can earn and use within the casino. This is not farfetched as many casinos in the Philippines are beginning to accept crypto in addition to e-wallets.
Will We Really Play Free Online Games to Earn Money at Casinos?
The blend of entertainment from online casinos with the earning potential of play to earn games could create a completely new and engaging experience for players.
It’s still early days, but the idea of play free online games to earn money at online casinos is definitely something to watch.
The technology behind cryptocurrencies and NFTs is getting more common, and people are becoming more familiar with it. Online casinos are always looking for new ways to attract and keep players interested.
If a way can be found to make play to earn work fairly and legally within the casino world, it could really change how we gamble online.
Keep updated with Fachai as we keep tabs on the rapidly evolving scene of P2E games and the latest online casino trends.
Frequently Asked Questions on Play to Earn
Are Play to Earn Games Only About Earning Money?
While earning is a significant draw, many P2E games also focus on providing engaging gameplay, community interaction, and digital ownership, making the experience about more than just monetary gain.
How Do Play to Earn Games Maintain Their Economy?
P2E games often employ various mechanisms like token burning, in-game sinks for digital assets, and balancing reward systems to manage inflation and maintain a stable economy.
Do I Need to Be a Professional Gamer to Earn Significantly?
Not necessarily. Earning potential varies greatly depending on the game, your dedication, and market conditions for the earned assets, with some games rewarding consistent participation over top-tier skill.
What Happens if a Play to Earn Game Shuts Down?
If a P2E game ceases operation, the utility and value of any in-game cryptocurrencies or NFTs you hold can significantly decrease or become worthless, highlighting a risk factor.
What Different Types of Assets Can I Earn in Play to Earn Games?
Besides cryptocurrencies and NFTs (like characters, items, and land), players might also earn governance tokens that grant voting rights in the game’s development or economy.
Do Play to Earn Games Require a Large Upfront Investment?
Some P2E games are free-to-play or have low entry barriers, while others may require a significant initial investment to purchase necessary NFTs or tokens to start earning effectively.