It is often very strange for people to hear “video games” and “earn” together. May be you felt the same way, and here you are reading this article trying to decode what the world is blathering about this weird “play-to-earn” games. But relax and fasten your seat belts as we take you to the blockchain gaming industry exploration. In this article, we discuss what play-to-earn games are, its current stance in the gaming industry, and the future.
I know you don’t have all the time in the world, so I have kept the article as short as possible. How thoughtful of me! Anyway as the name suggests, play-to-earn games are the games where its players are incentivized in some form when they engage in the game. An important thing to consider here is that the form in which the players are rewarded holds value in the real world, and can be traded into real money if the player wishes to. The other highlighted word is “engage” which means that players don’t necessarily have to be in the game, but can engage with the ecosystem exposing defi side of the blockchain gaming.
With the concept of play-to-earn out of the way, we proceed to the current situation of the blockchain games. Gaming industry has been growing rapidly over the years. The industry was valued at USD 173.7 billion in 2020 and is predicted to be around USD 314.4 billion by 2026. But an even more explosive growth is seen on blockchain investment and cryptocurrencies market.
The blockchain spending(according to statista) for the year 2019 was USD 2.7 billion while the estimation for 2021 stands at USD 6.6 billion and a whooping USD 19 billion for 2024.
According to coinmarketcap, the cryptocurrency market size remains at around USD 2.1 trillion during the time of this article. We can see from the graph that the crypto market had been dormant from 2013 to 2017. An exponential growth was then observed till 2018 before moving sideways again till early 2020. Recently, it has been showing no signs of stopping and continuously showing tremendous growth setting all time highs.
What do these stats tell us about blockchain gaming? For this we have to take a look at “traditional” games. By “traditional” I am referring to the current video games where its players do not directly earn from the game they play. There is no doubt that the players can earn from streaming and joining pro teams, but the sad fact remains that those players who actually make a living from playing games do not even add up to 1% of the total players. In other words, the profit of the game is highly centralized to the game creators when, in fact, the community plays a key role to make the game a success. Pondering more on this topic, questions around aspects like the benefits for early adopters, values for in-game assets, player conversion rate, etc. naturally arise which cannot be answered by the traditional games. The very fact that these problems can be addressed by the blockchain and its massive adoption is what the recent movement of play-to-earn games is all about. Let us take a glance at some of the major advantages of blockchain gaming.
Nen Games is a digital collectible card game powered by blockchain launching soon on Binance Smart Chain(BSC). For brief info, you can visit our official website: www.nengames.com. The token for Nen Games is NEN which powers the whole ecosystem. In the fourth quarter of 2021, it will be launching two major services. The first is farming and staking. Users can provide liquidity to the pool and get Liquidity Provider(LP) token. Such LP tokens can then be farmed for lucrative Annual Percentage Rate(APR). Similarly, NEN token can directly be staked for high APR too. However, staked NEN token will be used for governance in the future which brings us to another token that Nen will be introducing primarily for game rewards. NEN will be then be more of a governance token. The second service is Non-Fungible Tokens(NFTs) marketplace that will be introduced shortly after the first service. NFTs will represent islands, cards, and other in-game assets that will be used for the game. Important advantages of NFTs are that they hold real value, can be traded in the marketplace, and will continue to retain their values even if the game dies. NFTs are the very thing that will make trading in-game assets possible. Being a pirate themed digital collectible card game, the island sale is carried out in the form of NFTs too. With the purchase of an island’s NFTs, buyers can enjoy earnings collected from all the battle rewards generated from that island. Island will play a very key role in the game ecosystem and as the scheme is built around the island, players will be informed about it. We post every update on twitter which is why following us on twitter is highly recommended.
Soon in the first quarter of 2022, the game will be released where players will be able to earn as they play the game creating a new economy. The main focus of Nen is to build a sustainable play-to-earn model and to give the most to the community which is why the team has comparatively less ownership than other blockchain gaming projects. For more information, take a look at our whitepaper which can be found on our website. While all of these developments are being carried out, the foundation will also be actively working simultaneously. The aim of the foundation is to work in pioneering the blockchain technology that will greatly contribute in making Nen more sustainable. Today’s blockchains have many rooms for development and Nen Foundation hopes to make serious contributions.
Like any other blockchain projects, the early Nen adopters will be highly rewarded. Farming and staking is one such way to earn the reward before the game is released. Players can then make the most of that reward if they hold on to it until the game brings more traffic. With blockchain getting more and more adoption every day, more gamers are anticipated to set foot in the blockchain gaming. Appreciation of the token price is expected with network effect and early adopters find themselves with opportunities. However, Nen will not only be limited to an opportunity but also aims to become a vigorous force in the development of blockchain technology.
Website: https://www.nengames.com
Telegram: https://t.me/nencommunity
Twitter: https://twitter.com/NenGames
Discord: https://discord.gg/rnyqH2dFWZ
Instagram: https://www.instagram.com/nen_games
