The blockchain gaming industry has matured in the last few years, and the development has been massive. According to a report by Newzoo in 2021, the total number of global gamers now exceeds over 3 billion, and a massive percentage of this growth is contributed by blockchain technology.
Experts believe that 2022 will be even more significant for the crypto gaming industry, which is evident by the massive number of new trends and projects that are emerging in the industry. However, the biggest benefit of the amalgam of blockchain technology and the gaming industry is still the ability to earn for the gamers.
Gamers have been spending countless hours playing games, but with the help of blockchain technology, they can now earn while they play. The crypto games have enabled gamers to earn using a variety of models like Play-to-Earn, Research-to-Earn, Move-to-Earn, Engage-to-Earn, etc. Today, we will be taking a look at these innovative models and the top projects for their particular niche.
Play-to-Earn is an umbrella term that covers a variety of projects. Any project that offers the ability to earn by competing in games or completing some milestones can be considered a Play-to-Earn project. There are several Play-to-Earn projects in the industry, with games like Axie Infinity, The Sandbox, and Decentraland leading the race.
Research-to-Earn is a unique application of the play-to-earn gaming economy. In this model, the player must use his knowledge to participate in micro games, quizzes, and trivia and earn by winning. In this model, the user is not just winning rewards but also expanding their knowledge by researching the topic.
NestFi is one of the leading projects in Research-to-Earn, which curates micro-games for the cryptocurrency ecosystem. By engaging with NestFi, the player can earn exciting rewards while learning more about crypto.
While the term move-to-earn is relatively new, the gaming model has been active and popular for some time. The easiest example to explain move-to-earn is Pokemon Go. A few years ago, Pokemon Go became extensively popular as the players had to explore the outside to find rare pokemon and rewards.
With the help of blockchain technology, projects like STEPN have revolutionized the gaming model. Now the gaming apps can track the motion of the player and reward them for their activity, hence move-to-earn. In the case of STEPN, it is an M2E fitness app that rewards users with in-game currency by wearing a sneaker NFT while traveling on foot.
Engage-to-Earn is another exciting utility of the Web3 games where the users are rewarded on the basis of their engagement. For instance, if a user engages with the social media posts of a project, they might receive rewards in the form of loyalty points or in-game currency. This model incentivizes participation for the users, making it a win-win opportunity for all parties involved.
The introduction of blockchain technology into the gaming industry has been a boon for global gamers. Now they can monetize their skills and make a living. Moreover, the innovative models keep the players hooked with new features and game mechanics.