The post Gaming Meets Finance: Play-To-Earn and Beyond appeared on BitcoinEthereumNews.com.

Gaming and Finance – the convergence of these two topics might seem weird at first, but with the rise of play-to-earn (P2E) gaming, people are really seeing a seismic shift in how you can interact with either of the two industries. Traditional gaming has mainly been about being entertained, but due to the introduction of technologies like the blockchain, decentralized finance (DeFi) and non-fungible Tokens (NFTs), gaming today can be so much more. Not only can technologies like these provide gamers with more immersive experiences, but they also create opportunities that can bring more economic empowerment into the equation, especially for regions that have limited access to traditional job markets.  The Evolution of Play-to-Earn Gaming Play-to-Earn gaming mostly has its roots in blockchain technologies, which introduced the concept of so-called true digital ownership. Games like CryptoKitties pioneered this concept back in 2017, allowing players to trade and own unique virtual assets. Real momentum came with the game Axie Infinity in 2020: It combined elements of Pokémon-style gameplay with blockchain mechanics, which enabled players to earn cryptocurrency by participating in battles, breeding creatures called Axies and selling them to other players. For the first time, gaming became more than just a way to pass time – it became a livelihood for thousands, especially in developing countries like the Philippines or Venezuela, where earning potential eclipses local wages. Axie Infinity players earned Smooth Love Potion tokens that they could convert into real-world currency, creating an ecosystem where time spent gaming directly translated into monetary value. How Play-to-Earn Works Play-to-earn games utilize the blockchain and NFT technology, which allows decentralized ownership of different in-game assets. Generally, it works like this: In-game assets as NFTs: Items like weapons, characters, skins or even virtual land are represented as NFTs. These tokens are unique, scarce and…

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Filed under: News - @ December 20, 2024 4:17 am