With metaverse-based applications expected to create their breakthrough in different sectors, it seems that the play-to-earn (P2E) gaming zone is expected to benefit for the long-term. From a monetisation perspective, metaverse-oriented GameFi, which is an integration between gaming and decentralised finance (DeFi), carries the potential to redefine gaming and blockchain industries.
According to DappRadar, a decentralised applications (dApps) platform, blockchain-backed gaming projects clocked $156 million through utilisation of investments and partnerships in September, 2022. “I believe the P2E gaming market offers incentives and prizes to players for completing levels. The majority of metaverse-based gaming organisations are prepared to offer these incentives in cryptocurrencies and non-fungible tokens (NFTs). It is expected to become popular to have the option to use this cash for in-game purchases. Due to metaverse, e-gaming will become more interactive with the integration of augmented reality (AR) and virtual reality (VR),” Abhay Aggarwal, founder and CEO, Colexion, an NFT marketplace, told FE Blockchain.
Insights from market analysis have shown that metaverse’s influence on P2E gaming can help enhance its immersiveness, and also help users spend their net income generated on digital assets-based investments. As stated by Blockchain Council, a blockchain research and development-based platform, metaverse-induced P2E gaming has the capacity to offer high-end security, transparency, and a fair gaming experience. With blockchain as its underlying architecture, the gaming environment remains liberated from centralised authorities and provides a user-friendly platform for players.
“Metaverse can provide a new arena where users will interact with other users, as well as brands and their products and services. I believe users will get new experiences and investors will get new opportunities to invest in newer solutions which can reward them for getting in early. E-gaming is expected to become more participatory with the addition of AR and VR. The same technology can be utilised to produce video games where the main character can go shopping, buy property, attend meetings, and perform a myriad of other tasks,” Amanjot Malhotra, country head – India, Bitay, a cryptocurrency exchange, highlighted.
Reportedly, some of the popular metaverse-based P2E games are Axie Infinity, Farmer’s World, Decentraland, The Sandbox, Sorare, among others. As reported by McKinsey & Company, a global management consulting firm, in 2022, at a global level, around $120 billion has been directed towards metaverse-based investments. Further, innovations are being done for creation of VR headsets and other wearable gadgets.
Moreover, it is predicted that metaverse-based P2E gaming is expected to become a mainstream source of revenue in the future. According to ZebPay, a cryptocurrency exchange, the digital economies around metaverse can be boosted through the engagement of GameFi. GameFi is believed to be an important element of the decentralised future of metaverse.
“While it might not be so distant, the utopia of metaverse-based gaming will strive to create interdependent gaming ecosystems, which can also have an avenue for brands to collaborate within the gaming realm. I believe the gaming metaverse will also have a lot of meta sports superstars who will receive the same status that the real world sports superstars get today,” Kameshwaran Elangovan, co-founder and CEO, GuardianLink, a blockchain-based research and development (R&D) organisation, mentioned.