'The gaming craze was on a high note starting last year as more people engaged in online activities following the Pandemic', Krishna_NCA.
have now surpassed decentralized finance users. As per the report, about 50% of crypto wallets connected to decentralized applications were in the gaming industry in November. There are over a thousand blockchain-based games, with developers adding about 70 more new ones each month. In the first half of 2021, these companies reportedly received about $476 million in investments.
Previously, the gaming industry was mainly lucrative for developers and investors, leaving gamers with the thrill of their games. However, recent technologies and developments have introduced the play-to-earn concept, allowing players to partake in the multimillion industry. The P2E model rewarded all participants for contributing to the market's growth.
The current gaming scene has seen increased convergence of the physical and digital worlds, creating a new digital space, the Metaverse. Notably, the innovation has been helpful in the transition from physical to online marketplace, opening up new possibilities. While most of the Metaverse represents a fantasy world, a few have been created to represent real-life scenarios.The Metaverse combines two words, 'meta' meaning beyond and the universe.
Since its creation, the Metaverse has been a trending discussion catching the eyes of many, especially within the blockchain industry. Although the Metaverse is still in its infancy stages, the digital space has allowed people to own land, trade cryptocurrencies, and create NFTs. While the numbers are pretty promising, developers have been forced to incentivize users to join this digital space.
The P2E model continues to gain traction because it has provided both expert gamers and beginners equal opportunities in the market. By design, P2E games deliver most of their monetary value back to gamers, reducing the gap between the top and ordinary players.Despite being relatively new, the concept has gained much popularity taking the gaming space to a new level.
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