This transition has been shaped by the tech industry, and bitcoin has functioned as a unique facilitator. There are nexuses of smart contracts in the crypto economy, where the transfer of resources is enforced only by code.
These smart contracts enable us to improve the present coordination mechanisms for converting human input to capital, resulting in brand new “labour-to-earn” models and expanding the number of possible earning options available to previously underserved individuals all over the world. The following are examples of new ‘work-to-earn’ models:
- Learn-to-earn and participate-to-earn, in which users are compensated for just utilizing the protocol.
- Create-to-earn, where users may earn network tokens by creating art (through NFTs) and playlists.
- The most evolved of the categories, play-to-earn, allows users to contribute to the game’s growth while also earning money just by playing.
Let’s look at the third approach, which is play-to-earn. Play-to-Earn (or P2E), which is inspired by decentralized finance, intends to convert normal users into the ruling force behind significant gaming industry decisions. When it comes to selling assets and creating additional money using non-fungible tokens, P2E allows a player-owned economy.
Governance tokens, which may be represented as various game assets, are used to create the player-owned system. According to the quantity of tokens each user possesses, each governance token grants its owner the ability to participate in the game’s development and internal fund distribution.
As a result, while playing the game, participants might earn a portion of the game’s earnings. New games that allow users to generate their own limited edition NFT assets within the game, which can then be bought and sold by their peers, may also open the door to a whole new kind of side income for artists and other creatives. Unlike previous kinds of gig employment, this one is a win-win situation for all parties involved. Here are a few examples of the industry’s best P2E games:
Axie Infinity
Axie Infinity is a Pokemon-style online game in which participants battle it out for unique redeemable tokens, and it’s quickly becoming one of the most popular crypto games. The Axie Infinity protocol’s income climbed by 85 percent in the previous month, reaching $364 million in August 2021.
KokoSwap
The game is controlled by your unique avatar, a Kokoverse monkey, in KokoSwap. The trip is customized to the user’s tastes and is entirely based on how much time and effort the player puts into the game. The game will take players on a trip through some of the most renowned NFT artworks, which will be traded using Koko tokens called KokoCoins, and will be laced with AI and unique gameplay elements. Stuff for the tree home, food for the monkey, weapons, armours, shards, and other items are all available as NFTs. The game already has a lot of notable personalities attached to it, which suggests that a lot of people will be interested in playing it once it is completely launched, especially because KokoCoins are continually increasing in value.
StarTerra
The Terra Ecosystem serves as the foundation for StarTerra, a gamified launchpad. Users may customize their game avatars by adding NFT tokens like weapons, armour, animals, and artifacts. The income generated by these NFTs is used to pay the game’s play-to-earn feature, which rewards players with stablecoins.