Every other day, new inventions enter the bitcoin market with the goal of connecting the world decentrally. Following the rapid expansion of the decentralized finance (DeFi) and non-fungible tokens (NFTs) sectors in the previous year, the crypto community has turned its attention to something new, play-2-earn (P2E) games, or GameFi as it is colloquially known.
One of the most intriguing parts of this rapid globalization of communities is the economies that have emerged from them, how players place and build value on digital goods and services, and the possibility for any participant from anywhere in the globe to join.
Seven of the top ten P2E games have had a transaction volume of $100 million or more in the last month, with Axie Infinity leading the field with $1.1 billion in monthly volume. Despite the phenomenal growth of the GameFi sector, the typical gamer faces extremely high entrance hurdles. The expense of playing, geographical constraints, player age, skill level, and other factors may all hinder a gamer from earning or playing.
In an interview, Nikolai Gurskyi, Founder of Liberty Gaming, a blockchain-based gateway allowing players to gain simpler access to NFTs, described the obstacles that P2E gaming faces, adding,
“P2E gaming confronts a high barrier to entry, making it difficult for players to gain access to NFTs, which are typically not accessible or are just too expensive for them to obtain,” he explained. “Furthermore, players are having a difficult time obtaining scholarships.”
With over 3.5 billion traditional players worldwide, the expansion of NFT gaming and the GameFi sector appears to be just getting started. As a result, platforms like Liberty Gaming strive to provide present and incoming players with simpler access to NFTs while also lowering the pricing barriers, allowing more gamers to begin earning while playing. Liberty, which was launched in 2020, also aims to train and coach these gamers, as well as give them with a way to earn money by playing games.
Regardless, novices to the crypto gaming sector typically invest in one or two games, which might be risky as an investment. This could result in their earning less money from low-rewarding games or investing in a game with a low growth rate.
To make it easier for individuals to invest in games, the game unites 7 prominent P2E games – Axie Infinity, The Sandbox, League of Kingdoms, Star Atlas, Guild of Guardians, and Illuvium – into one token, LGG. This encourages more gamers to invest in P2E games by cutting associated costs, minimizing risks, and making them more widely available.
As the GameFi industry expands, new gamers will want simple-to-use and low-cost games to play. The P2E sector will expand into mainstream communities around the world, increasing adoption rates and propelling GameFi into a trillion-dollar economy. Gamers are more likely to earn more from the game and discover success if better tools, characters, gaming resources, and games are provided. This attracts additional players, which expands the P2E gaming industry and market.
Finally, lowering the obstacles to accessing P2E games may assist certain gamers in earning a living. The industry introduces a new dynamic in how players make real money by playing games and providing other services in the gaming environment.