Ever since the inception of Bitcoin, people have been searching for alternatives to wage-earning. Earning cryptocurrencies was an elusive goal that has now become much more attainable with the invention of Play-to-Earn (PTE). During this time, a new paradigm has been forming in the cryptocurrency world. With the introduction of PTE and the release of several games that enable earning, people have been searching for alternatives to wage employment. With the current economic climate and the rise of metaverse crypto, this idea may not be that far-fetched.
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What does Play-to-Earn (PTE) Involve?
Play-to-Earn is an online gaming platform that pays people in cryptocurrencies when they play games. This is a new way for people to earn cryptocurrencies and have fun doing it. PTE has created a new definition for the term Cryptocurrency Entertainment. The question still remains: can play-to-earn cryptocurrencies replace a normal job?
What About the Rules?
The rules to Play-to-Earn are quite simple. People sign up for an account and then play their favorite games. When they win, they make money. It is as simple as that. The games are all part of the Play-to-Earn ecosystem, which means that the winners receive their prize in the form of cryptocurrency. The platform is designed to run on an Ethereum smart contract and uses IPFS for the gaming library, file storage, and content delivery.
Why Can Play-to-Earn Become a Prime Option?
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Here are several reasons why Play-to-Earn can become a viable option in the near future.
Reducing the Cost of Living
One of the biggest reasons why Play-to-Earn can become a viable option is the cost of living. As most of us are aware, it is quite difficult to live on a wage these days. After paying for housing, utilities, clothing, and food it is hard to find any money left from traditional employment. The cost of living can easily be a lot lower when one earns cryptocurrencies PTE. The cost of living is crucial for all people to think about.
Reducing the Cost of Scaling
Secondly, Play-to-Earn reduces the cost of scaling. This is an important attribute for all companies. Being able to scale quickly and efficiently is crucial when entering a new market. In the past, it was quite expensive to launch a cryptocurrency. When PTE launches, it will be quite cheaper to create a new cryptocurrency that runs on PTE. With the current financial climate around the world, increasing the number of people able to mine coins is an ideal way to increase interest in cryptocurrencies.
Developing New Games
Lastly, PTE creates a new avenue for new games. The Play-to-Earn platform is designed to allow developers to develop their own games. You as the gamer can play these games and earn cryptocurrencies by doing so. You can even develop your own games and then play them on the Play-to-Earn platform. With the current rise in new cryptocurrency games, gamer interest is at an all-time high. The release of a new game on the Play-to-Earn platform will cause an influx of new players to the platform.
What about the issue of Centralization?
When you first hear about Play-to-Earn, the idea of a centralized gaming platform may sound ridiculous. You might wonder how someone can create a game that makes a profit from the games other people play. However, Play-to-Earn is designed in a way that will prevent the platform from becoming centralized. The platform works on an Ethereum smart contract, which means that it is difficult to manipulate the outcome of games on the platform. The games themselves are also decentralized, meaning that all the game data is stored on IPFS for the platform to access. This means that no single entity can have access to all of the data on the platform.
How is Play-to-Earn not a Reliable Option?
Here are a few reasons why Play-to-Earn has yet to replace a normal job.
Possibility of Poor Gameplay
The Play-to-Earn platform depends on the games being fun to play. If the games themselves are not fun, people will not want to play them. If people don’t want to play the games, they won’t be interested in earning your cryptocurrency. The game must be fun and enticing enough for people to want to play it. This is something that can only be determined by the developers of the game, not the Play-to-Earn platform.
As Play-to-Earn is still in its infant stages, the platform has yet to be adopted by many developers. New games are being designed for the platform, but not at a consistent pace. It will take time for new games to be developed, and then people must actually want to play them. Until the platform starts seeing a consistent number of developers it will still be difficult to determine if Play-to-Earn has the potential to replace a normal job.
What is the Long Term Potential of Play-to-Earn?
The long-term potential of Play-to-Earn is still up in the air. It will depend on how well the platform progresses and how much user engagement it can receive. As the platform goes through its motions, it will slowly gain more developers, users, and real-world results. Eventually, as the platform gains more users and developers, it will also grow in market capitalization.
Play-to-Earn is an interesting concept that is slowly gaining traction among gamers. However, it still has a long way to go before it can replace a normal job. At its current state, the platform lacks the players and developers that the platform needs in order for it to become successful. As the platform continues to evolve, it will become more stable, and grow in popularity. This will lead to more developers creating their own games for the platform, which will increase the metaverse crypto growth even further.