The traditional online gaming model is ripe for eating. Only a few years ago, players could only play games for free or pay for the experience.
With the dawn of Web 3.0, the system in which only big gaming corporations benefit is about to be challenged. A new gaming type is taking a bite of those revenues.
That’s where Play-to-Earn (P2E) comes in. Boosted by decentralization, cryptocurrency, and NFTs, the new type of gaming offers players an opportunity to play and earn money.
And with its objective to allow people to earn worldwide, JumpTask is joining the new era. Let’s see how.
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TL;DR
> Traditional system severely limits players’ experience by making the best gaming features expensive.> Big corporations generate billions of dollars in revenue from in-game purchases.> Play-to-Earn (P2E) brings value back to players by allowing them to play and earn money.> P2E allows players to earn crypto tokens and unlock virtual items in the form of NFTs.> JumpTask unlocks a new market for its users and signs a new partnership with Wizardia, a P2E platform.
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Gaming before Web 3.0
$1.62 billion per year. That’s how much EA (Electronic Arts) generated from its Ultimate Team in-game purchases in 2021 financial year. EA is an American video game company offering Ultimate Team gaming mode across its game portfolio: FIFA, NBA, Madden, NHL, and UFC.
Ultimate Team is a perfect illustration of just how popular in-game purchases are. Traditionally, players pay real-world money to unlock certain features, characters, or game modes to boost the gaming experience. That results in billions of dollars for video gaming corporations.
While there is nothing wrong with that, the natural question is: must monetary benefits go only one way towards the companies? The short answer is — not necessarily.
The idea of earning money while playing is not really new either. Remember Runescape? Players were selling gold and rare items for real money for years.
Now, there is a new game in town, which unlocks earning possibilities for everyone.
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Play-to-Earn: Next Generation Gaming
Game-Fi is the latest development in gaming, which combines gaming and finance. Essentially, it allows players to make money through blockchain-based games — otherwise known as Play-to-Earn games.
With P2E, players can unlock in-game items — skins, weapons, characters, and virtual land in the form of NFTs and sell them later for real money. Also, depending on the game, players can earn crypto tokens and trade them on a decentralized exchange.
From the gaming perspective, Play-to-Earn is very similar to traditional gaming. Most gameplay resembles classic MMORPG (massively-multiplayer online role-playing games). These are based on online servers, where players globally can join, compete, trade, and play together.
From the earning side, however, Play-to-Earn is radically different from the traditional approach.
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P2E VS Traditional Gaming
The critical difference between Play-to-Earn and traditional gaming lies in the money flow: where it is going.
Traditionally, players purchase so-called ‘loot boxes’ where they unlock characters, gaming modes, or superpowers. Therefore, many people use real-world money to buy virtual items that benefit the gaming industry. Players, however, do not earn.
Additionally, the in-game purchases are only virtual. Players use real-world money to purchase virtual items, but these have no real-world value. People cannot transfer these items or sell them and make fiat money.
Play-to-Earn brings value back to the players. P2E offers the possibility to buy, sell and transfer in-game items in exchange for real money. As a result, players can monetize their gameplay and earn — same as gaming companies.
For example, players can win crypto tokens when they progress through levels or win battles. They can sell them later on decentralized exchanges. Also, gamers unlock characters, weapons, and virtual land in the form of NFTs. These can also be traded on marketplaces such as OpenSea.
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The Play-to-Earn NFT Games Industry is projected to grow at a CAGR* of 21.3% through 2022–2028.
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Play-to-Earn Market Prospects
While traditional gaming is here to stay, Play-to-Earn is on the rise. According to Drake Star Partners, investors put $3.6 billion into blockchain/NFT gaming companies in 2021.
MarketWatch estimates that the global P2E NFT Games market will reach $3.62 billion by 2028, from $755 million in 2021.
Therefore, the growth potential is clear: Play-to-Earn NFT Games Industry is projected to grow at a CAGR* of 21.3% through 2022–2028.
*CAGR — compounded annual growth rate
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JumpTask and Play-to-Earn
JumpTask’s goal is to provide many earning opportunities to everyone globally. While the microtask market is the key target area, Play-to-Earn will be another way for the JumpTask community to earn.
The JumpTask team agreed on a partnership with Wizardia, a blockchain-based NFT gaming company, in June 2022. Based on the Solana blockchain, Wizardia offers its users an NFT trading opportunity. The platform will also launch tournaments where players can compete against each other and earn.
JumpTask will announce further details on the partnership, available offers, and earning opportunities in the coming months. The JumpTask team is looking forward to collaborating with Wizardia and accelerating the integration of Web 3.0 while helping people make money.
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JumpTask Vision
JumpTask’s primary mission is to connect freelancers and businesses globally and to disrupt the $500B gig economy sector.
However, the underlying motive goes deeper. JumpTask targets the gig economy to allow every person in the world to earn flexibly: people can control how they earn and when they do it.
That’s why Play-to-Earn opens a new world of opportunities for people to earn, and JumpTask is about to unlock them for its users and investors. Stay tuned.
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