Industry perspective of Play 2 Earn and Scholarships
What does play 2 earn do?
In the fast changing and volatile crypto market, play-2-earn has become popular lexicon in the space. At its core, play-2-earn, is a term used to define any blockchain game’s business model that provides rewards to its players for time and effort spent in game. This concept revolves around monetizing a player’s time and energy by providing them the opportunity to ‘earn’ either native tokens and/or NFT’s for the game being played. These rewards can either be used in game or sold for a perceived market value to other players in the space. This concept can prove to be quite lucrative in an extremely new market such as the crypto/NFT space, with real wages being able to be earned through consistent gameplay efforts. Some problems start to arise, however, as these games aren’t technically ‘free’ to play but often require substantial upfront costs to get started.
What are scholarships and guilds?
The idea of scholarships in play-2-earn gaming was originally introduced by the Axie Infinity player base to onboard new players into the game. This allowed owners of the in-game NFT’s Axies to lend their assets to interested gamers who did not have Axies of their own, due to the surge in demand and subsequent price of these NFT’s. This idea of scholarships for play-2-earn games became a good way for many players in developing countries to earn 3 to 4 times the local minimum wage in their area.
Guilds became an easier way for many of these players to gain access to this play-2-earn mechanics as guilds such as MVP create places for non-custodial lending of NFT assets for players to use reducing the risk for holders and gamers alike. These guilds share in the revenue from tokens and assets earned by players earned through their playtime.
Why do it?
With these varying opportunities for projects, investors, and players alike, there are numerous advantages to use MVP Crypto games gain exposure to larger markets of players in other areas of the globe like southeast Asia. Guilds and NFT holders can earn passive revenue after the initial investment into the NFTs. Players get opportunities to play varying types of games, earn revenue and dependent on the players location a significantly more amount than their local areas wage. Additionally, scholars are only limited in their ability to earn money based on their time and effort with the removal of the high entry barriers.
With so much potential for good, can this be sustained? Blockchain, decentralization, and play-2-earn, all have the potential to become great financial equalizers of our time. Play-2- earn elicits the question of whether there is a way for ordinary people to gain value from their time and attention. Like most games, P2E, while being built on blockchain infrastructure, mainly benefits a central entity at the players expense. Games need to be entertaining first and rewarding second. This won’t happen if the singular goal of the game is to turn a quick profit. Another issue that hinders the sustainability of the play to earn aspect is it’s high barrier of entry to games based on NFT purchases. Much of the world’s gaming market does not have the necessary capital to risk on play-2-earn assets.
The play-2-earn model needs to be replaced with Play And Earn. Changing the business model to something more sustainable, playing should be minimal cost or even free with earnings based on performance or earned in game NFTs. Players should be encouraged to take ownership of in game economic sustainability by creating value add ins.
Multiverse Play’s role comes into play in in many of these above instances. MVP allows players to be brought into the block chain gaming industry without need for large up-front investments, utilizing our DApp, players can be matched to owners of in-game NFTs and numerous P2E games opening the door to find numerous different revenue streams. Multitudes of different blockchain/P2E games can be hosted and brought to fruition through MVP’s launchpad. Giving those projects greater access to players based throughout Southeast Asia, Europe and North America. MVP’s Governance and dual token model brings long term sustainability contrary to short-term price increase as seen in numerous P2E games.