Play-&-Earn (P2E Improved)
In traditional gaming, developers control in-game assets. The problem is that gamers don't own their digital possessions. So if a game company shuts down or decides its rules have been broken, gamers will lose access to their items. These items can be worth tens of thousands of dollars in many cases.
This is particularly an issue in some of the best-selling video games of all time. Massively Multiplayer Online (MMOs) like Minecraft and World of Warcraft, players often spend their time producing high-level items to sell them to lower-level players for cash, despite the threat of account deletion from the developers of these games who discourage such practices. Play-To-Earn
Play-to-earn gaming is a concept that came to the fore in 2016 with the release of games such as Multiverse and Cryptokitties. Back then, the main idea behind P2E was that people could rent out their time and talent as opposed to just in-game items for cash and cryptocurrency. However, the concept of reward through P2E games has taken hold in recent years. It is estimated that in 2021 over USD 449 million was raised from initial offerings in the play-to-earn games market (ICO Drops).
Play-to-Earn leaders are beginning to recognise this flawed model and as GameFi continues to mature, the fundamental question is what is the key to longevity if not just rewards? The answer is simple, focus on gameplay too. Rather than focusing on just the benefits of blockchain technology, GameFi will begin to thrive in the long run once developers begin to understand and blend the essence of a stunning game: graphics, gameplay & lore into the realms of blockchain gaming. Only then will long-term players begin to invest their time and skill into the project.
To summarise, create an enjoyable game with a working in-game economy, that can then be tokenised. Play-&-Earn is not the evolution, but instead, the revolution needed to drive recovery and positive change in the GameFi ecosystem.