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2022-08-20 14:43:39
Current user perception of Play-to-Earn
Axie Infinity along with its success is an ideal starting point for GameFi. This is perhaps the best example of a “successful” Play-to-Earn project. But for the same reason, Play-to-Earn is suffering a heavy negative side when users now only look at the potential billion-dollar industry with only one perspective.
The current Play-to-Earn is basically like a job and lacks the entertainment element. You do the work, and you get the reward. Then people convert that into income, over and over.
When the excitement cools and the token price shows signs of going down, they will move on to the next project and repeat the cycle. If players do not really enjoy playing, building a loyal fanbase for the project will be extremely difficult and the fate of the project is ultimately bound by the economic aspect.
At the peak of the excitement, a series of Play-to-Earn projects were born, even evolving with new “X-to-Earn” models, where you perform a specific activity and you get rewards. However, “only when the tide goes out will we know who is swimming naked”, only a few projects have real products for users to experience, and the rest are “ornate” on paper and people. Whether a project is good or bad is based on the token price rather than looking at gameplay or actually understanding the economic model of the game. Interest will always come with profit.
As a result, the community has seen a long line of similar, poorly built projects abusing the keyword “blockchain” as a tool to attract, focusing on aspects such as ownership, ability to trade and earn while product with just simple gameplay, images built from Unity Asset repository or simply using pixelated images. The product may appeal to speculators, but for the gaming community, only one experience and they may never return.
This gives a negative impression of Play-to-Earn to both current and most likely future users. Users now only see Play-to-Earn as an opportunity to earn money, “a side job” and almost miss the positive potential that Play-to-Earn has been bringing to the world.
Play-to-Earn’s Forgotten Positive Perspective
Marketing attracts new users
Instead of focusing on traditional marketing strategies that may not be effective in the cryptocurrency market, projects are able to leverage blockchain to deploy marketing budgets through the Play-to-Earn mechanism, for allows users to earn tokens that can be exchanged for real-world value. This initiative is proven to deliver a massive growth-hack for GameFi projects both in terms of brand awareness and specifically in attracting new users.
By joining Play-to-Earn, users from both Web2 and Web3 take their first steps into the blockchain space with simple actions like creating wallets, getting tokens, swapping,.., and gradually. Experience blockchain applications without having to go through complicated theories beforehand. As such, Play-to-Earn accelerates awareness and understanding for the mass adoption of cryptocurrencies and blockchain.
Commercialization with business model from fandom
Play-to-Earn grows the fandom community in just a few months instead of years like in traditional games. As a result, projects can generate diverse revenue streams through merchandise, NFT collections and especially Intellectual Property (IP) products. Based on the brand awareness of the game characters, newly released games are more and more likely to succeed. This also saves a considerable amount of marketing costs. Understanding how to properly leverage IP will help the project and their partners grow.
Sky Mavis, the company behind Axie Infinity, has revealed the first projects in its Builders Program, through which players will be able to create new games based on the character Axie and earn income through their own creation.
An initiative to introduce user-generated content (UGC) into the Axie ecosystem, The Builders Program sees the players or “builders” that create the game and will enjoy the majority of the revenue; the remainder of this value will be transferred to the community coffers or directly to the players.
Building a high-quality game is an important goal, but developers should also consider opportunities to do more and deliver value to players using blockchain technology. contribute to the longevity of their game. Intellectual property (IP) licensing is a powerful way game developers can increase brand awareness, improve engagement with existing players, and attract new players.
Test and perfect the product
Play-to-Earn creates a large, affordable community that gives developers an ideal product testing space to perfect their games. The main purpose of game testing is to ensure that the final product meets the expectations of players as well as developers.
Unlike traditional games, Play-to-Earn projects require a more complex system – a healthy mix of gameplay and in-game economy. There are so many variables to deal with with millions of dollars already invested in development and marketing costs. For this reason, product experiments cannot be taken lightly so that the game doesn’t waste resources or cause more damage than necessary.
The final product can sometimes vary significantly from the original product and this is perfectly acceptable as long as it is in line with market tastes. This is also one of the criteria to help evaluate the flexibility of the development team; a capable development team that is always ready to adapt and reach out without limits to deliver the best possible results.
Purification class for the next generation of Play-to-Earn
The market is witnessing a succession of the first generation of Play-to-Earn games, and many projects come and go quickly. Every failure should be seen as a valuable lesson for the next generation to learn.
Failure is the place that gives us the most practical experience. Failure will ultimately shape whether you are a leader.
A project can fail for many reasons. However, this does not mean that every aspect of the project is inherently flawed. Determining which features are successful and which are not working as planned can help game builders make effective adjustments the next time around.
For example, Heroes & Empire, a Play-to-Earn project in the popular Teamfight Tactics-TFT genre (with notable titles like Dota2 Autochess and LOL Chess), has attracted a lot of attention. public but did not deliver the expected results, perhaps partly because the game’s economic model still has room for improvement. The next generation of TFT Play-to-Earn games can learn from these predecessors and avoid going down the same path, thereby developing a successful product in the future.
Conclude
Play-to-Earn has taken the gaming industry by storm and is sure to become a major part of the gaming industry. The main concern most web2 games have is whether web3 is a joke. Similar to how TradeFi thought about DeFi just before the DeFi summer. Unlike investors, gamers are another customer segment; they will go to interesting and entertaining places, which is also what web3 games should be about.
It takes many stages of development to perfect a new model, and so does Play-to-Earn. Currently, Play-to-Earn still has many problems, but the benefits and potential of Play-to-Earn is much more than that. The Play-to-Earn projects that aspire to survive have a long way to go – but we believe that in the end the winners will still have a well-deserved reward waiting ahead.
About Ancient8 Research
Ancient8 Research is an analytics portal about GameFi. Through Game Analytics and in-depth Market Research content, Ancient8 Research Portal’s vision is to empower the next generation of Metaverse citizens with effective project evaluation and wide-ranging access. more investment opportunities. See more about Ancient8 Research here.
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