How PlayToEarn Has Changed Since the Blockchain Gaming Boom
PlayToEarn was revolutionary for the blockchain gaming space, but a narrative change swithced focus on the ownership and gameplay
PlayToEarn, PlayAndEArn, PlayAndOwn, PlayToOwn
PlayToEarn has evolved since it became the term most associated with the 2021 blockchain gaming boom lead by popular Web3 game, Axie Infinity.
The initial blockchain gaming model featured a token that gamers earn while playing a game, thus the term PlayToEarn. The idea was revolutionary in the sense that regular gamers could now earn a living by playing a game without being a content creator or a pro player. Through $SLP farming during its initial model, Axie Infinity managed to give players in some countries an income that was, at one point, higher than the minimum wage.
However, this model proved to be a bit short-lived as it was exhaustively extractive to the game economy. Value needs to enter the economy in order for value to be extracted. When Axie Infinity became popular in 2021, value entered its economy through new players. But when the supply of its utility token overtook its demand, prices started to go south as economic laws took over.
This wasn’t an isolated case. Games with a similar model all had the same problem. Pegaxy, a horse simulation game on Polygon, saw an influx of players, most of whom came from the Axie ecosystem. Prices of its NFTs and tokens rocketed quickly, but also dropped just as fast. Web3 gaming personalities became critical of the PlayToEarn model, and soon after, games began creating a new narrative.
PlayAndEarn
The narrative shifted from PlayToEarn to PlayAndEarn to try and change the focus of the project from financial gain to enjoyable gameplay. The potential to earn from playing the game is still present and players can still own their assets. The main difference is that developers now focus more on creating a fun game, rather than a project that can generate financial rewards.
Apart from the narrative shift, projects started investing more on the development of their games. Value-adding gameplay, instead of just interacting with the protocol, was the priority when incentivizing players. The competitive nature of games is one aspect that developers look to focus incentives on as more projects try to build a competitive eSports scene to supplement their basic in-game economies.
PlayAndOwn / PlayToOwn
However, attaching the word “Earn” still connotates an extractive mindset which doesn’t really help blockchain gaming economies, especially in their infancy stage. Earning is still equated to the old model where token earnings are seen as salaries for players. From PlayToEarn to PlayToOwn, a new concept called PlayAndOwn or PlayToOwn started forming.
The shift in focus from earning to owning takes away that extractive mentality. This doesn’t inhibit the ability of players to extract tokens from the ecosystem, but it does realign the thought process to reinvesting the tokens in the economy instead of taking them out and creating additional sell pressure for the token. Earnings through this narrative come in the form of value accrual through ownership of game asset Non-Fungible Token (NFTs).
Sunflower Land, a PlayAndOwn blockchain game on the Polygon network, adheres to this narrative quite well. In their protocol, players earn $SFL, the primary in-game currency that is also an on-chain token. However, instead of extracting $SFL from the ecosystem, the team has built desirable and limited-edition NFTs that can only be purchased using $SFL. Once those are all sold out, players looking to acquire the asset have to do so on the secondary market.
PlayToEarn was a revolutionary start to the blockchain gaming philosophy. It is still debatable if the changes in narratives really affects players’ extraction decisions. But one thing is for sure, the ideologies around PlayToEarn have shifted since the 2021 blockchain gaming boom.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Author
Try Now!
Sign up Now
Coming Soon
WIN BIG
Coming Soon
Start Earning Today!
Earn Now
Coming Soon
Sign Up Now
Play & Mine!
Coming Soon
Editors Choice
Other Currencies
- nameLTBuyLitecoin
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyEOS
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyMonero
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyBitcoin Cash
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0%