Sunday, June 16, 2024

Play-To-Earn: A Genuine Income Opportunity or Risky Investment?

One of the newest ways to experience playing digital content online is with the P2E (Play-to-Earn) model, which some of you may already be familiar with by now.

In other words, players like me now can earn cryptocurrency and other digital assets as we play, either by purchasing them or by completing certain challenges and unlocking other in-game/on-site achievements, but is it legitimate?

I will be taking a closer look at the P2E model right here, so if you are keen to learn more about this new way to experience online digital content, keep reading.

What exactly is the P2E model?

The P2E model is one of the biggest online trends in 2024 and is an exciting new model now used on thousands of licensed and regulated websites offering computer-generated online fruit machines and other classics, such as blackjack, poker, baccarat, roulette, and craps.

This model is also used in today’s most notable metaverse open worlds such as Axie Infinity (AXS), Decentraland (MANA), The Sandbox (SAND), Gods Unchained (GODS), and Illuvium (ILV), to name a few.

It enhances the user experience and makes it more immersive but, more importantly, rewarding because we can now spend money, play, and earn rewards that have a monetary value in the real world. Any achievements that you unlock or challenges you complete can now be monetised.

Still confused? Don’t be. The easiest way to learn more about Play-To-Earn gaming is to visit the official AskGamblers review site. I found the way they explained things made it much easier for me to understand, and it made me want to discover more about the P2E model and how I could start earning.

Where is the P2E model used?

The P2E model is currently used in the digital realm of numerous metaverses but also at hundreds of legally permitted real money gambling websites that use blockchain technology and accept one or more cryptocurrencies for deposits and withdrawals.

By playing certain titles or completing certain challenges and unlocking achievements, we can now receive crypto token rewards as we play. It’s essentially a new and rewarding way to play your favourite digital content.

P2E relies on blockchain technology, cryptocurrency, and several other ground-breaking new digital technological concepts, such as decentralised finance, Non-Fungible Tokens (NFTs), governance tokens, and smart contracts.

The P2E model enables you to purchase and, therefore, own native utility tokens, meaning players can now become crypto token holders and build up their crypto balance as they play.

This type of digital entertainment content can be accessed online across highly encrypted blockchain networks. However, it’s not just restricted to blockchain networks; it can also be accessed through dApps (decentralised apps).

Thanks to the Play-to-Earn model, you can also collect, trade, and sell your digital assets, which have a monetary value in the real world.

Today’s most trusted sites have a well-developed token economy, which upholds the true value of native tokens/coins, bolsters their strength, and helps balance player rewards.

The two most significant benefits I’ve noticed with this new model are a more immersive and rewarding experience.

Is the P2E model legitimate? More importantly, is it safe?

The tokens and digital assets I have earned over the past two years are 100% legitimate. I know this because I have exchanged them for fiat currency (in my case, I converted the crypto into my own local currency of US dollars) and then spent what I earned elsewhere, so I know it’s real.

The other reason I know this model is legitimate is because operators who offer this model must be licensed and regulated by globally renowned licensing authorities or governmental commissions overseeing this industry.

The legitimate P2E operations today are controlled companies that are transparent about their day-to-day operations and how their registered members can earn rewards with them.

The ones I have found are also open about explaining any fees or costs that are attached to earning crypto and other digital assets with them and the best/cheapest way to convert them to rewards, such as fiat currencies.

I can best describe this model as a form of investment. In other words, any investment you make comes with a certain amount of risk and is never guaranteed to return a profit.

The P2E concept is still in its relative infancy, but there are now more people than ever because people like me are turning to this new way of playing. It’s a more secure way to play online and is revolutionizing how we interact with our favourite digital content in exciting new ways.

There’s huge potential for the Play-to-Earn model, and I strongly feel that it could one day become more dominant than traditional gaming.

Before delving into this world, always ensure you conduct your own research into Play-to-Earn and the potential risks involved. You will need to set yourself up with a crypto wallet and register an account on a reputable site that currently uses this exciting new model where you can earn rewards with a monetary value as you play.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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