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Are Play-to-Earn Games The Future of the Gaming Industry?

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Play-to-earn games have significantly contributed to the growth of the gaming industry.
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Play-to-earn games have significantly contributed to the growth of the gaming industry. The pixelated arcades of the 80s were progressively replaced with the fully immersive virtual worlds that most people know today.

Powered by blockchain technology, play-to-earn games have been on the rise amid this change. The emergence of these titles led to a major shift.

A few years ago, people used to invest time and money in their in-game activities, but rewards were limited to just their achievements. Now that play-to-earn games are a reality, players can earn real-world money with their favorite titles.

Such financial incentives align with the gameplay for an engaging experience that goes beyond entertainment. Many players now view gaming as a potential source of income.

But what will happen next? And what does the future hold for the gaming industry now that play-to-earn games have come onto the scene? Read on to find more information!

What Are Play-to-Earn Games?

At their core, play-to-earn games – or P2E games – allow players to earn valuable tokens with real-world value while they explore new worlds, embark on new virtual adventures, and have fun.

It isn’t like gambling in an online casino, though. For example, a 777 games bet might turn into a money win, but this would depend entirely on chance and luck.

With play-to-earn games, you earn cryptocurrencies or non-fungible tokens (NFTs) every time you complete a mission, reach a new level, or overcome an in-game challenge. Then, you can sell or trade them to other players for money and even use them in other apps or websites.

If you accumulate in-game resources or assets, you could also sell or trade them for real-world money, as blockchain technology gives players full ownership of such items.

Why Are Play-to-Earn Games Attractive?

Who wouldn’t want to earn money by playing their favorite video games? Play-to-earn games offer unique opportunities to turn your passion into cash. Their potential for financial gain is what has attracted many players, including beginners who want to supplement their incomes and professionals who consider this activity as a full-time job.

But there’s more. In addition to the money-making opportunities, P2E games grant ownership to players, meaning that the assets you earn while playing will be yours.

Another aspect that has boosted their popularity has to do with their decentralized nature. Transactions are transparent and secure. Additionally, it ensures fairness in gameplay, improving the overall experience.

The technology behind these games also gives players more control over their activities and possessions. All transactions will be made through a blockchain-derived immutable ledger that prevents data from being altered, tampered with, or deleted. This record-keeping system also ensures that all entries remain in their original state for a trustworthy history of events.

In other words, blockchain-based games provide innovative and reliable solutions to distribute rewards and assets fairly and transparently. That’s one of the main reasons why they have become an alternative source of income.

Do Play-to-Earn Games Only Benefit Players?

Play-to-earn games aren’t just attractive to gamers. Other parties can benefit from them –and make some money, of course.

Many developers have found in P2E games an innovative way to monetize their creations. Instead of relying on traditional business models, they can earn royalties from sales of in-game assets or governance tokens.

Furthermore, the potential to earn rewards with real-world value makes these games more attractive to more people. Players often put more time and effort into these titles, which leads to:

  • Higher engagement
  • Greater loyalty
  • Expanded community-building opportunities
  • A larger player base
  • Long-term success

Investors can also grow and thrive in the gaming world thanks to P2E games. Their popularity and success often translate to higher returns for those who put their money into game studios and their projects.

P2E gaming assets also offer innovative ways to diversify portfolios, which is a strategy that many investors use to mitigate common risks.

Last but not least, P2E games can benefit the general community, including those who aren’t used to playing these titles.

This industry is creating jobs in many areas, such as game and software development, community management, and marketing.

As P2E titles use blockchain technology, they also drive innovation in many other fields and bring exceptional growth opportunities across different sectors.

The Future of Play-to-Earn Games

According to data from the Big Blockchain Game List, 31% of existing blockchain-based games disappeared in 2023. About 69% of those in development were canceled in the second half alone.

Do these numbers suggest that P2E games are dying?

Although it’s virtually impossible to give a definitive answer, the future of the P2E industry still looks bright.

More studios, developers, and investors are exploring this innovative business model, which means they’re willing to create new games to leverage this growing market’s potential.

Many believe that P2E games will become more prevalent over time, allowing more people to make money by simply doing something they enjoy. Users’ satisfaction will create new revenue streams for businesses, investors, and developers.

As the gaming industry evolves, P2E games will continue to undergo more changes. Each technology that is incorporated could make or break this industry’s future performance.

The inclusion of non-fungible tokens (NFTs) has been a game-changer in many areas. Since these unique assets represent ownership of in-game items, integrating them creates more value for players’ rewards and more opportunities for trading.

Similarly, expansion into other industries, such as education, may be crucial for P2E games’ survival and success in the coming years. For example, they could be adapted to offer a more engaging learning experience to students or promote skill-building through financial rewards for knowledge gained.

Final Thoughts

Although they aren’t as popular as when they first emerged, play-to-earn games are still attractive to many, including those who want to make money while having fun and developers, investors, or businesses hoping to create more revenue streams.

Additionally, these games evolve as quickly as the technology itself, which means they’ll continue to change today and tomorrow.

Their long-term success and permanent adoption are a possibility, for sure, but anything can happen in the future.

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Critics Argue Australia’s Approach to Regulating Online Gambling is Becoming too Paternalistic

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Online gambling has become a globally successful enterprise with enormous growth worldwide and new platforms popping up all the time. As a result of all that popularity among gambling enthusiasts, it’s become a delicate balancing act for Australian authorities whose regulation of the industry is caught between needing the tax revenue and wanting to protect all involved while trying to avoid losing out to offshore competitors in the process.

However, some view Australia’s continuing crackdown on online gambling as going too far and heading in a direction that will eventually kill the industry. With a myriad of enticing platforms all over the world, there are plenty of offshore platforms waiting to pick up the pieces if that happens. Australian players are always on the lookout for perks related to the speed of payouts or ones that provide the least restrictive experience. According to casino expert, Sergio Zammit, casinos that offer fast withdrawals can process payments within minutes or hours, rather than days or weeks.

On average, offshore sites can offer players these kinds of perks more often as they are subject to less paternalistic regulations. Add to the fact that many offshore sites now offer the latest craze from online casinos and it becomes clear why Australia is in a tricky spot when it comes to how harsh a direction it chooses to take its iGaming regulations in. That craze is crypto gambling and it allows players at real money online casinos to bet and play using cryptocurrency.

As perhaps one of the leading adopters of cryptocurrencies so far through this initiative, the iGaming industry has seen interest soar in crypto casinos. It isn’t rocket science to figure out why. These types of platforms feature virtually instant payouts and far less restrictive sign-up processes since they don’t have to adhere to Know Your Customer (KYC) policies or even ID verification in most instances. This is because crypto gambling, like anything cryptocurrency-related, utilizes transactions that are verified using blockchain technology.

The entire appeal of cryptocurrency and blockchain technology is that it’s able to produce a digital ledger that records transactions in a virtually immutable way that’s also free of central authority. As a result, in the online casino context, it can provide a far more private experience since transactions are recorded via pseudonyms, ensuring players can retain a degree of anonymity and discretion when playing. Add to that the fact that crypto casino platforms also often come with more generous welcome bonuses and feature provably fair gameplay and it becomes obvious why offshore platforms are becoming so popular all over the world.

In comparison, Australian online gambling platforms must adhere to strict guidelines in terms of following KYC and AML procedures and a myriad of other licensing requirements and rules that are aimed at harm reduction and strictly enforced. Many believe such a legislative regime is necessary to ensure fair play and responsible behavior from both the providers and players. However, others argue that it results in an overly paternalistic approach that is becoming fodder for offshore platforms that are more lax with their regulations, enabling them to keep lapping up Australian players in droves.

As a result, not only do Australia and many other first-world nations with progressive tax laws keep losing local players to offshore platforms, but they face losing higher and higher percentages of potential tax revenue that can amount to billions flowing out of the country too. When all of this is weighed against the harm reduction goals of Australia and other countries like it, it often doesn’t feel very worth it. This is likely because arguments against a nanny state stem from the fact that such a form of governance inherently creates a more stifling society, one where people will always gravitate toward behaviors that beckon them with the allure of a freer and less restrictive regime.

After all, nannies are meant to watch over and protect their wards, keeping them from harm at all costs. The problem is that nannies are meant to take care of babies and young children whereas state gambling laws are aimed at adults. Adults are meant to self-regulate, so keeping them from harm at all costs also means no personal responsibility or accountability need to ever be shown from their side.

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CreedRoomz to Showcase at iGB Live Amsterdam 2024

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CreedRoomz is thrilled to be part of iGB Live Amsterdam 2024, happening from July 16th to July 19th.

At iGB Live Amsterdam, CreedRoomz will showcase its latest gaming solutions aimed at enhancing player experiences and supporting operator success. Explore CreedRoomz’s diverse gaming portfolio, featuring a wide range of offerings tailored to meet the dynamic demands of the gaming industry.

Attendees will discover the live casino offerings including Generic API, Dedicated Tables & Studios, and land to live technologies designed to elevate gaming experiences. From classic favourites to innovative new games, CreedRoomz is committed to delivering exceptional gaming experiences.

Join CreedRoomz at Stand 12-B40 to explore exclusive previews of the company’s upcoming projects. Don’t miss the opportunity to connect with the team and explore potential partnerships.

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Navigating International Regulatory Landscapes: A Guide for Expanding iGaming Businesses

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Navigating International Regulatory Landscapes: A Guide for Expanding iGaming Businesses
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Boris Pashnev, CEO of Alpha Affiliates

Taking an iGaming business global opens up vast possibilities for expansion and progress. However, along with new markets and opportunities, comes the complex regulatory landscapes of different countries. To ensure a smooth and compliant expansion, businesses must familiarise themselves with international legal frameworks and understand regulatory considerations. Still, it is much easier said than done.

As a business working closely with iGaming brands, we at Alpha Affiliates have first hand experience expanding within these new regulatory landscapes. We have helped several iGaming operators and affiliates to grow their businesses and comply with the regulations in various jurisdictions. Moreover, in the last year, we have successfully expanded our own business into new geographical markets, including France, Italy, Belgium, Greece, Norway, Slovenia, Slovakia, and Hungary. This expansion not only broadened our global reach but also ensured a more comprehensive and inclusive gaming experience for iGaming enthusiasts worldwide.

This is the hope for many aspiring iGaming operators looking to go global. So, how can businesses successfully navigate new regulations when expanding their business globally?

 

Make regulation your team’s number one priority

In the iGaming world, regulations must be the cornerstone of your business strategy to going global. You need to go in with the mindset that it isn’t just about compliance – it’s about building a sustainable, reputable business. Only with this mindset, can you successfully launch an iGaming business, and develop long-term trust and support from regulators and consumers alike.

By making regulation your foundation, you’re sure to be on track for success. Of course, for any CEO, this starts by looking to the regulatory experts, and putting together a dedicated compliance team who can manage and advise on the regulatory landscape in the region you are looking to expand into.

For instance, in the case of licensing, operators should seek assistance from their in-house legal departments who can ensure licensing application requirements to be met and the corporate structure to be set up properly. This way they can prevent making any mistakes when switching their operations to comply with the new guidelines and ensure that they set up a well equipped and responsible environment for their players.

By having a dedicated team focused on regulation, operators can confidently and consistently ensure their operations meet regulatory guidelines within new regions.

 

Remain flexible and embrace new frameworks

Regulation is always subject to review and change  – it’s a natural part of progress to ensure consumers, and businesses are better served and protected.

We saw this most recently with Curaçao’s new regulation known as the National Ordinance for Games of Chance, or LOK, which set out new requirements for anti-money laundering, fraud prevention and player protection. The LOK framework changes brought new change, and with that new considerations for iGaming operators to address. Operators had to reflect and adjust the ways in which they disclose certain information, ensure data protection, address anti-money laundering, privacy measures for gaming and monitoring tactics.

Alongside the regulatory changes, the licensing fees also increased, in order to foster a safer and more responsible environment. And the licensing process changed too. The Gaming Control Board (GCB) opened the new licensing portal on September 1st earlier last year, leaving iGaming companies with two options – to either apply for new licences and follow the regulations outlined in the LOK, or register as sublicensees.

This is a prime example of how quickly things can change, and the need to remain flexible and ready to adapt when expanding into different regions. To stay ahead, it’s important to conduct regular regulatory assessments, budget for potential increases in licensing fees and develop flexible systems that can adapt to new requirements.

Consider creating a regulatory roadmap for each market you’re entering and operating in, from the current requirements, anticipated changes, plus your strategy for addressing them.

 

Take responsibility: Prioritise player protection

Remember that any international authority or regulator will want to see that player protection is not only met, but prioritised. After all, responsible gaming isn’t just a regulatory requirement, it’s a business imperative.

Ensuring your operations develop comprehensive responsible gaming policies, including self-exclusion programmes, session time limits, and staff training in identifying and addressing problematic iGaming behaviours, will be key.

At Alpha Affiliates, we encourage users to act conscientiously by providing a safe and organised platform to advertise their offerings. We are committed to ensuring responsible gaming is upheld in our services globally and make sure to follow regulations, only expanding into regions in which iGaming is properly regulated.

It’s crucial to consider how you can improve your policies to better protect players – as this will be a number one concern for regulators internationally. We implement industry-standard measures for players who want to control their gambling habits. These include applying various limits on losses, deposits and bets. In addition, we make sure to display reminders for the amount of time spent in a casino and for players to take a step back to step away and cool off. I’d encourage other operators to do the same.

 

Be patient and carefully lay down the groundwork

Launching abroad successfully takes a well-thought-out and well-planned strategy. It also requires a lot of patience. “Getting your ducks in a row”, and laying down the groundwork will take time and intricate planning.

Starting the process early is important. When it comes to international expansion, regulation is a huge aspect that cannot be rushed. It can be all the difference in business success, and business failure. It requires rigorous due diligence to ensure all requirements are met, and all licensing documentation is ready.

By meticulously crafting and executing a regulation-first international expansion strategy, businesses can put themselves in the best possible footing for growth globally. Regulations are important across all sectors, but in the iGaming world where adhering to tight regulation is imperative, operators must make it the foundation of all business. The path to international expansion may be complex, but with the right approach, operators can capitalise on the exciting opportunities in new markets and drive remarkable growth.

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