Most Popular Play-to-Earn Crypto Games Revealed in New Study

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Blockchain gaming has seen an increase in adoption rates globally. “Play to win” crypto games have primarily provided ways to engage users, but are there downsides to this model?

The concept of blockchain gaming has been around since the early days of cryptocurrencies, but only in recent years has it started to gain traction.

One of the main drivers of blockchain gaming growth is the play-to-earn (P2E) model. This model transformed gambling from a leisure activity into a means of earning money. This obviously attracts a much wider range of people to the industry.

Model evaluation

The play-to-earn model is based on the idea that players can earn rewards through cryptocurrency for playing particular games. These rewards can then be exchanged for other cryptocurrencies or fiat currencies. The P2E model has become particularly popular in countries where job opportunities are limited or the cost of living is high. In these countries, blockchain gambling has become a viable way for people to earn a living.

One of the main advantages of the P2E model is that it is decentralized. This means that there is no central authority controlling the flow of rewards or determining the value of the cryptocurrency. Instead, the value of cryptocurrency is determined by the market, which is driven by supply and demand. This created a new type of economy where players can earn a living without being tied to a specific employer or location.

Another advantage of the P2E model is that it has created new opportunities for game developers. Developers can create more immersive and engaging games by incorporating blockchain technology into their games. They can also provide players with the opportunity to earn rewards, increase the popularity of the game, and attract new players.

Gain traction

The Polaris Market Research Blockchain Gaming report shows that the total transaction volume for blockchain games reached $5.41 billion in 2022 and is expected to grow at a CAGR of 68.90% during their forecast period.

Blockchain Gaming Market Growth (USD Billion) Source: Polaris Market Research

Public interest in cryptocurrency and all things related to the digital landscape has grown exponentially in recent years, attracting interest from long-term investors, traders and global brands. The power of Web3 has blurred the lines between physical and virtual, allowing people to earn money digitally through online games.

Cryptogambling.tv crypto gaming platform conducted a study using Google Keyword Planner data to reveal the most popular games for earning cryptocurrency based on monthly search volume for the past 12 months. The results were exclusively shared with BeInCrypto via mail.

The most searched online games on Google to earn cryptocurrency

One of the most popular blockchain games that use the P2E model is Axie Infinity. This game allows players to own and fight creatures called Axies. Players can earn rewards through a cryptocurrency called Small Love Potion (SLP) for playing the game. The SLP can then be traded on exchanges for other cryptocurrencies or fiat currencies.

Axie Infinity P2E Crypto Game

According to the shared data, Axie Infinity had an estimated average of 535,202 searches per month. Axie Infinity has become particularly popular in the Philippines, where it has become a means of earning a living for many people. The game created a new type of economy, where players can earn rewards by playing the game and then use those rewards to pay for their daily expenses.

The success of Axie Infinity has led to the development of other blockchain games that use the P2E model. These games include My Neighbor Alice, The Sandbox, and Splinterlands. These games allow players to earn rewards in the form of cryptocurrency for playing the game.

An exclusive quote shared with BeInCrypto claimed that Axie Infinity’s colorful theme and cross-platform compatibility have undeniably contributed to its popularity over the past few years. The game features cute digital creatures that can be trained and used for battle like those games on retro game consoles. The only difference now is that you can earn money playing it from your mobile device.

The power of cryptocurrency has truly impacted the fintech industry, and it is now impacting the gaming industry. People can now not only gamble for the sake of the experience, but also earn money for themselves.

Other top games on the list

Second on the list is the SecondLive virtual metaverse, with an average monthly search volume of 496,313. The Windows, Mac and Android compatible game allows users to create avatars and move around an open virtual space. Here they can build their lifestyle of choice. Users can buy and sell items in the online gaming marketplace using BNB, which can be exchanged for other fiat currencies.

In third place is Stepn, a “move-to-earn” mobile game where users can earn cryptocurrency by walking, jogging, or running. Thus promoting a healthy lifestyle while earning money. The web3 application has an estimated average search volume of 478,794 on Google over the past 12 months.

Other platforms are listed in the table below:

Most Googled Online Games To Earn Cryptocurrency | Data from CryptoGambling.tv

The growth of the blockchain gaming market has caught the attention of investors. In 2021, the market capitalization of the blockchain gaming industry was estimated to be around $4 billion. Investors are particularly interested in the P2E model, which can create a new economy unrelated to traditional financial institutions.

Advantages and disadvantages of the Play-to-Earn model

The play-to-earn (P2E) model has transformed the gaming industry by creating a new economy where gamers can earn a living by playing games. The decentralized nature of the P2E model has created new opportunities for game developers and attracted the attention of investors. The growth of the on-chain games market is expected to continue. The P2E model is likely to play an important role in the future of the gaming industry.

But again, there are a few pitfalls to consider.

The play-to-win model has become popular in blockchain games due to the ability for players to earn cryptocurrency rewards for playing games. However, as with any market, these always prioritize profit over creating enjoyable experiences for players. As more projects hit the market, there is a risk that the focus will shift to maximizing rewards rather than creating engaging gameplay. Another potential downside of P2E games is that they can become too complex or difficult for casual gamers to enjoy. Players may need to invest a lot of time and effort to master game mechanics and accumulate assets to earn rewards. This might be a disappointment for those looking for a more laid back gaming experience.

Developers must balance rewarding players for their time and skill while creating a fun and engaging gaming experience. This can appeal to both hardcore gamers and casual gamers who may be less interested in earning rewards but still want to enjoy the game.

Disclaimer

Following the guidelines of the Project Trust, this feature article presents the opinions and views of experts or individuals in the industry. BeInCrypto is dedicated to transparent reporting, but the opinions expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should independently verify the information and seek professional advice before making any decisions based on this content.

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