In the near future, play-to-earn games might become a common occupation. At least, that’s what Reddit co-founder Alexis Ohanian thinks! Read on to find out more about this emerging market…
In Just Five Years…
“90% of people will not play a game unless they are being properly valued for that time,” Reddit co-founder Alexis Ohanian, who now runs the venture capital firm Seven Seven Six, said in a recent interview on the podcast Where It Happens.
“In five years, you will actually value your time properly. And instead of being harvested for advertisements, or being fleeced for dollars to buy stupid hammers you don’t actually own, you will be playing some on-chain equivalent game that will be just as fun, but you’ll actually earn value and you will be the harvester.”
What are play-to-earn games, also known as P2E games? It is a gaming model where the gamers earn more than entertainment for their time put into the game. Instead, they also earn rewards that they can sell themselves, like in-game assets or NFTs. Other games just reward players with cryptocurrency for their game achievements.
As stated, players can convert their rewards into real-world money, or use the prizes for cash for everyday gaming transactions. Since the pandemic, play-to-earn games have actually become something of a livelihood for many streamers, though Ohanian thinks it could become the norm for many people around the world. Especially when you add in the idea of the metaverse…
Play-to-Earn Games Meet The Meta-Verse
Many think that gaming is going to become one of the most significant uses for the metaverse, an online, futuristic world contained on the internet that enables players to own digital real estate and own exclusive digital content. So, cryptocurrency experts agree with Ohanian and expect to see more and more games and franchises transition to a play-to-earn model.
What else does Ohanian think will happen in the next five to ten years? Well, he believes that more and more people will join and participate in a “decentralized autonomous organization” or DAO. DAO’s are groups formed on the internet that come together for a common purpose under a contract of rules contained within a blockchain. One of the more famous DAOs, ConstitutionDAO, where people from around the world joined together to try and raise money to purchase the original copy of the United States Constitution, came to fruition in 2018, and Ohanian expects them to continue to grow and develop.
“They won’t know it necessarily. I don’t think that branding is whack,” the Reddit co-founder said. “But they won’t care, user experience triumphs over everything. So yeah, I think it will be pretty commonplace. Maybe not everyone, but like for all intents and purposes, it’ll be a pretty normal thing.”
If only half of what Ohanian expects comes true, it’s sure to be a wild and wacky future!