😏The Sad Truth

The sad truth about the Play 2 Earn business model

THE GOOD

The P2E (Play 2 Earn) business model caused a sensation in the crypto and NFT gaming world back in 2018. It opened the door for everyday users, like the average "Joe," to earn extra income or even a full wage by playing online games. It was a dream come true for many passionate gamers.

The hype was real, and projects sprang up overnight, promising significant earning potential with minimal investment. They weren't exaggerating either. Some individuals were able to accumulate tens of thousands of USD (United States Dollars) per month in earnings. However, the P2E business model, in its pure form, is fundamentally unsustainable.

Providing substantial sums of money to a growing player base can lead to financial strain and bankruptcy. Conversely, offering reduced earnings to a growing player base can result in a dwindling player community and waning interest because the time invested is no longer justified.

Herein lies the challenge. However, we have a straightforward solution. Read on.

THE BAD

There has been a lot of negativity surrounding Play 2 Earn games in the NFT and crypto space due to the inordinate amount of abandoned projects (more commonly known as rug pulls), which have left the crypto and NFT communities in disarray. These projects are commonly associated with developers from eastern countries (Vietnam, China, Thailand) to name a few. The games projects are generally well developed, well polished projects, and sadly have many talented developers / staff behind the scenes. However, the quality of the content is seldom the issue. The issue is that NONE of the staff are personally identified, they operate under pseudo-names and have no accountability for anything that happens within the project. Sadly, this is only one of the problems that plagues the NFT / crypto gaming space.

THE UGLY

The other issue is local / international laws. Due to the global player catchment and the nature of crypto anonymity, it's very easy for these rogue-developers to create a quick game, with a catchy hook and some pretty images, then simply wait 3-6 months and then scoot off with all the cash. Quite often, the sum of money stolen can be many millions of USD, which is life-changing money for anyone, hence the enticing nature of idea. It's incredibly profitable, pretty safe due to the inherent nature of crypto anonymity, and there are teams of developers out there who churn out these projects and intentionally rinse and repeat the process. This is not only fraudulent but incredibly immoral. Sadly, these are the times we're living in, where the offer a great quality game, some decent cash prizes and a thrilling gaming experience are just not enough.