The Future of Blockchain Gaming: Can TONs Tap-to-Earn Model Succeed Where P2E Failed?
The Web3 gaming ecosystem has evolved greatly since CryptoKitties debut in November 2017. Today, gaming DApps account for around 26% of total on-chain activity, according to the latest report by DApp Radar.
But despite the success over the last few years, one cannot help but notice that most of the play-to-earn (P2E) games that were launched during the NFT mania in 2021 are nowhere to be seen.
What happened? Of course, there are several theories as to why P2E games are struggling, and for good reason; there is a huge disconnect in the playability and tokenomics aspects of the NFT phase Web3 games.
Lets take the example of Axie Infinity, which at one point had over 2.7 million daily active users. This figure is down to a mere 81.9K as of writing. While this pioneer P2E game had a relatively playable model and interface, the sustainability of its tokenomics in the long term was questionable. Ideally, the games model involved nurturing digital pets that would later be sold by the owners at a higher value.
The caveat? Axies tokenomics model came tumbling down when a large number of players started cashing out. This caused an oversupply of the Axies being sold at the time, ultimately pushing the price down as per the laws of demand and supply.
The Open Network (TON): A New Powerhouse in Web3 Gaming
On the brighter side, the evolution of Web3 games is far from over. TON blockchain is currently making waves with its new genre of incentivized games dubbed tap-to-earn. The latest statistics indicate that this blockchain ecosystem recently hit a record of 1 billion transactions that were mainly driven by the upcoming T2E games.
So, what are some of the pitfalls the developers of TONs games are avoiding or should avoid to achieve a balance in tokenomics while also delivering a great gaming experience?
Before going into the details, it is worth noting that TON is a Proof-of-Stake (PoS) blockchain designed to integrate Web3 functionality into the Telegram messaging app ecosystem.
Playability and Sustainable Tokenomics
As mentioned in the introduction, most of the existing P2E games are either unplayable or lack sound tokenomics to keep the ecosystem afloat. Well, thats not the case for the T2E games being launched on the TON blockchain.
Web3 developers working in this space seem to have mastered the art of playability. Unlike P2E games, which require many complicated on-chain actions for one to participate, TON ecosystem games can easily be played by anyone who has a Telegram account. This explains why popular games like Banana attracted over 1 million users within 72 hours of launch, growing to above 8 million in just a month.
To provide more context, this TON blockchain game involves collecting an array of distinctive Bananas, which could fetch as much as 500 USDT depending on the rarity. What particularly stands out is the ease of playability; a simple click on ones device is all that is required to start collecting daily rewards, among other incentives that are attached to completing straightforward tasks such as binding ones socials (email and X), joining related communities, or binding ones CARV ID (the protocol behind Bananas success).
The concept is similar to Hamster Kombat, another popular TON game that uses a clicker model to reward users. More importantly, these games are going higher to introduce sustainable tokenomics. Instead of a situation where developers create a gaming model whose fundamentals are driven by demand and supply, TON builders are opting for a more exciting approach that enhances the fun through tokenization, but at every level.
The economic principle is to incentivize engagement through different types of digital rewards, avoiding a situation where all the players possibly cash out the same asset simultaneously, causing prices to plunge. In addition, TON developers are making it very seamless to trade the in-game tokens (rewards) within the TON network or liquidate through stablecoins such as USDT, as with Bananas.
What Does the Future Hold for TONs Gaming Ecosystem?
Although it is a bit early to predict whether TONs Web3 games are another passing fad in crypto, Telegram enjoys over 700 million monthly active users (MAUs). This means tap-to-earn games will likely benefit from an existing user base.
To add to it, the ease of playability is a key factor in the sustainability of this gaming sector. According to IntoTheBlock marketing director Vincent Maliepaard, who recently spoke to Cointelegraph, the innovative and engaging nature of the tap-to-earn model will also play a significant role in adoption,
The tap-to-earn model is simple yet addictive, allowing users to earn in-game currency that can be converted into real tokens on the TON blockchain.
Could we finally be entering an era where blockchain games become sustainable? Time will tell, but the signs are promising. TON developers are addressing many of the challenges that plagued earlier P2E games.
The tap-to-earn model introduces a balanced approach to rewards, reducing the risk of the token oversupply that led to the downfall of projects like Axie Infinity. With continued innovation and community engagement, TONs gaming ecosystem has the potential to carve out a new, more sustainable path for Web3 gaming one where fun and financial rewards can coexist harmoniously.
Text source: ZyCrypto
