Play-to-Earn Game Tournaments and their Impact on the Gaming Industry
The idea of entertainment has seen progressive development and evolution in past decades, with a lot of what is considered entertaining massively influenced by the puppeteering of technology. At the heart of visual-digital activities, gaming has found itself at the top of the echelons of entertainment, boasting over one-third of the world’s population as interested parties in the industry.
The changing face of the gaming community is reflected favorably in the gaming industry's growth over the years. Before the unfortunate turn of events with the COVID pandemic, the gaming community was seen as populated with uninteresting joystick heads and was missing an assertive business-oriented community, earning the industry a relatively low profile.
There has been a dramatic change in the gaming industry in recent years as executives, marketers, and players have noticed how the sector's apparent connection with popular culture creates new growth opportunities and keeps it at the forefront of the entertainment trending loop.
These new opportunities have introduced healthy competition and spurred arguments about whether gaming should be considered a sport as worldwide video game tournaments like those held by top Gs like Esports have garnered a lot of attention. Traditional gaming has taken this route to solidify gamer culture and expand user reach globally.
Blockchain games are not left out, as several projects are setting up competitive tournaments with mouth-watering prize pools to promote both the play-to-earn model of gaming and the industry as a whole.
The State of the GameFi Sector
The term "play-to-earn (P2E)," which is also known as "GameFi," is a system that enables users to exchange virtual currency and other game assets for real-world currency. GameFi's sudden birth and rapid development have profoundly affected the gaming market.
In addition to the proliferation of play-to-earn cryptocurrencies, the development of the metaverse has prompted the gaming industry to adopt a number of blockchain solutions. DeFi, NFTs (Non-Fungible Tokens), cryptocurrencies, as well as other ideas related to the blockchain fall into this category.
The present play-to-earn landscape is still developing, but it will take shape and evolve in response to shifting consumer preferences. The developers are working tirelessly to ensure the long-term success of the market feedback loop that will result from the marriage of gaming and finance. One of the ways to promote the technology behind the GameFi model to the point of considerable mass adoption is to host grand tournaments for gamers to participate and walk away with fantastic prizes.
Benefits of Play-to-Earn Tournaments
Hosting tournaments for video games is fast becoming the norm as it supports the motion of identifying gaming as a sport, and P2E models support this. Some benefits of play-to-earn tournaments include the following:
Prize Pools and Rewards
The obvious upside of participating in P2E video game competitions is the possibility of winning lots of prizes. Talented gamers can make a good living by competing in P2E contests, many of which have sizable rewards in crypto or NFTs for the winners. Players that compete in tournaments not only stand to win rewards but also benefit from possibilities to gain sponsorships and publicity.
Tournaments allow gamers to show off their talents and get recognition for their accomplishments in the industry. The rules and styles of these tournaments, such as single elimination, round-robin, or leaderboard-based competitions, are designed to be both exciting and challenging for the participants. For those looking to advance their gaming professions, tournaments offer a well-defined and competitive stage to showcase their skills.
Elevates the Gaming Space
It's not just the players who stand to gain from a thriving esports tournament scene; the gaming industry as a whole could also see some growth thanks to events like these. When a blockchain game is featured in a tournament event, it gains exposure and attention, boosting sales and user participation. Developers and publishers can also benefit from tournaments by accessing untapped markets for advertising, tickets, and merch. It's an all-persons-win endeavor.
A sense of camaraderie and belonging is another benefit that gamers can reap from participating in video game tournaments. A common feature of many tournaments is the participation of gamers from all over the world, who come together to compete and express their enthusiasm for the hobby. As a result, gamers may feel more connected to the game and be more likely to stick with it.
Types of Play-to-Earn Gaming Tournaments
One-off matches are played between competitors in this type of competitive series, with the loser of each match being knocked out of the competition. This format is frequently used in tournaments with brackets, where competitors are paired off against one another in a series of elimination games.
Every competitor in a round-robin tournament plays each other. This tournament format is frequently utilized in leagues and group stages when player rankings are determined by their overall performance.
Tournaments, where players are ranked according to their in-game statistics (such as their score, kills, or win percentage), are called "leaderboard-based tournaments." Players can compete against one another over a longer time frame in this arrangement, with the best players receiving prizes at the tournament's conclusion.
Hurdles With Play-to-Earn Gaming Tournaments
Of course, no expedition is without its roadblocks and challenges, but these hurdles present opportunities for expansive growth and innovation in the industry. While this innovation has the potential to produce a more open and trustworthy system, it may need help to expand to meet the demands of tournaments' high transaction volumes. Here are some challenges saddled with positive takeaways about P2E gaming tournaments.
Issues with Scalability
Blockchain technology is commonly used in play-to-earn games to ease the transfer of virtual currency between players. As daunting as these scaling issues seem, they can serve as a catalyst for creating innovative solutions that help meet the needs of the ever-increasing number of players participating in tournaments.
Some nations have prohibitive laws on gambling, making it impossible for players to win rewards while playing. Developing games and hosting tournaments while adhering to all applicable laws and regulations might be difficult in such a climate. In spite of the difficulties posed by local regulations, they can serve as springboards for productive discussions, advocacy, and fresh takes on play-for-profit games that are in line with existing norms.
The process of planning and executing a good tournament for players can be time-consuming and complex. When planning a tournament, it's important to think about the format, the number of participants, the size of the prize pool, and the possibility of any technological difficulties. Despite the problems, tournament administrators can grow as professionals and improve the tournament experience for participants.
Play-to-win tournaments in the gaming industry benefit players and the industry as a whole. As a result of the competition and excitement provided by these events, gamers are more likely to participate and stick around. Players also have the chance to reap massive rewards from the prize pools.
Exciting right? Well, if you are competitive enough and got what it takes to come out o top, then you are in luck, as Play2Earn City is hosting a gaming tournament live on THETA.TV in partnership with Community Gaming. The tournament will star three P2E games: Gods Unchained, Axie Infinity, and Splinterlands. All are free to play, and there is a $1,500 prize pool. Here comes the opportunity!