Hello, community! Cryptocurrency is gradually becoming mainstream. Even grandmothers are now discussing who managed to mine that darn hamster. So, unknowingly, even they are becoming part of this vast crypto community. 

Speaking of mining, the Play2Earn format has been a major driver of cryptocurrency’s recent popularity. If you still don’t know what this format is, how it works, and why it has become so popular right now – you’ve come to the right place, because that’s exactly what we’re talking about in today’s article! 

Before we begin, let us remind you that we’ve already discussed why 2024 is perfect for diving into crypto. Highly recommend checking it out!  

What is Play2Earn? 

Today, Play2Earn is strongly associated with cryptocurrency. Although the format itself is not new and has been around for quite a long time. 

In essence, it’s the realization of a childhood dream – the ability to earn real money, or something valuable that can be sold for money, by playing games.  

Currently, Play2Earn is primarily about blockchain. Some major projects boast in-game economies, the implementation of significant business concepts, all presented in the form of a game. For example, a virtual farm where you grow vegetables and sell them for tokens to other players.  

The digital assets a player earns in a Play2Earn project aren’t just tokens or specific coins. They can also be other assets, such as NFTs. From this perspective, even something like CS2 can be considered a Play2Earn game. After all, it also offers airdrops in the form of cases, skins, and other items that can be sold for real money. 

However, today Play2Earn is often associated with Telegram games of varying degrees of legitimacy. Even Binance has created its own mini-game, which we covered on CryptoGeek’s pages.  

The reason these games have become so popular today isn’t just the messenger’s widespread use and its own blockchain. Nor is it because they’re particularly fun to play. Tapping one or two spots on a screen isn’t exactly compelling gameplay. 

The real reason is broader – the active development of Web 3.0. 

What is Web 3.0? 

Until recently, we all existed within the confines of Web 2.0. The transition to the “new version of the internet” has gone almost unnoticed for many. Here’s why: 

  1. The changes may not seem significant, especially to regular users;
  2. The full transition to Web 3.0 is still underway, with many surprises yet to come;
  3. The concept of Web 3.0 itself remains quite vague.

The new internet is built on elements such as machine learning, decentralization, the use of blockchain to secure user data, and interactivity.  

Tim Berners-Lee, one of the internet’s pioneers, notes that Web 3.0 focuses on making the internet more open, autonomous, and intelligent. Thanks to the elements mentioned above, this vision is entirely achievable. 

While AI, actively used in affiliate marketing among other areas, is a major focus today, Web 3.0’s technologies extend far beyond. Google, for instance, uses machine learning to make information searches more efficient. It already works well – users can hum a song into a search engine, and it will likely find what they’re looking for. This is a hallmark of Web 3.0. 

Interactivity is another hallmark. The internet engages users, offering them immersive experiences where they can not only play games but also earn material rewards with real-world value. While this existed before, it was quite limited. Web 3.0 has made it nearly mainstream. 

Technologies enabling games to run directly in messengers have also contributed. People no longer need to download or install anything – everything is simple, interactive, and widely accessible.  

Conclusion 

The rapid development of Play2Earn projects, the emergence of new games, and their growing societal popularity are logical outcomes of the equally rapid advancement of Web 3.0 technologies.  

Is there a lot of scam among these games? Undoubtedly. Speculators and fraudsters trying to exploit the vulnerabilities of something entirely new are always present. However, over time, they will be swept out of the “new internet,” although not entirely.  

What are your thoughts on the evolution of the internet? Do you play blockchain games, and how much have you earned selling DOGS or NOT-coins? Share your experiences in our Telegram community, where we all collectively suffer from endless FOMO! 

Best regards, your Geek!   

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