Blockchain Gamers Ready to Quit Regular Jobs for Play-to-Earn Opportunities
UpOnly | Research #2: Survey respondents eye up play-to-earn opportunities while HSBC makes Metaverse moves
How much money would you earn in a game to consider it enough to quit your full-time job? The figure may run into several thousand dollars for some. However, this is not the case for the 32% of respondents in a recent survey. These respondents admitted they’d gladly quit their regular jobs to embrace full-time play-to-earn opportunities.
This week’s UpOnly | Research newsletter reviews unique insights from a recent Balthazar game survey as well as HSBC’s surprising move to acquire land in the Metaverse. Animoca Brands is also shuttering a once successful play-to-earn title, raising questions about the sustainability of intertwined gaming ecosystems.
Blockchain gamers ready for full-time play-to-earn
A recent survey conducted by NFT game Balthazar reveals that 32% of respondents will be open to quitting their regular jobs if they could earn a full-time income playing games. The survey covered 1103 respondents, predominantly living in the Philippines, a country where play-to-earn gaming arguably became popularized as an income source amid the pandemic.
Another interesting statistic is that a majority of the gamers interested in full-time (65%) play-to-earn would jump in and resign from their regular jobs if they could make $42 daily on average. At the same time, 55% would do so if they earned anywhere between $1-$20 daily to be able to quit their regular job.
The survey figures arguably show the potential for play-to-earn games to provide sustainable income opportunities to internet users globally. 52% of respondents have used their game earnings for accessing life’s basic necessities such as food, housing, and even education.
HSBC acquires digital land in the Metaverse
Hong Kong-based bank HSBC is entering the Metaverse through a partnership with decentralized gaming ecosystem The SandBox. The major bank, which has over $2.9 trillion in assets under management (AUM), has acquired digital land in The Sandbox Metaverse and will develop the virtual infrastructure to host sports, esports, and gaming events in partnership with the bank’s sports partners and brand ambassadors.
HSBC’s foray makes it the second leading financial institution globally to acquire digital property in the Metaverse. In February, JPMorgan set up a banking hall in Metajuku mall, a popular virtual mall in the Decentraland Metaverse. Given that JPMorgan also described the Metaverse as a $1 trillion opportunity at the time, it is likely that the trend of banks entering the Metaverse will intensify in the months and years ahead.
Animoca Brands shutters F1-based P2E game
Popular blockchain gaming studio Animoca Brands is shutting down its Formula One-based racing game F1® Delta Time. Animoca Brands has opted against renewing its license with Formula One to use the racing leagues’ assets for another year, effectively bringing an end to the play-to-earn gaming title which was launched in 2019.
At its peak, F1® Delta Time was a popular option among gamers, with some of the games’ assets ranking among the most valuable NFTs sold in its debut year, and even last year. In recent times, however, secondary trading of the game’s assets had declined significantly. The game recorded a total secondary volume of $12 million, a relatively small figure compared to the $442 million in secondary trades for Animoca’s more popular gaming Metaverse, The SandBox.
F1 Delta Time Secondary Sales Volume (Source: Non-Fungible)
Animoca Brands will reward existing holders of F1® Delta Time car assets with NFTs and other token rewards from its other car racing titles such as REVV Racing, MotoGP Ignition, Torque Drift, and High Voltage. However, the latest development raises significant questions regarding the exit model for unsuccessful play-to-earn games. What is the route for compensating heavily invested users if a play-to-earn game is discontinued? What would be the fate of gamers who splash several thousand dollars on in-game assets and then the IP holder (in this case, Formula One) decides to withdraw the developer’s license? Ultimately, these are concerns that play-to-earn game developers must address as the ecosystem seeks partnership with traditional gaming and sporting franchises.
UpOnly supports data-driven investments into play-to-earn and metaverse economies
The prospect of earning full-time income from play-to-earn games is one that will continue to attract new and existing gamers to the blockchain ecosystem. Similarly, the entrance of financial giants like HSBC will accelerate institutional adoption of Metaverse economies, intensifying the growing need for concise data regarding the emerging industry.
UpOnly occupies a unique position in this potentially multi-trillion industry, delivering actionable data for players and investors. For instance, UpOnly’s rich data directory could alert investors to potential game halts such as the above described F1 case. This could save investors and users huge sums of capital which they have invested in play-to-earn games. The prospect of potentially saving millions for players and investors, along with optimizing their earning potential within games, is one of the key drivers behind UpOnly’s quest to deliver a premier resource covering the exciting world of blockchain gaming!