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	#Post#: 750--------------------------------------------------
	The History of Gaming � From Pay-to-Play to Play-to-Earn
	By: Ming Zhang Date: February 27, 2023, 9:22 pm
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	Until recently, games were split into two main models of
	monetisation: pay-to-play and free-to-play. However, a new model
	has started to emerge, dubbed �play-to-earn�. Here�s a brief
	overview of how gaming economics have shifted over the years.
	Paid Games/Pay-to-Play (P2P): The First Video Games
	It all started with arcade games back in the early 1970s. Arcade
	video games worked off a pay-per-play model. Like the name
	suggests, games were monetised per play. Arcade goers would have
	to stump up a small amount to enjoy one or two rounds of a game.
	This was hugely profitable.
	When home consoles arrived on the scene in 1972, game developers
	saw a need to introduce a new revenue model: single payment.
	This new method of payment meant that players could simply pay a
	one-off sum in order to gain total access to a game. Examples
	include FIFA and Super Mario Brothers.
	In the late �90s, subscription models � games that require the
	player to pay a regular subscription fee in order to maintain
	access to all parts of a game � were introduced. This method was
	especially popular with MMORPGs (massively multiplayer online
	role-playing games) like Tibia, Runescape, and World of
	Warcraft.
	Free-to-Play Games (F2P)/Freemium: The Next Chapter of Gaming
	In the free-to-play (F2P) business model, players have access to
	the core of the game free of charge, but are encouraged to spend
	money on enhancements, such as additional live, unrestricted
	playing time, an ad-free experience.
	During the early days of the Apple App Store, the majority of
	early mobile games like Angry Birds, for example, were based on
	the traditional premium model (i.e., paying for the game up
	front).
	In October 2009, the App Store introduced in-app purchases for
	free apps, enabling players to purchase digital items, such as
	in-game currency and resources, to enhance their experience.
	Soon after, popular mobile apps like Angry Birds, Temple Run,
	and Plant vs. Zombies would switch from the premium model to
	what we call �freemium�. Video games like DOTA 2 and Team
	Fortress 2 quickly followed suit, adopting the free-to-play
	business model while offering purchasable cosmetics.
	Play-to-Earn (P2E) and the Advent of GameFi
	In 2017, Ethereum launched CryptoKitties, the first widely
	recognised blockchain game. Shortly after, a number of other
	decentralised blockchain games were launched, including Ether
	Shrimp Farm, Ether Cartel, and Pepe Farm. These games use a P2E
	economic model, which provides players with the opportunity to
	monetise their time spent playing games.
	In P2E games, in-game assets are usually represented as NFTs,
	which players can obtain through in-game advancement and
	gameplay. Unlike traditional video games, where developers
	control all in-game economics, players in P2E games have
	ownership and control over their digital assets. They can even
	contribute to game decisions and help shape the future of the
	game through the accumulation of tokens.
	Take Fairy Cat Gamefi (Fairycat .net), for example, a blockchain
	game that rose to prominence in 2022. In Fairy Cat, players
	collect, breed, train creatures called �Fairy Cat�. Unlike
	conventional in-game items, each Fairy cat and item can be
	traded on the game�s marketplace for real money.
	To better understand the operation model and profit sharing of
	Fairy Cat, you can refer to: fairycat .net - code: HycaV4
	The game has one native cryptocurrency: USDT. Which is what
	players earn through playing the game.
	With all that said, games like Fairy cat can have a cost of
	entry. In order to start playing, users must adopt one pet
	character. Building out an average team in first stage would
	have cost around US$30
	This initial cost is still a huge barrier for many, especially
	as the vast majority of blockchain game players currently hail
	from developing countries. This hurdle has led to the rise of
	gaming guilds � platforms that enable NFT owners to lend out
	in-game assets (NFTs) in return for a share of the assets
	generated � which reduce the considerable upfront costs for
	would-be participants. The most well-known guild is Yield Guild
	Games (YGG).
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