What “play-to-earn” (P2E) means in 2025
Play-to-earn describes games that reward you with on-chain assets—typically tokens or NFTs—that you can trade for crypto or fiat. In practice, “P2E” has evolved into “play-and-earn” or “play-and-own”: you play a normal game loop, and some items, currencies, or event rewards are tokenized so you can keep or sell them. Definitions from major crypto education sites frame P2E as earning tokens for completing tasks, battles, or quests.
After the 2021–2022 boom, many studios shifted away from pure “earn first” designs because they proved hard to sustain. Analyst reports and industry retrospectives describe a pivot toward fun-first gameplay with selective tokenization (sometimes summarized as “P2E is dead; fun is back”).
How players actually make money
- Seasonal or event rewards: Ladder placements, quest passes, or tournament payouts in the game’s ecosystem token or in tradable cosmetics. Large ecosystems report significant transaction volume (for example, Mythical cites $650M+ in completed transactions across 7M+ players).
- Item crafting and trading: You mint, upgrade, and sell cosmetic or utility NFTs via in-game or third-party markets.
- Esports & league play: Titles (especially TCGs and competitive RPGs) run prize pools or sponsor leagues.
- Creator economies: Some platforms reward community-built levels or UGC with on-chain payouts.
Important note: earnings vary wildly with player skill, demand for a game’s items, and token prices; nothing is guaranteed.
Where these games live (stores & chains)
- PC stores: Steam historically bans blockchain / NFT features, while the Epic Games Store permits them under specific requirements (e.g., no linking to external crypto marketplaces on store pages).
- Mobile & web: Many titles are mobile-first or run in the browser, with custodial or passwordless wallet options.
- Popular chains for gaming: Dedicated stacks like Ronin and gaming-focused L2s like Immutable zkEVM host multiple live titles and provide simplified onboarding (e.g., Immutable Passport single-sign-on + wallet).
What it really costs to play (fees & L2s)
Two categories matter:
- Marketplace or platform fees (vary by game and market).
- Network fees (“gas”) to record transactions on-chain.
In 2024, Ethereum’s Dencun upgrade activated EIP-4844 (proto-danksharding), adding temporary blob data that dramatically reduces data costs for rollups—one reason many games shifted activity to L2s where transactions can be cents or less.
Case snapshots: hits, hype, and lessons
- Pixels (Ronin): In May 2024 the team said it surpassed 1M daily active users after migrating to the Ronin gaming chain; a broader reporting wave in July 2024 noted Ronin at ~2M DAU across its ecosystem. Activity later fluctuated (a reminder that event-driven spikes can fade).
- Guild of Guardians (Immutable zkEVM): Mobile action RPG launched globally May 15, 2024 on iOS and Android with wallet-optional onboarding.
- Axie Infinity (historical context): Once the poster child of P2E, Axie’s economy crashed as token emissions outpaced demand—coverage from mainstream outlets documented the downside of “earn-first” loops.
Risks: volatility, scams, regulation, and taxes
- Economy & price risk: Token emissions, unlocks, or declining player demand can crush returns—past growth isn’t a promise of future payouts. The Axie cycle is the canonical example.
- Scams & security: The FTC warns that anyone “guaranteeing profits” is scamming you. Be alert to fake support, romance-investment lures, and wallet phishing. Learn about address-poisoning (look-alike addresses inserted in your history); research shows large-scale, automated attacks. Revoke unneeded approvals periodically.
- Store & platform policies: Epic allows blockchain games (with restrictions); Steam largely does not. Some announced exceptions may appear, but policy can change and may be region-dependent.
- Regulation (example – UK): Fantasy-sports NFT platform Sorare faces UK legal proceedings over alleged unlicensed gambling—Sorare contests the charges. Always check your local rules, especially for fantasy or prize-based titles.
- Taxes: In the U.S., income from digital assets is taxable, and you must answer the digital-asset question on your tax return; new broker reporting via Form 1099-DA begins for 2025 transactions. The UK provides updated crypto guidance for individuals (and separate KYC/reporting requirements begin rolling out to providers). Keep detailed records of swaps, sales, fees, and rewards.
A step-by-step starter plan
- Pick a game with wallet-optional onboarding so you can try it free. Immutable Passport and similar systems let you play first, then connect a wallet when you want to trade.
- Budget and timebox: Treat “earning” as a bonus for a game you’d play anyway.
- Understand the economy: What are the sources/sinks? Are rewards seasonal? Can items be re-issued?
- Secure your accounts: Use passkeys/hardware-backed MFA where available; never paste addresses from your history; maintain an address book; revoke stale approvals.
- Start on L2 or gaming chains to reduce fees thanks to EIP-4844-enabled rollup economics.
- Log everything for taxes—date/time, asset, quantity, fiat value, fees. U.S. and UK authorities highlight reporting duties.
FAQs
Do I need crypto to start?
Not always. Some Epic-listed games are fully playable without touching blockchain; ownership features are optional.
Are earnings guaranteed?
No. The FTC reiterates that promises of guaranteed returns are a hallmark of scams. Earnings depend on your skill, demand for the item/token, and market prices.
Why are fees cheaper on L2s now?
Ethereum’s 2024 Dencun upgrade (EIP-4844) added “blob” data for rollups, cutting data costs and enabling cheaper transactions—useful for high-frequency game actions like crafting and listing.
Where can I find active games?
Ecosystems like Ronin and Immutable zkEVM publish frequent updates and stats; news trackers often cover launches and transaction milestones (e.g., Mythical’s 7M players / $650M transactions). Always verify via official sites.
