Play-to-earn: revolutionising finance or reinventing exploitation?

The gaming industry has long been a space of entertainment and escapism but, with the emergence of play-to-earn (P2E) models, it has transformed into a financial ecosystem where players can generate real-world income. Pioneered by games such as Axie Infinity, Decentraland, The Sandbox and Gods Unchained, P2E has captured global attention by enabling players to earn cryptocurrency and trade in-game assets. But is this a revolutionary shift in finance, or does it merely repackage old forms of economic exploitation under the guise of digital opportunity? P2E gaming leverages blockchain technology to allow players to earn digital assets which can be sold or traded for real-world value, and the model diverges from traditional gaming where in-game rewards hold no tangible economic worth beyond the virtual environment. Games such as Axie Infinity, Decentraland, The Sandbox and Illuvium have all demonstrated the potential of P2E whereby attracting millions of users who see it as a viable inco…