Play-to-Earn: The Global Market, Numbers, and Gaming Trends

Imagine being able to turn your passion for video games into a source of income. This isn’t science fiction, but the reality of Play-to-Earn (P2E), a model that is revolutionizing the gaming industry. Unlike traditional games, where the time and money spent remain confined to the virtual world, P2E allows players to earn digital assets with real-world value. These assets, such as cryptocurrencies and NFTs (Non-Fungible Tokens), can be traded, sold, and converted into fiat currency. This article explores the exponential growth of the P2E market, analyzing global numbers, European trends, and the unique Italian context, where innovation and tradition meet.

The concept isn’t entirely new, but blockchain technology has given it a new lease on life. Before, virtual item markets existed, but they were often unofficial and insecure. Today, thanks to the blockchain, ownership of in-game assets is guaranteed, transparent, and immutable. This paradigm shift has given rise to a vibrant economic sector known as GameFi (Gaming Finance), which merges entertainment and finance. Interest has skyrocketed, attracting not only players but also investors and developers, ready to explore the new frontier of monetizable fun.

What is Play-to-Earn and How Does It Work

The Play-to-Earn model is based on a simple principle: play to earn. Players participate in a video game and, through their skills and time invested, accumulate rewards. These rewards are not just virtual points or badges, but actual digital assets. The magic happens thanks to blockchain technology, a distributed and secure digital ledger that certifies the ownership of every single item. In practice, every sword, piece of armor, or rare character you obtain in the game is an NFT, a unique certificate of ownership that resides in your digital wallet.

To make the idea more concrete, think of old collectible card games. Owning a rare card meant having a valuable item, tradable with other enthusiasts. Play-to-Earn digitizes this concept on a global scale. An “Axie” in the game Axie Infinity or a plot of virtual land in The Sandbox are NFTs that players truly own. They can sell them on specialized marketplaces or use them to earn further rewards in cryptocurrency, the game’s native currency. This model transforms the player from a mere consumer into a genuine, active participant in the game’s economy.

The Global Market Numbers: Exponential Growth

The Play-to-Earn market is experiencing a phase of impressive growth. Valued at $4.58 billion in 2024, it is projected to reach $23.81 billion by 2034, with a compound annual growth rate (CAGR) of 17.93%. In parallel, the specific market for gaming-related NFTs was valued at $4.8 billion in 2024 and is estimated to reach $44.1 billion by 2034. These numbers testify to an interest that goes beyond mere curiosity, indicating a structural shift in how we perceive value in gaming.

Several factors are driving this expansion. First, the growing demand for real digital ownership: over 60% of users want to own the assets they play for. Second, the spread of smartphones has made P2E games accessible to a vast audience, with the Asia-Pacific region holding 38% of the market thanks to a predominantly “mobile-first” user base. Finally, the promise of financial incentives motivates over 55% of players. Pioneering companies like Sky Mavis (creator of Axie Infinity), Gala Games, and Animoca Brands are leading the innovation, defining the rules of a constantly evolving sector.

The European and Italian Context: Between Adoption and Skepticism

Europe represents a significant slice of the P2E market, accounting for 21% of the global share, driven by strong awareness of NFTs and high cryptocurrency adoption. However, the continent is moving cautiously, seeking a balance between innovation and regulation. The introduction of the MiCA (Markets in Crypto-Assets) regulation by the European Union aims to create a clear regulatory framework to protect investors and ensure financial stability without stifling technological development. Italy, by transposing these directives, has approved a legislative decree to adapt its national laws, laying the groundwork for a more secure development of the sector.

In Italy, the phenomenon of earning while playing fits into a unique cultural context. While there is a solid community of gamers and a growing interest in new technologies, a more traditional approach to finance persists. Skepticism towards the volatility of cryptocurrencies is a factor not to be underestimated. Despite this, data shows an active market: in the second quarter of 2025, apps like Richie Games recorded weekly download peaks of about 16,500 units, with a growing number of active users. This indicates curiosity and a willingness to experiment, albeit with due caution.

Tradition and Innovation: P2E in Mediterranean Culture

Mediterranean culture, and Italian culture in particular, is steeped in passion, sociality, and a strong connection to traditions. The idea of “playing” is often associated with conviviality, like a card game at the local bar. Play-to-Earn, with its digital and individualistic nature, can seem like a distant concept. Yet, it is precisely in the union of these two worlds that the most interesting opportunities lie. P2E can be seen as the digital evolution of the neighborhood tournament, where skill is rewarded not just with prestige, but with tangible, spendable value.

The innovation of P2E meets Italian tradition in the idea of combining passion with an opportunity for earnings. Stories of young people who manage to monetize their time spent gaming can create a generational bridge, explaining a complex concept through a simple analogy. The potential is enormous: games could be developed that draw on Italy’s rich cultural, artistic, and historical heritage, creating immersive experiences that are both fun and educational. The idea of earning with your smartphone thus becomes not just a way to make extra money, but also a vehicle for enhancing and rediscovering one’s cultural identity in a modern way.

Case Studies: Examples of Success (and Failure)

No game embodies the rise and challenges of Play-to-Earn better than Axie Infinity. Launched in 2018, this Pokémon-inspired game allowed thousands of players, especially in developing countries, to earn a significant income by breeding and battling digital creatures called Axies. Its success proved the model’s validity but also highlighted its fragilities: an inflationary game economy and vulnerability to massive hacking attacks undermined its long-term sustainability.

Other projects have explored different directions. The Sandbox and Decentraland have focused on creating metaverses, virtual worlds where users can buy digital land (NFTs) and build their own experiences, monetizing them. These platforms have shifted the focus from simple competition to creativity and social interaction. Another interesting example is STEPN, a “Move-to-Earn” app that rewards users for physical activity, like walking or running, combining wellness and earnings. These examples, for better or worse, have taught a fundamental lesson: economic sustainability and fun must go hand in hand.

Challenges and Future Prospects of Play-to-Earn

Despite the enthusiasm, the Play-to-Earn sector faces significant challenges. Economic sustainability is the biggest unknown: many of the early models turned out to be disguised pyramid schemes, where earnings depended on a constant influx of new players. Another challenge is game quality; often, the focus on monetization has overshadowed fun, turning the game into a job (a tedious “click-to-earn”). Finally, barriers to entry, such as the high cost of initial NFTs, and regulatory uncertainty remain major obstacles to mass adoption.

The future of the sector seems to be moving towards a more balanced model, called “Play-and-Earn”. The idea is to first create fun and engaging games, where the ability to earn and own assets is an added value, not the sole purpose. Greater integration with the traditional gaming industry, the rise of mobile P2E games, and increased regulatory clarity that will boost investor confidence are expected. The goal is to shift from an economy based on speculation to one based on real utility and fun, where crypto staking earned becomes a strategic choice within a healthy and lasting game ecosystem.

Conclusions

Play-to-Earn represents one of the most significant evolutions in the gaming world, transforming players from mere consumers into owners and active participants in digital economies. Although the path is still fraught with challenges, such as economic sustainability and the need for regulation, the potential is undeniable. The exponential growth of the global market, with multi-billion dollar projections, shows that this is not a passing phenomenon.

For Europe and Italy, the challenge will be to embrace this innovation in a balanced way, leveraging the emerging regulatory framework to build a secure environment. The meeting of blockchain technology and rich Mediterranean culture can give rise to unique projects, capable of combining fun, earnings, and heritage appreciation. The future will not belong to games that promise easy money, but to those that offer memorable experiences, where the ownership of digital assets will be the icing on the cake of fulfilling gameplay. The real revolution is not just “playing to earn,” but “playing and owning.”

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