Crypto & Play-To-Earn: A Blockchain Solution For Online Casinos|Crypto & Play-To-Earn: A Blockchain Solution For Online Casinos
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Crypto & Play-to-Earn: A Blockchain Solution for Online Casinos
Using crypto in online casinos is not a new thing. Many platforms accept crypto payments or provide an opportunity to top up balances from crypto wallets. But that’s not as innovative as unique loyalty programs based on crypto and the play-to-earn principle.
The P2E concept is that a platform allows players to earn any form of in-game assets that can be transferred to the real world as a valuable resource. It may look like free money for players, but it’s much more than that. We know about it from the metaverses and separate play-to-earn game cases.
Play-to-Earn Business Model
Giving players ownership over in-game assets and letting them increase their value by actively playing are primary elements of the play-to-earn business model. When players participate in the in-game economy, they create value for other gamers and developers by boosting the platform’s retention. For this, they are rewarded with in-game assets — anything from crypto to the in-game currency tokenized on the blockchain.
So, we now understand the obvious advantage of this model for online crypto casinos is retention. What’s the downside? That would be the need to create a whole new game or platform that supports crypto and blockchain. What about those existing platforms that have gathered all the players’ favourite games but are not made on the blockchain? What about their audience, gained with expensive marketing campaigns and an extraordinary amount of free bonuses?
Besides, creating an entirely new blockchain platform from scratch is quite a long and complicated process, though the outcome of such an investment is unknown. The game may be successful or maybe not. In many regards, it depends on the marketing campaign, which also requires big funds. All in all, testing a new model on a completely new platform is extremely difficult and expensive.
A Solution You Didn’t Expect
There is an opportunity for iGaming to implement play-to-earn easier, faster, and for free. Yeah, sounds like a catch already, but it is what it looks like. An iFrame widget called Trueplay allows entertainment platforms to implement tokenized loyalty programs to the existing site in a matter of hours without needing an entire development process.
How does it work? Casino operators apply for the widget on the Trueplay website and receive the technical details the next day or so. A unique crypto token is created for them that will be used to reward players. The widget looks like a separate tab of the platform, where players can see their crypto balance and information about their income through tokenized loyalty programs.
There are two of these programs:-
- Play To Earn — players are rewarded for making bets, regardless of the game’s outcome.
- Hold To Earn — players can stake their tokens with a chance to receive more in the end.
The reward pool is based on the casino’s income. If a hypothetical player has a jackpot, the casino has a negative GGR; that’s why other players can’t get a reward through Hold To Earn. But users don’t lose anything either; tokens are just back to their balances.
Both programs relate to the subject of retention, as both make players stay longer, deposit more, come back more often, etc. But what’s more important is that casino owners can install the Trueplay widget on their existing site. There’s no need to invent something or spend a lot to test crypto tokenization.
Players can now be engaged and satisfied with playing their favourite games as usual but with a more interesting value proposition. Same games, same actions, more income. It’s a beneficial way for both players and casinos to cooperate. While players feel more motivated and happy, casinos benefit from boosted retention and user engagement.
To Wrap It Up
Tokenized casinos are extremely interesting for players but are difficult to create. With the Trueplay widget , casino operators can implement tokenized loyalty programs easy and fast, without the need for investment.