Everything You Need to Know About Play-to-Earn on Algorand in 2022

The gaming industry is diverse and ever-increasing, and recent developments prove that this also applies to blockchain-powered gaming. As the latest estimates suggest, the number of crypto wallets related to gaming witnessed an astounding increase from 29,563 at the start of 2021 to a whopping 754,000 in the third quarter of 2021. With this impressive growth rate, it is no surprise that savvy crypto investors have started to focus on the next big thing in the crypto market: play to earn gaming. Axie Infinity, for example, touched an astonishing market cap of $7.8 billion, which some experts believe led to a frenzy for P2E games. Other P2E games, such as The Sandbox, saw an upsurge in activity, reaching millions of users globally. So far, most of these popular P2E titles are based on the gold standard of smart contracts, Ethereum. However, similarly to the DeFi space, users and investors alike have started to voice their concerns about Ethereum’s limitations, namely scalability and high transaction fees. To tackle these issues, P2E game developers turned their attention to Ethereum alternatives that can truly support the growth of this nascent industry. Boasting a multi-billion dollar market capitalization, Algorand ($ALGO) is undoubtedly among the most prominent Ethereum challengers in 2022. Since its launch in 2019, the ecosystem has seen plenty of migrations from both existing and new projects – including various P2E d...