In decades past, players had to pay to get exclusive armor, accessories, and perks. But today, that concept has been turned on its head; in the 2020s, thousands of people are playing to earn money. This innovative industry is called play-to-earn games, which translates to “play-to-earn.”
P2E games attract many avid gamers, and the GameFi market is growing rapidly these days. The market is expected to reach $3.6 billion by 2028, a growth of more than 500% from $755 million in 2021. The popularity of P2E gaming is due in part to the generous earnings of active players; the average monthly revenue rarely drops below $400. Game owners have not lost out either, earning millions of dollars from the increased value of their games.
Given this rate of growth, it’s no wonder the P2E sector is so popular with investors. In 2021, $4 billion was invested in P2E projects, and in the first quarter of 2022 alone, the total has already exceeded $2.5 billion. So if you still have doubts, don’t waste your time. It’s time to launch your P2E product today to beat the competition and get a fair share of this lucrative market.
The stages of NFT game development and marketing
The NFT car racing games development process is complex and demanding. Therefore, you need to plan everything in advance and follow a clear algorithm for game development. This will help you avoid emergencies and unforeseen problems.
1. Determine the market demand for your next game
Market analysis is the first step before you start developing a P2E game. You need to understand all the market trends and find out what P2E players prefer at the moment. This industry develops very quickly, which gives new entrants a competitive advantage because they are flexible and can react to the latest trends. Therefore, you are more likely to succeed if you understand your target audience and develop your product accordingly.
2. Define your money-making game idea
Next is the concept of your P2E game. Many experts are skeptical about the potential of blockchain games to conquer the gaming market, as the animations, graphics, and storylines are too simple. However, the novelty of blockchain games, combined with the possibility of making money, is leading to rapid growth in this market.
The play-to-earn crypto games market is now dominated by a few common ideas. These include card games, games with fantasy creatures (such as Crypto Kitties and Axie Infinity), and fighting games with gods and heroes (Gods Unchained). New themes are added every day, such as fishing (e.g., World of Defish) or racing (e.g., DeRace). Therefore, you can use a proven theme that is very popular among players, or you can create something completely new and release it in the hope that it will be accepted by players.
3. Define your target audience
P2E games are diverse and attract different players with different interests. Therefore, your task is to identify your target users and adapt your design and user flows to them. You need to focus on UX/UI research to find out what users want, like, and dislike in P2E game interfaces. Without the results of user research, game development becomes a guessing game.
4. Hire a blockchain development company
This step is crucial because the quality and reliability of the service provider will determine the success of your idea. It is very risky to work with a dubious NFT game development company with no references. Not all agencies have the blockchain technology and expertise to develop a decent and technically secure NFT game. Therefore, we recommend that you take your time and consider several candidates before choosing a vendor.
5. Create a game design document with the blockchain development company
This document is a crucial step in the process of developing a successful and transparent NFT car game. It is created by the game designers or product owners to outline the key concepts and architecture of the proposed game.
How much does it cost to develop NFT games?
Cost is the most important factor in any development. Therefore, when analyzing the cost of NFT car racing game development, it is important to consider and understand certain points.
Determining the cost is not easy and requires a lot of research. There are several factors you need to consider when estimating the cost of NFT games. Some of them are tools, technology, target audience, platform, region, number of features, design, and complexity.
Therefore, the cost of developing play-to-earn games in Europe or the United States will be higher than in other regions, as these regions have different market criteria.
The design of the application and the tools used for development also have a significant impact on the cost. In short, the price of development is directly proportional to the number of features and advanced technologies. In addition, back-end and front-end development, testing tools, and UI/UX design also cause an upward trend in cost.
As mentioned above, the development cost of NFT games is higher than that of a traditional app or game. However, with an optimized approach, it is possible to get the most out of the minimum.
The internal cost of NFT game development
The existence of NFT in the games industry is relatively new, and even an experienced development company can face a shortage of skilled personnel on its team. Market dynamics change rapidly and require engineers to be aware of trends in order to deliver the desired development solutions. An in-house team is a viable option but requires a lengthy search for engineers. A knowledgeable subject matter expert must be found, and then a team must be interviewed and assembled.
However, best NFT car racing games development has advantages, such as process control, speed of communication, all under one roof, and lower cost.
The disadvantages are the time required to build a team, internal costs, having a dedicated team leader, and training on the latest technologies.
NFT Game Design Costs vs. Game Development Costs
The cost of any project depends on its complexity, features, technology, and other key factors. However, a rough estimate of NFT game development costs is between $15,995 and $58,020. And within that range, the cost of design ranges from $630 to $2,520.
But again, these figures can vary depending on the requirements of the project and the complexity of the design.
The cost of developing an NFT game in Unity
Unity’s personal plan allows individuals, startups, and small businesses to code games for free. Thus, the cost of NFT games using the Unity engine is free. However, for companies operating on a larger scale, Unity offers commercial plans. Companies with a turnover of less than $200,000 in the last 12 months are eligible for the Plus plan.
To learn more about how to develop an NFT car racing game using the Unity game engine, read this blog.
NFT game development costs using the Unreal Engine
You don’t have to pay for the full version of Unreal until your game reaches $1 million. If you exceed this threshold, you will have to pay 5% of the gross revenue of your game. Therefore, the cost of developing an NFT car racing game on the Unreal engine is negligible.