The invention of blockchain technology, coupled with the growing interest in cryptocurrencies, has given rise to a new form of monetised gaming known as “Play to Earn” (PTE). “Axie Infinity” (AI) is currently the most popular PTE game, occupying a large portion of the online gaming market. In this paper, we profile the risks and benefits of PTE gaming, with a specific focus on AI. Qualitative data in the form of online chat threads was evaluated via a Thematic Analysis (TA) approach. The analysis revealed a number of themes including the dominance of extrinsically motivated gameplay in conjunction with negative appraisals of game quality, the benefits and costs of play, and the potential for PTE scholarship models to be associated with exploitation. The results did, however, indicate awareness of potential consumer risks. The findings have implications for informing consumer education, regulation, as well as areas of focus in future quantitative research.

Background and aims Play-to-earn (P2E) gaming is a newly emerging form of gaming increasingly based on blockchain technology. In this paper, we examine the mechanics and business model of these games and their potential benefits and risks for players. Methods The paper draws upon and critically synthesises the developing published literature on predatory monetization in gaming as well as objective market data drawn from credible online sources. Results P2E gaming blurs the boundaries between gaming and trading and may not yield many of the benefits promoted to consumers or otherwise conveyed through marketing and social media messaging. Particular risks include the deflationary nature of reward currencies and the asymmetric reward structures that heavily favour early investors and exploit late adopters. Discussion and conclusions This paper highlights the need for greater consumer awareness of the mechanics and risks of these new gaming models. It will be important for business models to be more transparent and designed so as to encourage more equitable game outcomes, sustainable returns, a balance between intrinsic and extrinsic rewards, and protection for potentially vulnerable players.

Play-to-earn (P2E) is a new form of monetised gaming based on blockchain and crypto-currency technology. Such games offer opportunities to combine gaming with speculative investment through the purchase of tradable in-game currencies and assets (non-fungible tokens). In this paper, we investigate the profile of people most likely to be attracted to this emerging form of gaming. A sample of 560 participants aged between 18-65 (M = 28.3, SD = 8.3) were recruited via Prolific to complete an online survey that included measures of gaming (Petry’s Internet Gaming Disorder Scale) and gaming risk (Problem Gambling Severity Index), measures of gaming motivation and impulsivity. Other existing engagement in gaming monetization as well as digital asset ownership was also assessed. P2E interest was associated with higher gambling risk scores, but not with internet gaming disorder. P2E gamers also scored higher on extrinsic motivation and monetised gaming was generally associated with higher impulsivity. The results suggest that P2E may be attractive to those with a pre-existing interest in financially risky activities. Policy implications include the increasing need to monitor the growth of digital asset technology and the increasing convergence of gambling, financial speculation and gaming and the potential for increasing financial harm in gaming populations.