Burn the tokens, keep the loot: Play-to-own games come next

The collapse of play-to-earn gaming has exposed the dangers of tying fun to financial speculation. A new play-to-own model offers a sustainable future over speculative rewards.

Opinion by: Tobin Kuo, founder and CEO at Seraph

The play-to-earn (P2E) model has largely collapsed, which promised a future in which anyone could grind digital gold and cash out for real-world income.

Funding for Web3 games dropped more than 70% in Q1 2025, major projects have shut down, and player engagement is declining at a staggering rate. 

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