This also can be written as Play-to-Earn.
Play2Earn is a business model which is tied to blockchain. It is gaming that allows players to earn tokens or in-game assets (via non-fungible tokens) that have real world value. This is done through the use of external exchanges where the assets can be traded on the open market.
It is a genre that some look at being revolutionary to gaming while others are skeptical, believing that it is merely hype.
The key is that gaming could end up becoming "professional" where many people are essentially making a living off these games. We see this already in place to a degree with some of the top players in the most popular games winning larges sums of money in tournaments.
Play2Earn seeks to take this a step further. By incorporating cryptocurrency into the game, anyone who is proficient will have the opportunity to earn. The ultimately payout will depend upon the success of the game.
So far, there are only a couple Play2Earn games that amassed any following. Splinterlands and Axie Infinity were major hits during 2021 when the cryptocurrency market was riding high. They both saw a drop-off in usage as the bear market took hold.