Playing the most exciting games has moved past being just a recreational activity as gaming has exploded into a multi-billion dollar massive industry.
More and more people are making substantial amounts of money everyday doing something that was once considered a waste of time. People now have even more ways to make money, thanks to the rise of play-to-earn games that include cryptocurrency and blockchain interactions.
Despite their primary source of income, this may present certain individuals with the opportunity to generate substantial additional income for themselves. Those that have a deep enough understanding of the blockchain gaming industry can even make enough money, frequently requiring nothing more than an internet connection and a couple hours of free time in a day.
But what exactly are Blockchain games and how do they work?
What are Blockchain games?
It should come as no surprise that the gaming industry is one of the most successful and widely used implementations of blockchain technology. Despite its affiliation with Bitcoin and Ethereum, blockchain is presently the most important component of the NFT transaction sequence. The development of digital assets, as well as the ease with which these assets can be transferred and collected, is one of the most essential applications for this technology.
The play-to-earn model is employed in the majority of blockchain games. This compensates players for playing games and partaking in in-game economies. Users are given the ability to buy and sell game-related collectibles within these economies.
Blockchain-based games, in contrast to more conventional game models such as free-to-play with in-game purchases or pay-to-play, provide players with unrestricted authority over their virtual possessions and assets.
Players are rewarded in-game with things like armament, skins, and gaming stuff as a result of the continuous cycle that the system employs.
This is what the whole concept behind Blockchain gaming encapsulates. Thus, since it has been established that extra income can be made with this system, below are 5 ways to make money with Blockchain gaming.
How to earn with Blockchain games
There are numerous ways to earn through Blockchain gaming and while some might be more technical than others, there are a couple more methods that will be a walk in the park for a newbie.
1. Stacking Up In-Game Currency and Rewards
A lot of blockchain games incorporate in-game currencies that can be withdrawn to an external wallet, as well as exchanged for other cryptocurrencies.
Smooth Love Potion (also known as SLP) is used, for instance, in the crypto game Axie Infinity. It serves two primary purposes: first, as the game’s currency, and second, as an item that may be used to breed characters. You can earn SLP by playing Axie Infinity and winning battles, and these SLP can be paid out or traded for other items in the game.
While some games are played more passively, others involve more active participation from the player. Axie Infinity, CryptoBlades, and Splinterlands require active participation in combat in order to gain experience and progress.
2. Gaming Tournaments
You can start looking for competitions and tournaments to participate in if you are serious about Blockchain gaming and have achieved a good level of proficiency in the relevant games.
These events provide rewards in addition to the tokens you will earn simply by playing the game. There are some that are private and low-key, while others are massive and take place on an international scale. There are also regular tournaments, fights, and competitions that take place within the game itself. Once you’ve achieved a certain level, you might be able to unlock chances that are more rewarding.
Basically, more competitions and tournaments translate to more passive income-earning opportunities.
3. Staking
Staking involves temporarily locking your tokens in exchange for benefits. Staking your tokens means making them accessible to other users so that they can participate in token exchanges. These tokens are then stored away for a predetermined period of time and once that time has elapsed, you are eligible to receive rewards, which are typically derived from transaction fees.
This staking is regarded as a form of passive income generation. If you stake, your tokens will be locked, and you won’t be able to use them while they are locked. Overall, it seems like a good way to earn little income on the side, slowly but steadily, while still enjoying all the thrills of the Blockchain game.
4. Trading In-Game NFTs
Buying and selling NFTs is what is commonly regarded as “trading.” This strategy of earning in blockchain gaming requires good research, ‘diamond hands’, and maybe a large investment altogether. Although it sounds as simple as “buy low, sell high,” most people are not aware that it takes more than that to make a decent profit in the NFT world.
Since NFTs are essential in crypto games, many players are prepared to pay for the in-game items that are necessary for them to advance in the game. For example, if you manage to get your hands on a particularly rare and potent trade card for Splinterlands, you might be able to flip it for a good profit.
Almost every blockchain game has its own market where non-fungible token (NFT) assets may be traded. Some examples of these games are Splinterlands, Axie Infinity, CryptoBlades, Pegaxy, and The Sandbox, amongst others.
5. Farming Gaming Tokens
Yield Farming is the process of increasing the amount of crypto incentives you receive by investing it in the appropriate pools. This results in the creation of additional cryptocurrencies, which bring about certain returns.
Play-to-earn games involve more than just playing the game itself. Some of them include avenues of investing your money in integrated DeFi yield farming systems, which can put your money to work. For instance, the augmented reality combat game SafeHamsters, incorporates the HamstersMill finance and investing area. In this section, players have the opportunity to earn money through staking and the provision of liquidity.
It’s a great way to accumulate extra income from your crypto earnings, which would ordinarily be sitting unused in your account if you weren’t farmed.
After that, there may be a need to sell the earned cryptocurrency. For this, people usually use exchange platforms. In this case, it will be more profitable for users from Australia to use the TimeX crypto exchange service. Where can you sell and buy XRP Australia faster and with the least tax.
BOTTOM LINE
Even though these are some of the best ways to rake in passive income with blockchain games, the list isn’t exhaustive. The play-to-earn space is continuously developing and new options are being made available with every passing day.
The perk of many crypto games is that some may be played for free, which means that there is no requirement to make an initial investment.
However, there are many Blockchain games that require funds before any meaningful gameplay can begin (Axie Infinity) and this should not be a deterrent to earning with Blockchain games.
