Play-to-earn crypto games have riddled their ways to come one of the biggest trends in the crypto space.
Over the years, most people who play games play them for leisure but today, you can actually play and earn money in cryptocurrency for just playing games.
If you’ve always wanted to grow your cryptocurrency portfolio, one perfect way to achieve that is through play-to-earn crypto games.
Play-to-earn crypto gaming has grown from a passive hobby to a multibillion-dollar business, fueled by an inflow of new players yearning for social engagement.
In the gaming sector, the development of blockchain has resulted in a fundamental paradigm change.
Instead of the conventional ways of only the game creators and distributors making money, users may now receive a piece of the pie by playing play-to-earn games using cryptocurrencies or non-fungible tokens (NFTs) on their computers or smartphone.
The integration of blockchain in play-to-earn crypto games is a unique feature. Blockchain technology aids in the collectibility of these assets as well as the creation of functional digital economies.
The trend has already reached big game developers, with Ubisoft confirming that NFTs will be included in the forthcoming Ghost Recon game.
Make sure you read this article to the end as it will explain to you what play-to-earn games are, how to choose them and how to make money in crypto from playing them.
What are play-to-earn crypto games?
The term “play-to-earn crypto games” refers to games in which players have the chance to earn specific digital commodities that may be worth real money. Most of the time, they have distributed in the form of NFTs or cryptocurrency tokens. Once acquired, tokens may be either sold to other players in the game or traded on an external marketplace.
The popularity of blockchain-based games, also known as P2E, has risen in recent years. They have become an integral part of practically every metaverse, with each platform employing its own form of cryptocurrency to compensate online gamers for their dedication to the game’s development.
One of the primary reasons why play-to-earn games, such as Axie Infinity, have grown so popular is the opportunity to earn cash that has real-world worthwhile having fun. A third step is to develop NFTs that have the potential to become valuable assets.
One popular example of a play-to-earn crypto game is the game Axie Infinity, which runs on the Ethereum blockchain. The game incorporates typical video game components and gameplay with the ancient blockchain gaming paradigm, resulting in a unique experience.
The game Axie Infinity, for example, incorporates elements of the traditional gaming business such as an adventure mode, PvP fights, and tournaments. For Windows, Android, Mac OS, and iOS devices, the game is available for download.
Interrelatedness of blockchain and play-to-earn games
Play-to-earn crypto games cannot be separated from blockchain as they rely on blockchain technology. There are numerous online games (usually massively multiplayer online role-playing games) that have fiat-based auction houses or secondary markets that are maintained by gold farmers.
The most significant distinction between cryptocurrency games and traditional games is that the coins and goods in cryptocurrency games reside on blockchains. A blockchain possesses a number of characteristics that make it simple to confirm ownership, validity, and uniqueness.
A blockchain network may be compared to an immutable database in terms of functionality. The blockchain is maintained via a distributed network of computers (users), each of which has a copy of the blockchain data stored on its hard drive. Therefore, it is almost hard for someone to alter, replicate, and/or remove information from the blockchain.
So blockchain games can be developed in a way that prevents fraud or corruption, such as item duplication, gold hacking and other exploits that are common in traditional games. Blockchain games are becoming increasingly popular.
The rarity of an item in-game is a significant factor in determining its value. There is no copying and pasting with blockchain technology. If an item is a one-of-a-kind, there is no way for it to be replicated in the future. This contributes to the creation of real-world value for in-game items.
Ways to earn from play-to-earn crypto games
Play-to-earn crypto games are classified as GameFi because of their combination of gameplay and financial elements. Each game offers monetary incentives to those that participate and progress through the game. As previously said, there is typically a grinding component to repeating particular behaviours that allow users to earn revenue in one of two ways.
Two ways to earn from play-to-earn crypto games are stated below.
- In-game crypto earnings
- Trading in-game NFTs
a.) In-game crypto earnings
One such item is Axie Infinity’s Smooth Love Potion (SLP), which may be obtained by completing daily tasks or defeating monsters and other players in the game.
b.) Trading in-game NFTs
In the game, each NFT can be used to represent an object, a character, or another type of collection. The cosmetic value of these items might vary depending on the game, and they can also have a functional role in-game.
Staking is another popular way to earn from play-to-earn crypto games that you should be aware of.
The ability to lock up NFTs or cryptocurrencies in smart contracts is provided by some NFT games, which in turn create incentives for players. For example, staking MBOX tokens will reward users with MOMO NFT Mystery Boxes if they complete the task.
Each one includes a random NFT of varying rarities, which may be sold on the secondary market after being used to generate revenue. However, in order to gain significant staking benefits, you will need to make a substantial initial investment.
How to select the right play-to-earn crypto game
As soon as you have a basic understanding of how play-to-earn games operate, you can begin exploring for one (or many) that are the most suitable for your needs. In a world where there are hundreds of play-to-earn games available (and hundreds more in development), the issue is: how do you choose the best one for your needs?
The key to understanding this is to read the tiny print. Before you begin, it is important to understand how incentives are handed out, how in-game coins may be converted to other cryptocurrencies, and what you want to earn from your participation.
Each play-to-earn game provides players with a variety of various incentives. For the most part, games will pay out in a combination of NFTs and an in-game cryptocurrency that may be exchanged and sold to other players or third-party dealers.
In certain rare instances, gamers might be rewarded for their efforts by receiving popular currencies. In the game Coin Hunt World, players may explore their communities in search of keys that would allow them to go through quizzes. If you successfully answer the question, you will be paid with bitcoin and ether.
When you first begin playing, it is vital to understand how you will receive rewards for your efforts, as well as how long it will take you to accumulate them. NFTs can be earned by doing simple actions; however, others demand a larger financial input in order to be rewarded.
Are play-to-earn crypto games free-to-play?
You might be asking whether or not play-to-earn cryptocurrency games are completely free. This is mostly dependent on how generous the developer is with his or her time.
Some game developers make their games available for free to play. These games provide players with the opportunity to earn NFTs or cryptocurrency tokens as a reward just for taking part in the game. All it takes is a little patience and commitment.
Some game developers need users to make an initial financial commitment before they can even begin playing the game. To be more specific, they must acquire NFTs from other players. These kinds of games are also referred to as pay-to-earn games.
However, despite their distinctions, both of these games are classified as “action games.” In both games, players have the ability to create some sort of value that might result in a profit.
How much can you make from play-to-earn crypto games?
The amount of money you may make from play-to-earn cryptocurrency games is directly proportional to the amount of time you devote to playing the game itself.
Farming can give a more consistent source of income, as your profits are related to your abilities and the amount of time you devote to the activity. This method has proven to be extremely popular in the Philippines, where Axie Infinity has even gained popularity as a viable alternative to unemployment benefits.
Players may earn anywhere from $240 (USD) to over $1,500 (USD) every month through cultivating SLP, depending on the market price and amount of time spent playing. Typically, farming rewards are smaller than the option of trading NFT creatures and stuff, but they are far safer for someone who needs a consistent source of money.
Are play-to-earn games worth playing?
As the name implies “play-to-earn” crypto games, there’s a reward for playing these games, unlike the traditional games we had that only gave rewards with coins that can’t be claimed. Play-to-earn crypto games are actually worth playing as there are highly rewarding.
When it comes to making money with cryptocurrency, play-to-earn games are a relatively new development. Most emerging trends and ideas need you to be among the first to take benefit of them, which means you generally have to be first in line.
Play-to-earn, on the other hand, has made it feasible for gamers to make money. You should always exercise caution, though, because many games might be high-risk, unsustainable due to poor tokenomics, or even frauds, so you should always proceed with caution.
While the goal is to earn rewards, do well to do your research before jumping on any play-to-earn crypto game.