The blockchain gaming sector is flourishing beyond anyone’s dreams. According to Investgame, crypto gaming firms concluded a total of 24 agreements in the first half of 2021, which is greater than in the first half of 2020. According to another research, the gaming industry was worth $173 billion in 2020, and that amount is predicted to increase by 2026. This demonstrates how blockchain gaming has transformed the gaming business.
Even if you don’t have the rarest non-fungible tokens (NFT) in your wallet, you can now make money playing crypto games. The concept is enticing, as video games seldom allow players to earn real money by selling digital items. Users may now generate money in the crypto realm with this new style of play-to-earn games.
What are play-to-earn games?
Play-to-earn allows gamers to earn a consistent stream of cryptocurrency just by playing the game. The benefits vary according to the game, but they usually come from staking, farming the game’s money, or creating tradeable NFT products. Users in previous blockchain games depended heavily on luck to generate money. Play-to-earn, on the other hand, has built in-game economies and business models that allow users to make money while playing.
Play-to-earn projects are a reaction to the centralization of traditional video games. Because of the centralized nature of online games, objects and points earned in one game are rarely transferable to another. There are a few exceptions, but they’re generally games from the same series. For example, if you’ve played the space-based RPG Mass Effect, your choices in the first game might influence what occurs in the sequels.
If this occurs, the games will have been played on the same system rather than being wholly distinct games on various platforms. With the advent of the blockchain, the prospect of decentralized gaming is now a reality. As a result, users may employ different things and points in various games across many platforms. This allows games to incorporate cryptocurrencies, which are frequently given out as a reward for completing particular tasks inside the game. This might entail leveling up or finishing a mission that requires a cryptocurrency payment. In turn, the crypto, which is generally a game’s native token, may be spent on in-game products or withdrawn to a crypto wallet, where it can be swapped for other cryptocurrencies or sold for fiat cash.
The emergence of NFTs has also aided the popularity and general availability of play-to-earn as a gaming mechanism. Because these items are one-of-a-kind and hence collectible, they are great to add to a gaming world because they provide something for players to seek out and collect.
How much can you make?
Gaming isn’t recognized for financially rewarding typical users. It might be difficult to comprehend how normal participants can profit from a blockchain game. In reality, many people, particularly in underdeveloped nations, make a livable salary via crypto games like Axie Infinity.
Gaming can give a more consistent source of income, with earnings related to your abilities and the amount of work you put in. In the Philippines, this gaming system has become so widespread that Axie Infinity has even become a viable alternative to jobless benefits. Depending on the market pricing and gameplay, players may earn anywhere from $200 to $1,000 (USD) every month cultivating SLP. Farming rewards are often smaller than trading NFT creatures and things, but they are safer for someone who requires a steady income.
You may even utilize your NFTs (Axies) to breed new ones in games like Axie Infinity. The value of a newly bred Axie, on the other hand, is impossible to anticipate. The highest expensive Axie (Angel) sold as of October 2021 was $131,970 on Nov 7, 2020, and is presently advertised at 3,000 ETH. While these figures are appealing, owing to the random nature of play-to-earn games, estimating an average revenue for someone selling NFTs from them is challenging.
How to begin playing play-to-earn games
For new players, each play-to-earn game will have distinct criteria. To store your crypto and link it to the game, you’ll need a crypto wallet like MetaMask or Binance Chain Wallet, at the very least.
You may also need to make an initial expenditure to participate, such as creating a character team or purchasing in-game equipment. It is typically not free to join a digital crypto-economy. Axie Infinity requires an upfront expenditure of roughly $600 to obtain three Axies as of October 2021. While this can be paid off after a few months of playtime, it still works as a barrier.
Another alternative is to look for scholarships, in which you may borrow Axies for free from another player and then split the profit with them (referred to as the manager). In other words, the player who provides the scholarship receives a specific amount of your revenue. You’ll start earning SLP, an ERC-20 token that can be traded on Binance and other crypto exchanges, once you’ve established your beginning team and fulfilled daily tasks and challenges.
The Sandbox is one of the numerous metaverse prospects that attempts to create a full universe for users to explore – and it does it by allowing them to play in a variety of locations. The social aspect, as well as the large range of things to do, are the two most important components of it. Everyone can find something to do while earning crypto on the side, regardless of their abilities or inclinations.
This tactical card game is a little different in that it focuses on deck building rather than active gaming. All battles are automated, making it easy to play and allowing users to concentrate on the deck building rather than the strategy of the game. It’s a unique experience, but it’s ideal for gamers who have little time to devote to their crypto gaming endeavors.
When it comes to making money with cryptocurrency, play-to-earn games are a relatively recent trend. To take advantage of most new initiatives and ideas, you typically have to be first in line. Play-to-earn has enabled gamers to make money. However, you should always exercise caution because many games are high-risk, unsustainable due to poor tokenomics, or even fraud.