Blockchain games have progressed far beyond the exchange of simple Non-Fungible tokens (NFT) collectibles like Cryptokitties. Even if you don’t have the rarest NFT in your wallet, you can now earn money by playing crypto games.
The concept is attractive because video games rarely allow players to earn real money by selling digital assets. Players can now earn money in the crypto world kudos to this new model of play-to-earn games.
What exactly are play-to-earn games?
Play-to-earn allows players to earn a consistent stream of cryptocurrency simply by playing the game. The mechanism of each game may differ, but the rewards are typically derived from staking, farming a game’s currency, or generating tradeable NFT items.
Users in older blockchain games relied primarily on random chance to profit. Play-to-earn, on the other hand, has created in-game economies and business models in which players can earn money.
How do P2E games work?
Play-to-earn games are classified as GameFi because of their combination of gaming and finance. Each game offers monetary incentives to play and progress. As previously stated, there is usually a grinding aspect of repeating specific actions that allow users to earn money in two ways:
- Earning cryptocurrencies in-game. Obtained by completing daily quests or battling monsters and other players.
- Earning or trading NFTs in-game.
Each NFT in the game may represent an item, character, or another collectible. Depending on the game, these can be purely cosmetic or serve a functional or functional purpose in-game.
How does blockchain technology ensure the security of play-to-earn games?
Play-to-earn is not a new concept. Many online games (typically MMORPGs) have fiat-based auction houses or secondary markets run by gold farmers. The crucial difference in cryptocurrency games is that these currencies and items exist on blockchains.
A blockchain has several properties that make it simple to demonstrate ownership, legitimacy, and rarity.
Look, a blockchain network is an immutable ledger. It is kept up by a distributed network of computers (users), each of which has a copy of the blockchain data. This makes it nearly impossible for someone to alter, recreate, or remove blockchain data.
As a result, blockchain games can be designed to avoid fraud or corruption, such as item duplication, gold hacks, and other exploits common in traditional games. The rarity of an in-game item is an important factor in its value. There is no copy and paste with blockchain. If an item is one-of-a-kind, it cannot be replicated. This contributes to the creation of true value for in-game items.
What is the average income generated by play-to-earn games?
The rewards you can earn by playing P2E games will vary and depend on a lot of factors. At the height of Axie Infinity, Top players we’re earning hundreds of dollars a week. When Pegaxy was at its peak, players could earn hundreds of dollars a day by racing multiple Pegaxy.
How to Start Playing P2E Games?
For new players, each play-to-earn game will have different requirements. To store your cryptocurrency and connect it to the game, you’ll need a crypto wallet like MetaMask or Binance Chain Wallet.
You may also need to make an initial investment to play, such as assembling a team of characters or purchasing in-game assets. Entering a digital crypto-economy is rarely free. Some games allow NFT owners to loan out their NFT game assets to other players, then split the profits. If you’re limited on funds, a game scholarship would be a great way to begin.
How do you make money from play-to-earn games?
When playing NFT games, we mentioned that there are two main ways to earn money: finding NFTs to sell or playing regularly to generate an in-game cryptocurrency stream.
These activities will provide you with NFTs, tokens, or both, which you can then sell on the secondary market. You may be able to sell both your NFTs and tokens on Binance, depending on the exact cryptocurrencies and items you have.
NFTs for Ethereum and Polygon can be easily traded on Opensea or Looksrare NFT Marketplace.
When it comes to earning money with cryptocurrencies, play-to-earn games are a relatively new development. Most new projects and ideas require you to be first in line to take advantage of them. Even so, play-to-earn has enabled gamers to earn money. However, you should always exercise caution because many games can be high-risk, unsustainable due to poor tokenomics, or even scams.