Since the early days of selling basic Non-Fungible Token (NFT) collectibles like Cryptokitties, blockchain play to earn games have come a long way. Even if you don’t have the rarest NFT, you can now make money by playing crypto games.
The notion is interesting since selling digital assets in video play to earn games seldom allows gamers to earn real-world money. Users may now make money in the crypto world by playing this new game concept.
What are the many types of play to earn games that you may play to make money?
Players may earn bitcoin just by playing games that allow them to acquire it. Staking, farming the game’s cash, or creating tradeable NFT products are the most common ways to gain rewards, however each game’s method differs. Users gained mostly from random chance in previous blockchain games. Play-to-earn, on the other hand, has resulted in the creation of in-game economies and business structures through which players may make money. Learn more how does play to earn gaming inspire capitalism.
On the Ethereum blockchain, Axie Infinity is a well-known example. The game blends elements and gameplay from traditional video games with the existing blockchain gaming paradigm to provide a new way to make money. Axie Infinity, for example, has an adventure mode, PvP combat, and tournaments, all of which are prevalent in conventional gaming. Windows, Android, Mac OS X, and iOS devices are all supported by the game.
How do games that you play to get money work?
Due to their mix of gameplay and money aspects, play to earn games are categorised as GameFi. Players may earn money by participating in and growing in each game. As previously said, repeating certain behaviors that allow consumers to earn money in one of two ways might be tedious.
1. Earning cryptocurrency while playing the game. Axie Infinity’s Smooth Love Potion (SLP) is one such item, which may be earned by accomplishing daily goals or fighting monsters and other players.
2. In-game earning and trading of NFTs. Each NFT might be a depiction of a video game character, item, or other collectible. Depending on the game, they may be just decorative or provide a functional or functional role in-game.
There’s also staking, which is a third option to gain money with play to earn games. Certain NFT play to earn games allow users to hold NFTs or cryptocurrencies in smart contracts, which generates rewards. Users may earn MOMO NFT Mystery Boxes by staking MBOX tokens, for example. Each one has a one-of-a-kind NFT with varied rarities that may be traded on the secondary market. However, you’ll need a substantial initial commitment to reap considerable stake gains.
How might blockchain technology help pay-to-play games stay safe?
It’s not a new notion to play to make money. Many online earn-to-play games (often massively multiplayer online role-playing games) include fiat-based auction houses or secondary marketplaces run by gold farmers. The main difference between using cryptocurrency to make money and using cryptocurrency to earn money is that both money and things are stored on blockchains. A blockchain has a variety of characteristics that make determining ownership, legality, and uniqueness straightforward.
A blockchain network is analogous to an immutable database. It is kept up to date via a decentralized network of computers (users), each of which keeps a copy of the blockchain data. This practically precludes the prospect of blockchain data being altered, duplicated, or deleted.
As a result, blockchain play to earn games might be designed to prevent fraud and corruption, such as item duplication, gold hacking, and other flaws seen in traditional play to earn games. The rarity of an item determines its value in-game. With blockchain, there is no copying and pasting. It is impossible to reproduce a one-of-a-kind thing. This helps in the establishment of true value for in-game items.
How much money do people make from play-to-win games?
Gaming is not known for providing financial benefits to the average user. It may be tough to see how ordinary players might profit from blockchain games. Indeed, many people, especially in developing countries, earn a decent living by playing crypto games like Axie Infinity.
Because profits are proportional to your talents and amount of time spent playing, farming may provide a more constant source of income. This kind of farming has gained traction in the Philippines, where Axie Infinity has even replaced unemployment benefits. Depending on the market price and the amount of time spent playing, players may earn between $200 and $1,000 (USD) every month farming SLP. Farming rewards are often smaller than those connected with selling NFT creatures and things, but they are far safer for someone in need of a consistent income.
In games like Axie Infinity, you can even breed new NFTs (Axies) while playing. The value of a newly bred Axie, on the other hand, cannot be determined with confidence. The most expensive Axie (Angel) ever sold was $131,970 on November 7, 2020, and is being marketed for 3,000 ETH as of October 2021. While these statistics sound enticing, owing to the random nature of play-to-earn games, estimating an average revenue for someone selling NFTs from them is difficult.
How can I begin earning money using play-to-win games?
Each game with a play-to-earn component will have its own set of requirements for new players. To store your cryptocurrency and attach it to the game, you’ll need a cryptocurrency wallet like MetaMask or Binance Chain Wallet.
You may also be needed to pay an initial investment to play, such as forming a character team or purchasing in-game items. Entering a digital crypto-economy is usually not free.
Axie Infinity will need an initial investment of roughly $600 to buy three Axies by October 2021. While this may be reimbursed after a few months of gameplay, it still serves as a barrier to entry.
Another option is to look for so-called scholarships, which enable you to practically borrow Axies for free from another player in exchange for a share of the money gained (referred to as the manager). In other words, the player who offers the scholarship gets a share of your earnings. You’ll start earning SLP, an ERC-20 token that can be exchanged on Binance and other cryptocurrency exchanges, after forming your first team and completing daily jobs and challenges.
In terms of earning bitcoin, play to earn games are a relatively new phenomena. To profit from the bulk of new businesses and ideas, you must typically be first in line. Play-to-earn, on the other hand, enables players to earn money. However, because to the high possibility of many play to earn games being high-risk, unsustainable due to bad tokenomics, or even scams, vigilance is always suggested.