Imagine a younger you, sitting in front of your sophisticated computer setup all day and then burning the midnight oil to reach new levels earning more and more rewards. Unfortunately, all these rewards remain mere numbers or star symbols on the screen in the end. All this effort for what?
But, what if we tell you that now you can play games to earn money!? Yes, you read that right! Latest in ‘make your childhood dreams a reality’ presented by gaming and cryptocurrency, you now have Play to Earn Games!
In this article, we have covered everything you need to know about play-to-earn games.
The play-to-earn business model is based on two factors: first, the free-to-play gaming model, and second, the blockchain enabling asset tokenization system.
These games allow the users to gather money in the form of NFTs or cryptocurrency. Many games require either buying a license for gaming or in-game purchases.
While playing, the gamers participate in the open economy of the game where they can contribute to the digital artwork and overall blockchain game development, which benefits the developers and other players. The money that gamers earn is the reward for investing time and effort into digital gaming block chain assets for the further development of the game.
To earn money playing games is like every gamer’s childhood dream come true. The prospect of filling the crypto wallet just by playing their favorite game is encouraging many game developers to integrate the ethereum blockchain and gaming.
According to a report by Dappradar, the NFT trading volume reached a whopping 704% in the third quarter of the year because of increasing demand for these games.
This rise in NFT trading is enough to understand how these games have taken the gaming and cryptocurrency markets by storm. But what is it that makes play-to-earn games so popular? These three factors:
All these factors combined provide gamers an equitable and shared gaming experience, where they can play and earn. They can also sell their rewards for real money or lease them. The playing field is more leveled because cryptocurrency is equal for every user, and the transactions are recorded in a digital ledger.
The play-to-earn business model falls under the GameFi category as its two main elements are gaming and finance.
The gamers can earn income in three different ways, which are:
In-game NFT
Non-Fungible Tokens (NFTs) are unique cryptographic tokens that may represent a collectible or character in the game. What makes these tokens unique is the identifying information stored in them. This NFT collection cannot be mutually interchanged and can be traded in the marketplace.
In-game cryptocurrency
Another way of earning money in play-to-earn games is by banking play–to-earn game crypto. The number one play-to-earn game, Axie is a good example of this, where you get Smooth Love Points (SLPs) for defeating the monsters and completing other targets.
Staking
In staking, gamers can lock up or save the earned NFTs or cryptocurrency by dint of smart contracts. Smart contracts are protocols that work on the concept of decentralized finance (DeFi). These contracts allow the facilitation, verification, and enforcement of digital contracts without a third party. These contracts work on the “if/when-then” concept and utilize the blockchain to verify the information related to the encrypted blockchain transactions.
Blockchain utilizes cryptography to store data into unique and decentralized blocks. Play-to-earn is an aspect of blockchain chain game business model where users earn NFT collection or cryptocurrency by accomplishing a certain set of tasks. Blockchain gives the gamers complete ownership of their earned rewards that are unique and immutable and unique collectible gaming assets, just like the blockchain data.
But, what role does blockchain play in the NFT game security? To understand this, you should know that NFT ethereum assets earned in these games exist on a blockchain. This means gamers have proof of the ownership and legitimacy of their rewards because of block ledger verifiability.
Not only this, the NFTs or other unique, fixed and unhackable crypto assets can not be duplicated, hacked, or misused in any way.
Starting with play-to-earn gaming can sound intimidating at first because it involves a lot of concepts like NFT crypto and blockchain contracts. But this isn’t the truth.
First, you need to set up an account for playing these games. Some of these games are free, and some require an entry fee. While you’re deciding which game you should play, consider NFT and cryptocurrency values, cashing out methods, etc. You will also need a trading account and an account that exchanges cryptocurrency like OpenSea integration with Ethereum.
Once you get all this done, you are ready for the gaming NFT model.
Play-to-earn games were already popular among people as a source of additional income by trading in-game NFT, but in tough times, they became the primary source of income for many people.
To earn an income from gaming you’ve to choose the right game to play. You can earn either cash or tokens in these games and trade them at decentralized exchanges. Professionals can earn an average of $60,000 annually, and some people earn an average of $15,000 per hour. Crazy, right!?
Here, we are talking about cryptocurrency, which means the earnings depend on how much NFTs or cryptocurrency you have earned and their rates at the time. A set procedure can encash the rewards. Let’s see how NFT games make money?
The two main ways of earning through play-to-earn games are NFTs and cryptocurrency which can be encashed by selling them in the secondary market and in a decentralized gaming asset market. Before starting the encashment process, make sure that the NFTs you want to sell are listed in your country and that your KYC compliance is done.
Cashing out crypto
Cryptocurrency can be cashed out by exchanging the tokens for fiat currency like US dollars, or you can get a crypto card. Converting these tokens into fiat currency requires some additional steps, and once the process is done, you can withdraw the money from your bank account. To cash out the tokens, first, you will have to find an exchange that offers tradable pairs. You can also convert your tokens into stablecoin crypto.
Cashing out NFTs
If you have rewards from tokenized NFT gaming, you can cash them out at NFT marketplaces. All you have to do is select a marketplace, like Opensea, create an account and proceed to convert your tokens to cash by transferring the NFTs to your wallet and connecting to the compatible Metamask. You can also use NFT and e-commerce together by using NFT to buy things online.
If you want to play games to fill some more in your pockets, consider yourself lucky as there are so many games to explore. We are mentioning some of the most famous games.
Axie Infinity
Axie Infinity, developed by a Vietnam-based company Sky Mavis recently caused a stir in the market as it raised $7.5 million. If you played and liked Pokemon, Axie Infinity NFT is the perfect game for you! Here, you get to breed, update and battle with Pokemon-like characters.
Decentraland
Securing the number second spot on the blockchain based games list, the most famous game right after Axie Infinity is Decentraland. In this game, you can build, buy and sell real estate in a virtual world.
The Sandbox
Pixowal created the Sandbox in 2012 as a mobile video game. Today, it has become one of the most popular play-to-earn games based on the blockchain based ethereum. It is a metaverse where gamers can create their territory and complete certain tasks to earn money.
If you want help with your play to earn games, you are at the right place. WAYPOINT is here to provide the best experience in gaming and collectibles so you can do what you are most passionate about. Visit the site to know more.
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