In the last year, cryptocurrency has seen a meteoric rise in value. People buy into crypto for different reasons and uses. One of them is to make money from gaming activities such as gambling or trading virtual items on an exchange platform like OPSkins or OpenBazaar. How does it work? Here’s how you can earn $1,000s of dollars playing games on your PC!
The “top play-to-earn crypto games” is a question that many people are asking. There are some websites that allow users to earn crypto by playing games.
Video games could only reward players inside the game and its environment until recently. However, developers are increasingly looking at new methods to monetise the digital value produced in the game world.
Some new monetary models have evolved in the gaming field thanks to bitcoin and non-fungible tokens (NFTs). Some of these business concepts enable players to generate money just by playing their favorite games. Play-to-earn games are what they’re called.
What is tokenization, and how does it work?
gorodenkoff / istockphoto / gorodenkoff / istockphoto / gorodenkoff / istockphoto
What are play-to-earn games, and how do they work?
Crypto games with a play-to-earn component provide players the opportunity to get digital things with monetary worth. NFTs or a cryptocurrency token are the most common options. The tokens may then be traded with other players in the game or sold on a third-party marketplace.
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What are the mechanics of play-to-earn games?
Play-to-earn games are based on a business model in which users are rewarded with cryptocurrency in exchange for participating in the game.
Within the game, players are given virtual objects with the capacity to enhance their worth by actively playing. In-game assets may now be identified by a unique blockchain identifier thanks to the introduction of non-fungible tokens (NFTs). This enables digital goods of worth in the game world (such as weapons, spells, skins, virtual property, and so on) to have a single owner and even a monetary value.
Players may produce value for themselves, other players, and the game’s creators by engaging in the game’s digital economy. They may be rewarded with a variety of digital goods in exchange. Additional in-game objects, new characters with varying scarcity, or a cryptocurrency token are all possibilities.
In play-to-earn NFT games, the basic notion is that players may be compensated for the time and effort they put into the game.
ipopba / istockphoto / ipopba / istockphoto / ipopba / istockphoto
The most popular earn-to-play games
Players in play-to-earn crypto games are given a money incentive. There may be methods to gain money in the game by either purchasing products in the form of NFTs with resale value on a specialized marketplace, or by executing particular acts to earn various forms of crypto.
According to Crypto Potato, these are a few popular play-to-earn crypto games in 2021.
HayDmitriy / DepositPhotos.com is the photographer behind this image.
Axie Infinity (Axie Infinity) (Axie Infinity
The Tamagotchi fad of the late 1990s influenced Axie Infinity in part. Tamagotchis were digital “pets” that were tiny enough to fit on a keychain and that people could care for as they grew older.
Axies are token-based animals that players may grow, acquire, breed, and combat in Axie Infinity. The digital animals may take many various shapes; there are over 500 body parts to choose from, which are divided into different groups based on their rarity. The following are some of the categories:
- Common
- Rare
- Ultra-rare
- Legendary
Each Axie is a non-fungible token with its own set of characteristics. Users may exchange their Axies for bitcoin and enhance their Axies.
The Axie network’s native token is called Axie Infinity Shards (AXS). AXS may be staked or utilized to take part in the game’s administration.
Axie Infinity also has its own cryptocurrency, Small Love Potion (SLP), which can be won by playing the game. This cryptocurrency is an Ethereum-based ERC-20 token. New Axies may be bred using SLP. The cost of breeding a new Axie starts with 100 SLP and increases with each generation. Axies may be bred up to seven times throughout their lifetime.
Irina VIV / DepositPhotos.com / Irina VIV / DepositPhotos.com / Irina VIV / DepositPhoto
2. Decentralization
The Decentraland MANA coin may be familiar to cryptocurrency investors and aficionados. This project was one of the first of its sort, launching in 2017 with a $24 million ICO.
Decentraland is an Ethereum-based virtual environment where participants may build and monetise various content and applications, such as land plots. The land may then be enhanced with qualities that distinguish it and make it more appealing to other players, perhaps enabling it to be sold for a greater price.
A parcel of virtual land was reported to have sold for more than $900,000 in June 2021.
Decentraland, like Axie Infinity, includes a second token in addition to its original MANA. MANA is an ERC-20 token that may be burnt in exchange for ERC-721 LAND tokens, which are non-fungible. On the Decentraland marketplace, MANA may be traded for a variety of avatars, wearables, names, and other digital products.
Irina VIV / DepositPhotos.com / Irina VIV / DepositPhotos.com / Irina VIV / DepositPhoto
3. The Playground
The Sandbox is a digital environment with a significant gaming community that mixes NFTs with decentralized autonomous organizations (DAOs). Inside the game, participants may develop and trade various digital goods in a virtual environment akin to Decentraland.
In The Sandbox, there are two types of tokens. SAND, the native coin, is an ERC-20 token with a 3 billion supply restriction. The second token, LAND, is a non-fungible token (NFT) with a supply of 166,464 units that may be used to host games, construct houses, create multiplayer experiences, and more.
Irina VIV / DepositPhotos.com / Irina VIV / DepositPhotos.com / Irina VIV / DepositPhoto
The Benefits of Play-to-Earn Games
- It’s entertaining. Video games are designed to amuse, and gamers who like a specific game will certainly appreciate the opportunity to earn real money while doing so.
- It’s brand new. Pay-to-win games are a new frontier in gaming and technology. Players now have the opportunity to be among the first to try out what might become a standard approach for many more games in the future.
Image credit: iStock/Alessandro Biascioli.
The disadvantages of play-to-earn games
- There are costs involved. When gamers sell digital things, these services charge a fee. When players sell characters to other players, for example, Axie Infinity charges a 4.25 percent marketplace fee.
- Volatility is a possibility. Because the majority of these tokens are still tiny, their values may fluctuate dramatically. For those hoping to benefit from play-to-earn games, this might be an issue.
- There is a learning curve to be aware of. Before becoming engaged, anyone who are inexperienced with cryptography, digital wallets, or NFTs should educate themselves. If users want to participate and make money, they must connect with the existing crypto ecosystem outside of the game.
gorodenkoff is the author of this image.
What percentage of people’s income comes from play-to-earn games?
Although the amount of money earned via play-to-earn games varies, most players are unlikely to be able to leave their day jobs. The game in question and its current popularity, demand for any NFTs or tokens issued, and the present health of the crypto market in general all influence income possibilities.
While some NFTs obtained in games have sold for thousands of dollars, this hasn’t been the case in the past. Players that spend longer time in the game may have a higher chance of earning more, but owing to the other factors listed, there is no assurance.
However, some individuals in underdeveloped nations (where the US dollar is more valued than the local fiat money) have been able to replace their unemployment benefits by playing play-to-earn games.
Wiphop Sathawirawong / iStock / Wiphop Sathawirawong / iStock / Wiphop Sathawirawong /
Which games do you have access to in order to earn NFTs or cryptocurrency?
Axie Infinity, Decentraland, and The Sandbox are just a few of the numerous play-to-earn games available.
tigerstrawberry / iStock / tigerstrawberry / iStock / tigerstrawberry / iS
Is it profitable for a player to engage in play-to-earn games?
Because this is a novel phenomena, it’s difficult to tell for sure. Only the most devoted players are likely to acquire huge sums of money. The degree to which the gained things are in demand at any particular time is likewise a matter of chance.
The value of the token or NFTs in issue is a crucial determinant in how profitable pay-to-earn may be. If the tokens’ value rises in comparison to Bitcoin or a user’s local currency, even a modest quantity of cryptocurrency might result in significant dividends for gamers. If demand is minimal, however, players may be able to spend a lot of time playing these games without making any money.
Cylonphoto / iStock / Cylonphoto / iStock / Cylonphoto / iStock
11. Are there any blockchain games that are available for free?
Some blockchain games may need a one-time payment. Depending on the game, this might change. New gamers to Axie Infinity must buy three Axies, which costs roughly $600.
There are a number of free blockchain games available, however the most of them are not very popular.
RyanKing999 / iStock / iStock / iStock / iStock / iS
The Remainder
Previously, the only method to make money from a video game was to sell an account. Some new players in games like World of Warcraft may be willing to pay for an account with existing characters who are already at high levels and have advanced goods.
Newer pay-to-win games are now part of the metaverse, a phrase that refers to all components of a rapidly expanding virtual reality cosmos.
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AlertMe
“Play-to earn crypto games 2022” is a question that has been asked before. The answer is no, you cannot earn crypto from gaming. Reference: play-to earn crypto games 2022.
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