Users can farm or gather crypto and NFTs in play-to-earn games and then sell them on the market. The more frequently a participant plays the game, the more products or tokens they will sell and make money. Blockchain gaming has become a viable source of income for specific participants. You’ll often need to put up money to buy characters and other stuff to play the game. This pastime, however, comes with a degree of risk.
These goods can be collected and used in digital marketplaces using blockchain technology, ensuring their long-term value. These digital things cannot replicate thanks to blockchain technology and non-fungible tokens (NFT). The concept of digital scarcity was born as a result of this.
Your NFTs or crypto should deposit into an exchange like Binance before you can withdraw your money. Stablecoins are an excellent option because it’s doubtful that you’ll be able to convert directly into currency.
NFT or tokens sold can be exchanged for stablecoins, which can then be withdrawn in fiat currency using the methods available to you in your country. Alternatively, you might use a crypto card like the Binance Visa Card to pay for the stablecoin.
It has come a long way since Cryptokitties and other simple Non-Fungible Token (NFT) collectables were traded on the blockchain. Even if you don’t have the most valuable NFT in your wallet, you can still make money playing crypto games.
Video games rarely allow gamers to make money by selling their digital assets, which makes this concept fascinating. Play-to-earn games are now allowing people to make money in the cryptocurrency realm.
Play-to-earn is a system that gives gamers to earn cryptocurrency just by playing. In most games, the rewards come from staking, farming a game’s cash, or creating NFT products that may trade. Early blockchain games relied primarily on the chance to produce money; however, this is no longer the case. The concept of “play-to-earn” has spawned in-game economies and business models where players can earn a living by playing.
There are numerous examples of this type of technology on the Ethereum blockchain, such as Axie Infinity. An old-school blockchain game paradigm was used in conjunction with traditional gaming components and gameplay in the new game. Axie Infinity, for example, has an adventure mode, PvP fights, and tournaments – all of which are common in traditional gaming. Windows, Android, Mac OS X, and iOS are all supported platforms for the game.
What are play-to-win games, and how do they work?
Play-to-earn games fall under the GameFi umbrella because of their unique blend of gaming and financial consideration. Each game offers monetary rewards for playing and progressing. As previously stated, users can earn money in two primary methods by repeating specified actions:
In-game cryptocurrency can be earned. You can get the Smooth Love Potion (SLP) by completing daily objectives or defeating monsters and other players in Axie Infinity.
They are earning or exchanging NFTs in-game. Each NFT might depict a different collectable kind in the game, such as a character or object. Aside from their aesthetic value, these items may have a functional purpose in the game.
With play-to-earn games, there is also the option of staking. Locking up NFTs or cryptocurrencies in smart contracts generates incentives for some NFT games. For example, betting MBOX tokens rewards users with MOMO NFT Mystery Boxes. Each one contains a random NFT with varying rarity as a secondary market trade item. A significant initial deposit is required to reap the perks of staking.
Why are play-to-earn games so safe thanks to blockchain technology?
Playing games for money is nothing new. Auction houses and secondary marketplaces are typical in many online games (MMORPGs) that use fiat currency. For cryptocurrency games, the most essential difference is that these currencies and goods exist on the blockchains. Blockchains have qualities that show ownership, validity, and uniqueness quickly and simply.
A blockchain network can compare to an immutable database. Distributed computers (users) all copy the blockchain data and keep it updated. In other words, it’s practically difficult for anyone to alter or destroy blockchain data.
Aside from preventing item duplication, gold hacking, and other typical flaws in traditional games, blockchain games can create in a way that ensures their integrity. The rarity of an in-game item is an essential factor in its worth. There is no copy & paste with blockchain. If an item is one of a kind, it can never be duplicated. This creates a sense of value for in-game items.
Play-to-win games generate how much money for their players?
In general, gaming isn’t recognized for paying the typical user money. It’s not always clear how a blockchain game may make money from the players’ actions. Even in impoverished countries, people live playing crypto games like Axie Infinity.
There is no better method to make money than farming. Spending more time means earning more money. Farmers in the Philippines have used Axie Infinity as a substitute for jobless compensation. Farming SLP can earn players between $200 and $1,000 (USD) a month, depending on the market pricing and the amount of time spent playing the game. If you’re looking for a steady source of revenue, farming is a better option than trading NFT creatures and stuff.
You can even create new ones using NFTs (Axis) in games like Axie Infinity. The value of a newly bred Axie cannot be reliably predicted. In October 2021, the most expensive Axie (Angel) sold for $131,970 and has now been advertised for 3,000 ETH. These stats may look good, but it’s impossible to forecast the typical income of a person who sells NFTs from play-to-earn games.
How can you get started playing games that pay you to play?
Newcomers to play-to-win games face a variety of challenges. To save and connect your cryptocurrency to the game, you’ll need a crypto wallet such MetaMask or Binance Chain Wallet.
Setting up a team of characters or purchasing in-game equipment may also necessitate an upfront payment. A digital crypto-economy requires a fee typically to get started in.
Purchasing three Axis for Axie Infinity will cost roughly $600 as of October 2021. Even though this can be recouped in a matter of months, it still serves as a barrier to admission.
Another alternative is to search for “scholarships,” which allow you to borrow Axis from another player for free and then split the money you earn with that person (referred to as the manager). This means that the player sponsoring the scholarship gets a custom percentage of your earnings. To reach SLP, an ERC-20 token that can be traded on Binance and other crypto exchanges, you’ll need to complete daily tasks and challenges.