Play-to-earn games are business models that are built on the Blockchain and include internal models that provide tokens to players for completing specific tasks. Gamers can collect crypto as they play, earning in-game non-fungible tokens that show different characters and items. Players can earn several hundred dollars a month by playing these games, and sometimes much more, as some sought-after NFTs can sell for dollars. Gamers can choose to keep these tokens using a cryptocurrency exchange. When they play to earn money, they can withdraw through their local currencies or hold on to the Blockchain in the form of other currencies such as Ethereum and Bitcoin.
What are play-to-earn games?
The term play-to-earn money tells you a good indication of these games and it means to play and earn. A gamer can earn money by playing games. These games have been around since 2017, at that time crypto kitties took off, but have emerged form as one of the standout use cases for Blockchain in the last few years.
Play-to-earn games enable users to generate a steady stream of crypto income from these games. Their mechanism may vary, but rewards are usually earned by staking and generating tradable NFT items. Mainly in Blockchain games users depend on the random probability to earn profits. These are the business models and economies where users can work for income.
How do play-to-earn games work?
With the help of a mixture of gaming and finance, games that are played for income fall into the category of gamification. All games offer financial incentives and provide a chance for progress. As we already discussed there is usually a grinding aspect to repeating certain actions that allow users to make money in two ways;
Axie Infinity Smooth Love Potion will be the best example, which can be easily obtained by fighting players and monsters.
All NFTs games can represent an item, character, or another possible collectible of the games. Depending on the game. These can serve an in-game use or purpose.
Staking is the third alternative to making money by playing games. Some games allow players to lock cryptocurrencies and NFTs into smart contracts, which result in rewards. For example, staking MBOX tokens rewards users with NFT boxes. All boxes contain random NFTs of varying rarity, and all of them can be sold on the secondary market at that time. It is required for you to make a large initial deposit to get big staking rewards.
How does Blockchain technology secure play-to-earn games?
Blockchain games increase player security by storing player account information through an encrypted ledger. DLT is needed for Blockchain with reasonable transaction fees and gaming ecosystems require high throughput to scale.
Play-to-earn is nothing new. Many online games have fiat-based auction houses and secondary markets maintained by gold farmers. The major difference for cryptocurrency games is that these currencies and items exist on Blockchains. A Blockchain has several features that make it possible to prove ownership, legitimacy, and rarity.
A Blockchain network is just like an immutable database and it is maintained by a distributed network of users, along with a copy of the Blockchain. It indicates that it is not possible virtually for everyone to change, copy, and delete the data.
Thus, Blockchain-based games can be further developed in a way that may reduce fraud and corruption, such as item duplication, hacks, and all the exploits that commonly occur in traditional games. Its rarity with Blockchain is one of the important items. There is no way of duplication if an item is unique. It plays an important role in creating the true value of the items in the game.
How much income do people make from play-to-earn games?
Gaming is generally not known to reward the average user monetarily. It may not be easy to understand that regular players can make money from a Blockchain game. People in developing countries earn wages from cash-paying games.
You can get a more stable stream of income, where your earnings are proportional to your playing time and skills. This farming method has become much more famous when Axie Infinity became an alternative to unemployment benefits. There is no denying that farming has generally lower benefits than alternatives to trading NFT creatures and items but is more secure for anyone who needs a regular income.
How to start playing play-to-earn games?
To start playing play-to-earn games it is necessary to identify which type of game you want to play. The simple evolution of gaming is play-to-earn and you should enjoy the assumption about what you’re doing. At the start of playing you need to play free-to-play games. It is very good for your experience to test their mechanism before financial commitments.
It is required to create a crypto wallet when you start play-to-earn games. Crypto wallet enables you to connect to the games and purchase NFTs. Metamask is one of the most important online crypto wallets. While using it, be careful about your security and never share your password with anyone.
There are so many ways to buy cryptocurrency, the most useful is to buy based on the crypto you want to acquire. Centralized exchanges are most commonly used to buy cryptocurrency such as crypto.com etc. But if we talk about decentralized exchanges, they are sometimes used to buy cryptocurrencies in new games.
How to cash out from play-to-earn games?
We discussed that there are two ways of earning: being a regular player or finding NFTs to sell or playing in-game cryptocurrency. Both of these ways will provide you with Tokens and NFTs, on the secondary market to sell.
Based on the items you own and exact cryptocurrencies you can easily sell them. But it is important to check if the non-fungible tokens you want to sell are accepted in your country or not. It is also needed to verify the account by completing the KYC process.
You will require an exchange to cash out a token that offers your play-to-earn crypto in a tradable pair. If you are interested in using your earnings in daily life, you should consider whether you can withdraw them from your bank or exchange tokens from fiat currency. The crypto card is also a better option to spend on cryptocurrencies.
Play-to-earn is a Blockchain-based game that means playing and earning money. These cash-making games have come a long way from trading non-fungible Token collectibles like crypto kitties. Gamers play different games and they earn. They earn tokens and then sell them out. Blockchain provides security to users by developing in such a way that may reduce the chances of corruption and fraud. Regular players are earning their income from playing these games. The important step is choosing the game of your interest to start it. NFTs became much popular in developed countries for making money.