Let's Play Games and Earn with the Blockchain
Updated: Nov 21, 2022
The use of video games to relax after a long, stressful day at school or work has been around for a long time. Often, the hobby combines a pastime with an opportunity to express yourself through art and storytelling. However, unless you are in the 99.9%isle of players, converting your time spent on a single game to IRL (In Real Life) earnings is impossible.
The blockchain is a system for storing information that is difficult or impossible to modify, hack, or cheat. Blockchains are essentially digital ledgers of transactions that are duplicated and distributed across a network of computers.
How is Blockchain used for Gaming?
Blockchain games use a decentralized model so that players own their game earnings and can use them across other crypto games. Blockchain games use NFTs to create unique items, characters, rules and more. Many blockchain games have a play-to-earn model, where players can earn cryptocurrency.
For example, if a user is playing one blockchain game where they win XP and weapons, they can choose to bring those winnings over to another game when they leave. They could also sell them or trade with another player.
Who Plays Blockchain Games?
Many types of users play blockchain games. Over two million people play the three most popular blockchain games every month. Most users live in the U.S. or the Asia-Pacific region, including countries such as the Philippines, China, Thailand, Indonesia, India and Vietnam. And don't worry here are the stats for the age of the users who almost daily spend their time playing these types of games. Talking about age-wise, millennials between the ages of 25 and 34 represent approximately 37% of the crypto gamers, followed by the Gen Z between the ages of 18 and 24 at approximately 27%. Not only this, but users between the ages of 45 and 54 and users above 65 are the groups that have seen the most monthly growth recently.
How Exactly “Play 2 Earn” Games work?
Play 2 Earn (or P2E) games have been compared to traditional video games as they are decentralized in nature. In other words, the ongoing development of P2E games is done collaboratively, with player feedback often taken into account by the developers to improve the game. Oftentimes, groups of dedicated players even band together to form a Decentralized Autonomous Organization (DAO) to foster further community - building amongst a P2E game’s player base.
Players can get involved in the continued progression and development of a P2E game in a much simpler way, though. They can start by just playing the game. As players participate in the in-game economy, they generate value for other players, and developers too.
So how much do P2E games usually cost? Like traditional games you used to play when you were in your childhood, it varies. For example, P2E titles like Splinterlands and the Sandbox are completely free-to-play. On the other hand , titles like Axie Infinity require you to purchase Axies you intend to use in advance before you even boot up the game.
How does P2E Blockchain Games make money?
Well now talking about how games that you play online using the future technologies. Some blockchain games also offer users the ability to earn cryptocurrency while playing. There are many different ways to earn crypto, which is determined by the individual game.
Blockchain games are also known as non-fungible token games. NFTs are digital tokens that represent a unique item. They have unique metadata that makes it impossible to replace one token with another.
Blockchain gaming uses NFTs to create different parts of the game, such as rules, characters, weapons and skins. Since NFTs are unique, they bring value to the game assets.
With play-to-earn games, players can sell their NFTs at a market, exchange or auction to earn cryptocurrency. The value of each NFT is based on the current market as well as the NFT’s unique characteristics.
How does the play-to-earn crypto gaming model work?
The combination of blockchain technology and the play-to-earn business model has given rise to the play-to-earn crypto gaming industry, where crypto games build their own in-game economy, assets, governance tokens, and virtual worlds built on single or multiple blockchain networks such as Ethereum, WAX, Solana, etc. Most p2e crypto games offer native tokens or cryptocurrencies for in-game purchases in the form of NFTs. These tokens and NFTs can be traded between players inside the game's own marketplace or on external NFT marketplaces and exchanges.
The Benefits of Play 2 Earn Crypto Games for players
While pay-to-play and free-to-play business models were a lot more popular and generated a good amount of revenue for the gaming studios and developers, they didn't provide many opportunities for gamers to make money while playing the games.
Play-to-earn games, specifically crypto games, share value with users and game developers. When a user plays a P2E crypto game and unlocks in-game assets such as avatars, weapons, tokens, virtual land, and other NFTs, they can either use these assets or earn money by trading them on marketplaces and exchanges.
Moreover, unlike traditional games, players have full ownership of in-game assets and can transfer these assets within a game's virtual world and into another world or sell these assets for real money.
Some really famous Play 2 Earn Crypto Games
Well we have discussed about many things about play 2 earn games but, the question is
WHAT ARE THE GAMES THAT EARNS MONEY FOR YOU!!!??
Below are listed some famous games from where you can earn money for playing it
Isn’t it interesting?
1. Axie Infinity
This trade-and-battle play-to-earn game is based on “Axies” Ethereum-minted NFTs that players can collect, breed, raise, battle against and trade with other online users. There are many different types of Axies to choose from, and the possibilities for customization are endless. When a player battles other users and wins, they earn Smooth Love Potion tokens that can be sold for Axie Infinity Shard tokens, which are the main utility tokens for the game.
Axie Infinity boasts about 1.48 million daily active users. To show how lucrative this game has gotten, Axie Infinity has been fueling a digital economy based on crypto assets in Southeast Asia, specifically in the Philippines and Vietnam.
Roughly 82.1 million AXS 30% of the total supply are in circulation as of June 27, 2022, while a single AXS is valued at about $15.72.
Decentraland is a virtual reality platform that allows players to construct their own 3D world, buying land and developing it within the platform. Once a player buys land, they can create anything they want with it — from building a separate game to opening an online store that’s open for business. A player can also pay other users to keep their land secure while they’re offline.
Around 1.85 billion MANA coins are in circulation as of June 27, 2022, and a single MANA is valued at a little more than $0.93.