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Blockchain games are no longer just simple games where you trade NFTs like Cryptokitties. Today, the play-to-earn model has taken the gaming world by storm, which allows you to earn money by playing crypto games even if you’re just a beginner and don’t own any cryptocurrency or NFT.
The reason this p2e model has become so successful is that it allows gamers to have a substantial income by selling their digital assets. It is based on blockchain technology and leverages two important concepts: NFTs and DeFi.
The increase in gaming during the pandemic also contributed to the success of this model. In fact, people spent 39% more time on video games during the pandemic. And according to the latest playtoearn games news, it seems that more and more will start to invest their time in games in hopes of earning great rewards.
But rewards aren’t the only reason for these games’ popularity. Unlike traditional video games, NFT games allow players to truly own whatever assets they earn in the games. In contrast, developers of classic games are the owners of all the items in the game. The play-to-earn model has turned this around.
Understanding Play-to-Earn Games
As the name suggests, p2e games are, well, games that allow you to develop a steady stream of income just by playing. But instead of fiat money, you get crypto money. While the exact mechanism of each game differs, there are three ways to earn rewards: generating NFT items that you can trade on different platforms, farming the in-game currency, or staking.
Before p2e games came into being, older blockchain games involved users relying on random chances in order to make profits. However, p2e games introduced in-game economies where gamers can do some tasks like finish a task or complete a quest in return for a reward.
Take Axie Infinity, for instance. It is one of the most popular p2e games and is based on the Ethereum blockchain. One reason for its popularity is its combination of traditional video game elements and the old blockchain gaming model. Players can take part in tournaments or PvP battles or just go on an adventure, which are all features of a typical traditional game.
How do P2E Games Work?
Understanding the p2e model is very easy. Items in these games, whether that’s plots of lands, gold bars, costumes, weapons, or avatars, are in the form of digital tokens or NFTs and are the rightful property of the players.
So once you buy or find these items as you play the game, you can sell or trade these items in exchange for your preferred cryptocurrency. You can then exchange the cryptocurrency you earn into fiat money.
You can also increase the amount of money you earn this way by investing more time and leveling up the items or characters. Better and rarer items or characters sell for more, depending on the game you’re playing.
There’s no limit to the things you can do – you can even create a monetized structure on your virtual land and charge players who want to use it. You can also earn more by taking part in tournaments and beating other players.
Since all of this sounds too good to be true, we understand why so many people are skeptical. But the transparency and security of NFTs make them unique, and all transactions, including earning, transferring, and ownership of NFTs, are stored on the blockchain, which is a transparent ledger. In other words, it keeps a digital record of NFTs and is secured by the participants within the network.
P2E games leverage this technology and allow players to prove they’re the rightful owner of a particular item. Plus, it helps prevents forgery. Some games also use staking, a DeFi element that allows players to earn interest, among other awards.
How to Get Started With P2E Games
To start earning money with play-to-earn games, you need to do a number of things. First, you need to create a wallet where you can store all your crypto earnings and NFTs. Without a wallet, you won’t be able to make in-game transactions.
But you can’t just use any wallet; you need to choose one based on the blockchain the game is made on. One popular wallet that millions of players use for most P2E platforms is MetaMask, but you can explore other options based on the game you’re playing.
Next, you’ll need to buy some starter times. While P2E games are free to download, you will have to purchase an NFT to be able to play. For instance, you need three Axis to be able to play Axie Infinity.
And to be able to purchase starter items, you must have some funds in your crypto wallet to pay the network fees. This means you should have some cryptocurrency to get started. Here, too, the cryptocurrency you should have depends on the blockchain the game is built on.
For instance, you need ETH cryptocurrency for games based on the Ethereum blockchain. You can get these cryptocurrencies from different crypto exchanges, or you can directly purchase them with cash.
And finally, you should enjoy the game while keeping yourself updated about the play-to-earn industry. This way, you’ll be able to know more about how you can increase your earnings from these games. Plus, the more you learn, the more opportunities you will open up for yourself.
Play to Earn Games are Here to Stay
Making money from video games isn’t anything new – streamers and professional gamers have been doing it for a while now.
However, p2e games are truly revolutionizing gaming by allowing you to be the rightful owner of game assets, which you can then sell or trade whenever you want.
In 2020 alone, the gaming market generated $21.1 billion thanks to the play-to-earn model, and we can only expect this number to go up in the years to come.