Users may harvest or gather crypto and NFTs to sell on the market via play to earn games. Each participant may acquire additional things or tokens to sell and earn money by playing the game frequently. Some players have even started using these blockchain games to complement or replace their income. However, such activity entails risk, since you are often required to make an initial investment in order to acquire characters and other play to earn games-related stuff.
The blockchain enables the collectibility of these things and the establishment of functional digital economies. The use of blockchain technology with a non-volatile memory (NFTs) enabled the development of unreplicable digital goods. As a result, the idea of digital scarcity was born.
To payout, you must first deposit your NFTs or cryptocurrency into an NFT marketplace or exchange, such as Binance. It’s doubtful that you’ll be able to convert immediately to fiat, so selling for a stable coin first makes sense.
After selling your NFT or tokens, you may convert the stablecoin to the fiat currency of your choosing and withdraw utilizing the local channels. Another alternative is to utilize the stablecoin in conjunction with a cryptocurrency debit card, such as the Binance Visa Card.
Blockchain games have progressed significantly from the early days of selling basic Non-Fungible Token (NFT) trinkets such as Cryptokitties. Now you can make money with crypto best play to earn games, even if you don’t own the rarest NFT.
The concept is enticing since video games seldom allow players to earn real-world money by selling digital items. Users may now earn money in the crypto world using this new style of play to earn games.
What are play to earn games?
Play to earn games enables gamers to earn cryptocurrency just by playing the game. Although each game’s process varies, prizes are often earned by staking, farming the game’s money, or creating tradeable NFT products. In earlier blockchain games, players profited mostly from random chance. However, play to earn games have spawned in-game economies and business structures in which players may make money.
Axie Infinity is a well-known example of the Ethereum blockchain. The game combines aspects and gameplay from conventional video games with the established blockchain gaming paradigm. For example, Axie Infinity has an adventure mode, PvP combat, and tournaments – all of which are common in the conventional game business. Among the play to earn games available, this game is compatible with Windows, Android, Mac OS X, and iOS devices.
How do play to earn games work?
Play to earn games are classified as GameFi due to their combination of gaming and financial. Each game offers cash incentives for players to participate and grow. As previously said, there is often a grind associated with repeating specified acts that enable users to earn money in one of two ways:
1. Earning cryptocurrency in-game. One such item is Axie Infinity’s Smooth Love Potion (SLP), which may be obtained by completing daily objectives or engaging in combat with monsters and other players.
2. Earning and exchanging NFTs in-game. Each NFT may be a representation of a gaming object, character, or another collectible. These may be entirely aesthetic or provide a function or purpose in-game, depending on the game.
Additionally, there is a third way to make money with play to earn games: staking. Certain NFT games enable players to store NFTs or cryptocurrencies in smart contracts, generating incentives in the process. Staking MBOX tokens, for example, rewards users with MOMO NFT Mystery Boxes. Each one carries a unique NFT of varying rarity that may be sold on the secondary market. However, in order to receive significant staking benefits, you’ll need a sizable initial investment.
How can blockchain technology ensure the security of play to earn games?
Play to earn games is not a new concept. Numerous online games (often massively multiplayer online role-playing games) have fiat-based auction houses or secondary marketplaces run by gold farmers. The major distinction for cryptocurrency games is that this money and goods reside on blockchains. A blockchain has a number of qualities that make it simple to establish ownership, legality, and uniqueness.
Consider a blockchain network to be similar to an immutable database. It is maintained via a decentralized network of computers (users), each of which stores a copy of the blockchain data. This effectively eliminates the possibility of someone altering, duplicating, or deleting blockchain data.
As such, blockchain play to earn games may be built in a manner that eliminates fraud and corruption, such as item duplication, gold hacking, and other vulnerabilities prevalent in conventional play to earn games. The rarity of an item is critical to its worth in-game. There is no copying and pasting with blockchain. If an object is a one-of-a-kind, it cannot be duplicated. This contributes to the development of genuine value for in-game products.
How much money do individuals earn from play to earn games?
Generally, gaming is not renowned for financially benefiting the typical user. It might be difficult to comprehend how normal gamers can earn money from a blockchain game. Indeed, many individuals, particularly in underdeveloped nations, make a livable salary via crypto play to earn games like Axie Infinity.
Farming may give a more consistent source of money since earnings are proportionate to your abilities and amount of time spent playing. This form of farming has gained popularity in the Philippines, where Axie Infinity has even become a substitute for jobless benefits. Players may earn between $200 and $1,000 (USD) every month cultivating SLP, depending on the market price and the amount of time spent playing. Farming advantages are often fewer than those associated with selling NFT creatures and things, but they are far safer for someone in need of a steady income.
You may even breed new NFTs (Axies) in games like Axie Infinity. However, the value of a freshly bred Axie cannot be predicted with certainty. As of October 2021, the most expensive Axie (Angel) ever sold was $131,970 on November 7, 2020, and is presently advertised at 3,000 ETH. While these figures seem appealing, projecting an average revenue for someone selling NFTs from play to earn games is challenging owing to their unpredictable nature.
How to get started with earning money using play to earn games
Each game with a play-to-earn component will have unique criteria for new players. At the very least, you’ll want a cryptocurrency wallet such as MetaMask or Binance Chain Wallet to store your cryptocurrency and link it to the game.
Additionally, you may be required to make an initial expenditure to play, such as creating a team of characters or buying in-game equipment. Typically, entering a digital crypto-economy is not free.
By October 2021, Axie Infinity will demand an initial expenditure of around $600 to acquire three Axies. While this may be repaid after a few months of playtime, it still provides an entrance hurdle.
Another alternative is to hunt for so-called scholarships, which allow you to effectively borrow Axies for free from another player and then split the revenue generated with that person (referred to as the manager). In other words, the player offering the scholarship receives a certain proportion of your revenue. After establishing your beginning team and completing daily chores and challenges, you’ll begin earning SLP, an ERC-20 token that can be traded on Binance and other cryptocurrency exchanges. Click here to read A concise update on some play to earn games.