What Is Play-to-Earn and How Do You Make Money From It?
Gone are the days when gaming was regarded as a waste of time instead of doing something productive. Gamers are no longer seen as people who waste their time doing something that’s not productive. According to estimates, the gaming market is expected to reach $268 billion by 2025. Gaming careers now look very promising and these careers are even being encouraged in some countries across the globe.
You can now earn money from playing crypto games without worrying about the NFT crypto wallet. This idea is very promising, as gamers rarely get the chance to earn from video games by selling digital assets.
However, with the new game model called play-to-earn, gamers can now make money in the crypto world.
This is made possible by the booming of non-fungible tokens (NFTs). Because developers have realized they can create and transfer real value in gaming ecosystems and provide further incentives for people who spend their time gaming.
In this article, we’ll unravel the play-to-earn games and how you can make money through them.
What Are Play To Earn Games?
Play-to-earn games are games where you can play games to earn crypto as a reward. With these games, you can make money and be entertained.
Play-to-earn allows players to own in-game assets and actively play the game to the end. However, the mechanism of one game may differ from another’s. But rewards always come from developing tradeable non-fungible token items.
You may be wanting to learn more about NFTs, and you can check out our articles on NFTs.
In the old blockchain games, players relied on chances to earn from playing a game; now, play-to-earn has developed a business model where gamers can earn income from playing a game.
In this gaming economy, participating players are rewarded for their effort and time spent on the game. An example of a famous play-to-earn game is the popular Axie infinity on the Ethereum blockchain. The sandbox, Decentraland, Gods unchained, and sprintlands are also outstanding play-to-earn games.
Benefits Of Play To Earn
Build a loyal and robust community. The play to earn community gets better as it grows and can help grow relationships between gamers across the globe.
Rewards contributor. Players get crypto rewards as they put more effort into the game to unlock different stages.
Develops NFT and DeFi sectors. Since gaming rewards are distributed using non-fungible tokens (NFTs). The NFT and DeFi sector of the crypto industry develops as players continue to earn their rewards.
Blockchain adoption. Play-to-earn games encourage the adoption of blockchain technology as more gamers troop in to get rewards.
Serve as a source of income. With play-to-earn, gamers can now be entertained and earn income as they play their favorite games.
Risk of oversaturating the NFT market. As play-to-earn becomes more popular, The NFT market could become oversaturated, leading to price volatility.
Susceptible to exploitation. Play-to-earn games can give foul-players in the space the opportunity to exploit gamers in the community.
Favorable to some players. It does not foster inclusion as experienced gamers often tend to win all the contests.
How Much Do People Make From Play-to-earn Games?
You might be doubting the fact that regular players earn wages from crypto games like Axie infinity, Gods unchained, and others, but that’s the actual truth.
Farming (a method used to play Axie Infinity) provides a consistent stream of income as earnings are proportional to your level of expertise and the time you spend on playing.
For instance, in the Philippines, players can make between $150 to $1,000 in 30 days, just from playing Axie Infinity. However, farming Smoot Love Potion (SLP)– a type of digital money earned by completing daily Axie infinity, depends on the market playtime and price. Farming benefits are much safer for anyone who needs a steady income.
In Axie Infinity, a player can use Axies (NFTs) to breed new Axies that can be sold to make money. But the value of the newly bred Axies is unpredictable. And so, it is difficult to predict the average earning of a person selling NFTs earned from a crypto game.
How To Make Money Through Play-to-earn
Start playing play-to-earn games.
To begin, it will help if you have a crypto wallet such as Binance Chain Wallet or MetaMask to store and connect your crypto to the games. However, the requirements for one play-to-earn game may differ from another. An initial investment is also essential for buying items used in the game. This enables you to set up a team of characters required for your success. If you don’t have a start-up investment, you could look for a scholarship where you can borrow from a manager and then share a percentage of your earnings with the manager providing the scholarship.
After setting up your starter team and accomplishing the daily tasks and challenges, you will earn Smooth Love Potion (SLP) as a reward. You can trade SLP on Binance and other crypto exchanges. As of October 2021, you need $600 to buy three Axies on Axie infinity. However, you should check the Axie whitepaper and follow them on Twitter to learn more.
Cash-out your earnings from play-to-earn.
You can earn from crypto games by either playing regularly to earn in-game cryptocurrency or selling NFTs found on the game. Gamers are rewarded with tokens or NFTs, which they can sell on the secondary market, for example, you could sell your rewards on Binance. If your NFT is listed on the Binance NFT marketplace in your country, you can easily verify your account by completing the KYC process for those who have not done KYC before.
When it comes to earning in cryptocurrency, play to earn is a new development. You will most likely be part of the first generation of people to take advantage of these new ideas and projects!