Play-to-Earn Games: How You Can Win NFTs and Cryptocurrency Just By Playing Games
In a world where 227 million Americans play games for entertainment, the idea of earning money simply by playing games might seem unbelievable. However, with rapid technological advancements, it has become a reality. Many lay-to-earn games are emerging, allowing gamers to make a living.
Play-to-earn games, also called crypto games, reward players with cryptocurrency or NFT. The value of these digital assets can increase over time, allowing gamers to sell them to earn real money. Below you can read about what play-to-earn cryptocurrency and NFT games are, how they work, and how players can profit from them.
Play-to-Earn Cryptocurrency Games
In play-to-earn cryptocurrency games, players can win cryptocurrency by completing tasks, challenging other gamers, or completing game levels. This currency can be transferred from the game to outside in the real world, and the player can sell these to get real money.
These games are decentralized, unlike traditional games, so the game developers can’t control every aspect of the game and cannot own the cryptocurrency you won. Developers usually take the following two approaches when selecting the type of cryptocurrency used within a game:
- Native Cryptocurrency
The game has its own cryptocurrency in the form of tokens. The game developers create their own blockchain projects and make their tokens similar to typical in-game assets, except that they have real value. For example, Axie Infinity, one of the best play to earn crypto games, has its own two cryptocurrencies, SLP and AXS. These tokens are present in the Ethereum blockchain, and their value fluctuates like typical cryptocurrencies.
- Existing Cryptocurrencies
Another way developers can have cryptocurrencies in their game is by using existing cryptocurrencies like Bitcoin, Dogecoin, or Ethereum. Note that most of these games are named after their cryptocurrencies like Bitcoin Tycoon has Bitcoin. The key problem with such games is that it takes a long time to gather a large amount of cryptocurrency because monetization is often lengthy, and the payouts given out are stingy.
Play-to-Earn NFT (Non-fungible Tokens) Games
In these games, the player can be rewarded with NFTs while playing the game.
How Play to Earn NFTs (Non-fungible Tokens) Games Work
NFTs are virtual collectable items that can come in all types of forms, like music and images. Game players collect these in play to earn games which usually appear as skins, avatars, weapons, items, or virtual land. All non-fungible tokens (NFTs) represent unique items that cannot be replaced or replicated. These NFTS are stored on the blockchain and have their own value.
How NFTs Ownership Works in Play-to-Earn Games
Note that NFTs are the player’s property no matter what happens, and the game or developers cannot own them. Even if the game ends or shuts down, the player will still hold this NFT. The player can decide what to do with the NFT.
Usually, the player tries to increase the value of the NFT as much as possible, which can be done by playing the game and keeping the NFT for an extended time so its value increases. When its value increases, players can sell it or trade it for some other item with another player. Players can also take these NFTs out of the game and sell them in many NFT marketplaces, where they can be exchanged for cryptocurrency for payment.
In this age of technological advancements, you can earn money by winning NFTs and cryptocurrency tokens by playing games. Play-to-earn crypto games that reward you with pre-existing or new cryptocurrency tokens for various reasons, like completing tasks or playing game levels. You can transfer this cryptocurrency to the outside world and sell it for money.
You can collect NFTs by playing play-to-earn NFT games. These games award you with skins, avatars, and weapons in the game, which are stored on the blockchain and owned by you only. The value of NFTs is increased by playing the games, and you can trade them or sell them in the NFT marketplace in exchange for cryptocurrency.