It’s easy to sign up and start earning today. This newest gaming business model is revolutionizing the gaming world, with the games giving back to gamers a lot more than just fun and entertainment.
For the past so many years, video games have acted as an escape from ordinary, boring, and tedious lives. It served the purpose of having a fun time out, however, it is undergoing evolution. With blockchain technology now in play, video games now reward gamers with NFTs and cryptocurrency. The in-game digital assets have a real-world value attached to them, with the ownership rights resting with the gamers.
P2E games, also known as crypto or blockchain games, are NFT and token-driven. Players have the opportunity to take ownership of in-game digital assets. The developers of the game mint these digital assets into NFTs on a blockchain ledger. So the NFTs are unique, and their ownership is proveable. So, players can trade NFTs in open marketplaces or a game’s own marketplace.
How Does Play To Earn Games Work?
Let’s understand the basic mechanics of play-to-earn games and how a gamer can make it a side hustle. One of the most significant differences between traditional games and Web3-based gaming is decentralization. Play-to-earn games are foundationally decentralized in nature. This means that the developers collaborate with the gaming community and adhere to their feedback. Play-to-earn games have discord channels and a player governance system where players share their concerns and take part in decision-making.
The player’s participation in the game is a continuous feature of play-to-earn games. Every update of the game considers the community’s feedback, which makes it a regular feature. Moreover, giving players ownership over a part of the game also shows how player-centric this model is.
That is decentralization, but how does it work? Will it cost you something upfront?
Some of the play-to-earn games are absolutely free to play, and you won’t need any investment. P2E games like The Sandbox, Poly World, Portal Fantasy, and many others require no investment, and you can play them for free.
On the contrary, some P2E games, like the popular P2E game Axie Infinity, require a player to buy NFTs to begin playing. In Axie Infinity’s case, you will need to buy a set of Axies and then start playing the game.
The idea is simple: the game will reward you with cryptocurrencies or tokens and NFTs that hold real-world value. You can sell these digital assets in an open marketplace and get real cash in return. So, basically, P2E game developers use mainly two types of approaches in a play-to-earn game.
Native Cryptocurrency or Token
In this case, developers start on a blockchain like Ethereum, design one or more tokens, and execute the deal in smart contracts. The native tokens have a real-world value attached to them, but the value fluctuates depending on the market. An example of a native cryptocurrency is AXS and SLP, two native tokens of Axie Infinity.
The other method involves developers rewarding players with existing cryptocurrencies like Bitcoin, Ethereum, etc. The upside of using existing cryptocurrencies is that they are well-established and have solid goodwill attached to them. But the downside is that the game requires a lot of grinding, and it takes a lot of time to accumulate one.
All you need to do is get hold of a digital wallet like MetaMask and connect it with your P2E game, and voila! Start playing and earning.
What can I do with Play to Earn Games? (And why should I?)
Well, who doesn’t like to do a bit of side hustle by doing something that they already love? Playing video games is a healthy pastime that allows you to unwind, have fun, and now earn money for lunch. Moreover, there are AAA play-to-earn games already in development, and the fun part will explode in upcoming blockchain games. These games will allow you to own whatever is yours in the game with no fear of being wiped out.
- You will have ownership and autonomy over in-game items.
- You will have proof of record over NFTs on blockchain ledgers.
- You will earn while you play your favorite game by selling NFTs and other in-game assets on a marketplace.
- You will participate in decentralized governance and have the opportunity to provide feedback to the developers.
- You will have the opportunity to grab NFTs and NFT collections that are super rare.
Web3 games or play-to-earn games are still in their infancy. Several big names have already entered the P2E gaming space, and many others are weighing in on the opportunity. Stay tuned for more information on play to earn games and blockchain gaming news.