With evolutions in the crypto community and advancement in the application of blockchain, play-to-earn models came around to help gamers earn money. There are a lot of game projects that allow you to earn cash through cryptocurrencies or NFTs.
Nevertheless, a lot of crypto enthusiasts are still lost trying to figure out a way to earn through games. How can I earn money by playing? Which games can I play to earn money? We are here to guide you through all you need to know about play-to-earn.
What is play to earn?
Play to earn is a gaming model that allows players to earn some cash. The play-to-earn gaming model offers users the ability to invest in-game assets, create and rent out NFTs, or play games to earn.
Gamers earn virtual currencies which are easily traded for cash. Most times, the value of the earnings is not usually fixed as they can rise as the market demand increases. Gamers can exchange their earnings for other cryptocurrencies or easily convert them to fiat currency.
By playing regularly, you have the opportunity to farm and collect more coins, tokens, crypto, or NFTs. The play-to-earn gaming model is built on blockchain technology.
This ensures transparency and security in the collectability, creation, and circulation of digital assets. To ensure digital scarcity and enforce huge value on a digital asset, blockchain technology ensures that nobody can duplicate any digital assets.
Each digital item is unique and cannot have a replica. Unlike the traditional gaming model, for you to participate in play-to-earn crypto games, you have to stake an initial deposit, to purchase or create characters (unique avatars) for the game. You can step up by purchasing your gaming gears, weapons, or even collecting artifacts.
How can I earn money for playing?
Different play-to-earn games have different modes of earning. However, the process remains the same. You can earn money for playing some free play to earn crypto games by staking, farming, or building NFT assets that you can easily sell.
The good news about play-to-earn games is that you can play even without having any NFT in your collection. You can generate a lot of crypto income by playing games.
Here are three ways to earn money for playing games.
1. Contesting in in-game competitions
Different play-to-earn crypto games have different earning sessions built into different models. For example; the wave ducks game allows gamers to collect duck-like NFTs.
These ducks can mate and reproduce, getting the owner a new set of ducks known as EGGs. You can swap your EGGs tokens or sell them.
You can also earn some rewards through yield farming. All play-to-earn games provide an avenue for you to complete daily tasks, or win tournaments to earn.
2. Investing in in-game assets
The blockchain community made it easy by providing a decentralized platform where you can create and trade gaming assets for cash. These assets could include arts in the form of NFTs, gaming characters, collectibles, ammunition, etc.
Gamers also invest in in-game assets by looking out for rare assets with the potential of growth. These assets don’t necessarily need to be complex items. In-game assets like vehicles or character styling are also valuable.
3. Renting out NFTs
NFT rental marketplaces have made it possible for NFT creators and holders to put up their NFT assets for rent. You allow gamers to own your NFT for some time. They are free to contest with your NFT and make profits from them.
This cuts costs for borrowers as they do not need to purchase the NFTs or invest heavily to own them. This serves as a means for holders and creators to earn passive income from their idle, obsolete, or rare NFTs.
Who is currently “playing to earn?”
Play-to-earn crypto games are gradually gaining much publicity in the world. Making a loud statement in the gaming community, lots of gamers are embracing the idea of earning from doing what they love doing.
Because of the vast engagement in play-to-earn games, the online gaming industry has introduced more innovations to accommodate growth. With an active gaming community of over 1.23 billion gamers worldwide, according to statistica, there is a ready-built market for play-to-earn games. Play-to-earn games like Waves Ducks have scaled to a grossly weekly revenue of $2 million and 70,000 active players.
The playing-to-earn concept merged Decentralized finance (Defi) and Gaming Finance (GameFi), offering a platform for gamers to make more profits.
Play-to-earn games like Axie Infinity are gradually nearing a daily user community of two million. 1.8 million gamers log into the platform to compete and fight with other players in a Player vs Environment(PvE) and Player vs Player(PvP) mode. The goal is to battle for the acquisition of axies with rewards of Smooth Love Potions (SLP) for every winner. You can trade SLPs and axies for fiat currencies or exchange for cryptocurrencies.
Blockchain gaming is open for the following class of people;
- Crypto enthusiasts
- Entrepreneurs and executives
- Video gamers
What are the Gamer tokens that you can earn from play-to-earn games?
Gamer tokens are incentivized token models that are available in the “play to earn” ecosystem. You earn these tokens by playing games. You can sell these tokens for cash or trade them for other cryptocurrencies. Each gamer token has a unique attached value.
You earn AXS by playing games in the Axie Infinity Universe. There are different games in the system that allow you to gain as much AXS as you can. You earn by staking your AXS, playing games, and participating in other random activities within the universe. In turn, you can sell these tokens on marketplaces.
EGGs are incentivized tokens obtained from playing wave ducks. Your ducks generate the EGGs tokens. You can decide to stake and mine them by engaging your EGGs token in yield farming. This increases your rewards.
All Gamers’ tokens come in the form of a crypto token. SAND is an ERC-20 token available for gamers (creators, holders, and players). It is available on the sandbox ecosystem. You can create and monetize your digital assets and gaming experience.
ENJ is the incentivized token of the popular Enjin blockchain technology. Enjin provides an accelerated ecosystem that allows creators to develop innovative play-to-earn games. This drives asset scarcity, generating revenue and allowing users to earn, trade, and manage their digital assets and NFT projects.
Popularly known as the currency of the metaverse, MANA is the token that funds the decentraland game. Players in decentraland buy lands and buildings, play casinos, cast votes, and allocate their profits as they earn. Decentraland allows gamers to live a virtual life. From ordering pizzas to trading arts, decentraland offers an opportunity to earn from doing basic things you can do.
Top 3 emerging trends in the blockchain gaming space
1. Real-Life Integration
Gaming communities like decentraland are taking blockchain gaming to another level. Some integrations allow users to order pizza from Domino, right from the game. This merges real-world delivery with a virtual gaming scene.
2. Scalability, cost, and Simplicity
One of the problems of blockchain gaming is the issue of system complexity. NFTs rental services reduce the high transaction costs involved in purchasing these digital assets. This includes improvements that reduce energy consumption and improve scalability.
3. User Experience
Blockchain gaming which includes Pay-to-earn and pay-to-win is coming up with interactive storylines. From battle games to racing games, down to real-life integration, the play-to-earn crypto ecosystem is becoming bigger.
Which games can I play to earn money?
Here is a list of games you can play to earn money
1. Try Hards
Demographics: Active Telegram community of 6306 members, an a Twitter community of 13.2k
Sales: Not yet launched, but a circulating supply of 200,000,000 $TRY tokens
Try Hards is an NFT-based polygon network play-to-earn shooter game. You plan your strategy and shoot to earn. The game storylines border around different warriors (fanatics) from different factions of devastated earth known as planet x, fighting for the ultimate prize.
Gamers fight to earn some precious crystals as they rise to the leaderboard. Try Hards is structured to offer gamers 100% ownership of their universe. The game is split into different categories; refinery, staking, and marketplace.
On Try Hards, you are either fighting for glory and honor, crafting your fanatics to perfection, purchasing weapons, or you are staking to earn more Try tokens.
2. Star Atlas
Demographics: 165k activity Twitter community
Sales: $20 million NFT ship Sale
Star Atlas is a multiplayer triple-A (AAA) Solana network play-to-earn game. It features amazing graphic settings and a storyline that borders on p space domination and political conquest. The battle exists between humans, aliens, and androids.
Star Atlas is known for its HD high-quality gaming scene. Powered by an unreal 5 gaming engine, Star Atlas boasts of one of the best graphical games in the blockchain gaming industry.
The game which is still underdeveloped features lots of visuals/scenes. You can buy mining stakes, explore, mine, grow, compete and earn. Star Atlas adds an added feature of virtual reality to the blockchain gaming industry.
3. Chumbi Valley
Demographics: Active Twitter community of 30.4k
Sales: Early Stage
The chumbi valley play-to-earn adventure game tackles issues of high transaction cost as users are not expected to pay any fee to play except for transfer charges from ethereum to polygon. This polygon network game is available on Android, PC, and iOS. Crypto earning in Chumbi valley is based on farming, winning battles, breeding, and exploring the environment.
4. Zed Run
Demographics: Over 125,000 Users
Sales: Over $30 Million NFTs since 2019
Zed Run is a horse race play-to-earn game. You purchase horses on the system, race, breed horses, and sell on the Ethereum network. Zed Run is good gameplay for horse lovers as it puts the stable play fun into a virtual activity.
Demographics: 47.7k Active Twitter community
Sales: $2 Million fund raise
Chimeras is one of the play-to-earn games that you should look out for. As an incorporation of Defi and Gamefi, Chimeras offers gamers an opportunity to farm, mine, and also battle creatures. As chimera makes plans for an official launch/sale, it has gathered a private sale of over 330,000 CHIM. The Chimera game consists of creatures, free islands, base, mutators, and other gaming accessories. These accessories include; picks, helmets, and flashlights. The primary incentivized token and cryptocurrency for Chimera is CHIM.
Chimera game structure oversees gamers creating their clans and conquering the world with them. This simple game plan makes it an easy-to-understand game with zero complexity even for teenagers. As a gamer on Chimera, you can earn by mining NFTs, purchasing and selling possessed lands, winning NFTs through battles, selling or buying creatures on the marketplace.
The play-to-earn crypto gaming industry is an innovative system that is growing daily with advancements and new features. Play to earn archives offers an updated library that informs readers about the latest developments in the industry. Most play-to-earn games will require that you set up a metamask account. This helps you fund your gaming experience.