Games are the greatest form of entertainment, and we all would have at least played them once in our school days or even in adulthood. GTA, Roadrash, and Cricket 007 are some of the ever-green games we have ever come across. From pixelated games to today’s high-end realistic VR/AR-based games, we all grew. So this mutation of technology has now arrived at a pit stop, in which it has come up with the idea of “Play-to-Earn” games. What’s all the craze about these games? Let’s get to know them quickly!
What are Play-to-Earn Games?
Play-to-earn games are one-of-a-kind games that reward players with real-time cash, like crypto-assets or non-fungible tokens. These are blockchain-based games that enable players to create a stable stream of income from the game they play.
The rewards earned through this business model will have potential value in the real world, and they can be anything from skins, weapons, or any other in-game assets to real-time cryptocurrencies. To be specific, the ultimate objective of play-to-earn games is to serve the entertainment and, at the same time, provide opportunities for players to make money.
The Workflow of Play-To-Earn Games
Similar to a category of DeFi, play-to-earn games come under the family of GameFi, which is a phenomenal blend of gaming and finance. Every game bestows financial incentives for participants throughout the game as they progress. The two primary ways through which players earn income are:
- In-Game Crypto Assets: Here, players earn native crypto-assets for completing daily tasks or winning the games.
- Earning/Trading In-Game NFTs: Here, players may earn NFTs representing in-game assets, such as characters, accessories, etc. These assets can be taken to an open marketplace to be traded with other NFT enthusiasts worldwide.
The Advantages of Play-to-Earn Games
- Opportunity to earn real money: This P2E model has revolutionized the gaming sector by making players earn money by simply playing and winning games.
- Highly Transparent Model: The scarcity of the in-game assets stay transparent, and developers cannot manipulate the numbers.
- Fosters Gaming Community: Play-to-Earn games are mostly multiplayer games, and it makes players join together and complete certain tasks and missions. This way, it helps in building a unique gaming community.
- Encourages the development of NFT and DeFi sectors: It greatly contributes to taking NFTs and DeFi to the next phase as the majority of the games focus on these sectors.
Examples of Play-to-Earn Games
Some of the popular play-to-earn games are as follows.
1. Axie Infinity:
Axie Infinity is a fantastic play-to-earn game developed on the robust Ethereum network. The platform players can collect, breed, raise “Axies,” and even use them to face off against other players. These Axies are pokemon-esque creatures, and the customization for these characters is limitless.
The game rewards players as they advance their skill level and complete stipulated missions on time. $AXS is the native utility token, and $SLP (Smooth Love Portion) is the reward token of the game. The in-game assets are in the form of NFTs, and they have their own marketplace to facilitate the trading of these assets.
As of March 2022, Axie Infinity recorded a humongous value of $4.17 billion in all-time sales after OpenSea and LooksRare.
Decentraland is the next biggest play-to-earn game in the crypto realm. It is a virtual world where players can buy lands, plots, properties, or NFTs. These NFTs represent in-game assets such as clothes, accessories, virtual real estate, etc.
Unlike other games, it gives the community the power to decide the game’s rules through a DAO (Decentralized Autonomous Organization). LAND and MANA are the two tokens available in the game. LAND represents the virtual lands/properties in the game, and it is an ERC-721 standard token.
MANA is the native cryptocurrency of Decentraland and provides the holders with the power to vote in DAO. So, putting together, the game amalgamates the potential of virtual reality and blockchain to make players monetize their gameplay.
3. Light Nite:
Light Nite is the most under-rated play-to-earn game that allows players to earn Bitcoin for their gameplay. It is a battle royal game where users receive Bitcoins for completing the daily missions and weekly tournaments.
The earned Bitcoins can be withdrawn to your wallet, where they can be utilized in the real world to meet your needs. The game trailer shows that players can directly use the Bitcoins earned to order a pizza from Uber Eats. All the in-game assets are NFTs, and they will be available in the Elixir marketplace.
FAQs Related to Play-to-Earn Games
Q. What Is the Difference Between NFT Games and Play-To-Earn Games?
The NFT games are the games that only have the in-game assets as NFTs. These assets can be traded on external marketplaces to earn money. In contrast, play-to-earn games are the ones that offer you real-time rewards for the gameplay in terms of crypto-assets or NFTs.
Q. How Much Income Can I Make by Playing Play-To-Earn Games?
We would love to answer this question, but unfortunately, no two players will ever receive the same income. It depends on your skills as well as the time you play. The best method we can suggest is to farm the rewards you earn. This is because farming your crypto assets (earned from the games) will provide you with a steady income source rather than just holding them in the wallet.
Q. How Do I Start Playing Play-To-Earn Games?
Initially, you have to simply set up a crypto wallet, such as MetaMask or Trust Wallet, and add some balance to it. This is because some games require you to purchase in-game assets such as characters or other accessories to kick-start the game. That’s it, you can connect and start earning your income.
We know that this is an era for play-to-earn games, but not all the games are successful. So, begin with a minimal investment only in the reputed games in the market to avoid scams and fraudsters. Do your own research about the game to understand it better and to improve your skills. Happy Playing!