December 20, 2021

Play to Earn: A new trend on the Crypto market

The gaming industry has experienced unprecedented growth in recent years. High profits attracted new developers, increasing competition and propelling the industry forward. Still, there was the issue of the game’s economic model, which would benefit both the player and the developer.

Previously, games were only thought of as a way to have fun. However, a new type of game is emerging right now that is not only entertaining but also profitable. Play-to-earn (or Play2Earn) blockchain games are one of the most exciting new ways to earn money while having fun. 

What is Play2Earn?

Play2Earn (play-to-earn) games are a type of gaming in which a platform allows players to earn in-game assets that can be used in the real world as a valuable resource.

Axie Infinity is an excellent example of a play2earn game. Axies are lovely animals that players can acquire, breed, and battle for rewards in this game. So every Axie is a non-fungible token (NFT), meaning it’s a one-of-a-kind digital collectible. In the game, there’s a whole economy (a world called Lunacia).

How do Play-to-Earn games work?

Play-to-earn games fall under the GameFi category because they combine gaming and finance. Each game offers financial rewards for participating and progressing. Repeating specific actions allows users to earn money in two ways:

1. Earning cryptocurrency in-game. Axie Infinity’s Smooth Love Potion (SLP), for example, can be obtained by completing daily quests or fighting monsters and players.
2. Earning or trading NFTs in-game. Each NFT could be a game item, character, or other collectibles. These can be purely cosmetic or have a use or purpose in the game, depending on the game.

In play-to-win games, staking is a third way to make money. In certain NFT games, subscribers can lock up NFTs or cryptocurrencies in smart contracts, that also generate rewards.

How to Begin Playing Play-to-Earn Games.

For new players, each play-to-earn game will have various requirements. To store your crypto and connect it to the game, you will need a crypto wallet like MetaMask or Binance Chain Wallet at the very least.

You may also need to make an initial investment to play, like creating a character team or buying in-game items. It is usually not free to join a digital crypto-economy. This is where guilds like metaverse Job Japan come into picture. They purchase the  teams or in-game items for you and loan them to you. Whatever profits you make using these items are shared between you and the guild.

The algorithm for gaining access to Play2Earn is as follows:

1. Conduct research. Quantitative as well as qualitative. Utilize aggregators and other information sources to find all available data.
2. Search for the game. Choose a game from the list that you believe would be worth investing in. Then you must determine how much time and money each game will require, as well as the potential profit. Pick the ones that have the best return on investment.
3. Determine what you should do in the game to maximize your profit. Do you need to farm regularly? Or is it better to buy the game’s tokens on the open market and speculate on them? Maybe it’s even a good idea to buy NFTs for some of the game’s objects, such as weapons, land, or the arts? Every game has its own set of rules, which you should be familiar with before you begin.
4. Join a community. This could be extremely useful. You can get early access to sales and investment rounds through the communities, gain tremendous purchasing power, join powerful farming armies, get inside data, and so on. Being a part of the community is necessary at the very least to protect your investments in Play2Earn projects.

Aggregators and information sources.

1. The DappRadar website is likely the most important place to begin looking for the new Play2Earn project. It is similar to the well-known Coinmarketcap, which gathers and sorts the majority of existing tokens and coins based on various parameters. DappRadar does something similar for games, aggregating and sorting them by the number of customers, activity rate, volume, and other factors. It’s not overly complicated, and it’s simple to get started with.
2. Blockchain Gaming Alliance. It’s a fantastic service that keeps subscribers up to date on the most important Play2Earn news. You can also learn about the reputation of various projects, launchpads, and communities here.

Conclusion.

Play2Earn games are becoming increasingly popular, not only because of the profit potential but also because of the buzz surrounding DeFi and NFT. It’s important to remember that to make a profit from games, you’ll need to put in your own money, time, and effort, as well as some luck in the form of rare items that can be sold for another cryptocurrency or fiat currency.

Although the blockchain and NFT gaming industry are still in their early stages, we can already see how the market is flooded with games of different genres, each with its own set of characteristics and capabilities. The growth of this segment of the crypto market will accelerate in the near future, and the number of users earning money while playing will undoubtedly rise.