The massive technological advancement we have witnessed over the years made way for the cryptocurrency market to offer a wide range of options in which people can earn tokens. We see opportunities in gaining tokens through regular investing, staking, slot auctions, and the like, and now, we see the rise of gaining crypto through gaming.
It is not a scam before anyone suspects, and we’re here to discuss everything you need to know about its existence alongside the top crypto games worth investing in. Read along.
PLAY-TO-EARN CRYPTO GAMES: DEFINED
Play-to-earn (P2E) crypto games, as obvious as the name entails, involves earning some form of cryptocurrency by playing games. Typically, this includes making in-game currency by carrying out guests’ winning bottles and completing other challenges. The exchange of in-game currency can be in the form of Bitcoin, Ethereum, or another token on a decentralized exchange. There are games where you can play for free to get started in it, while others may demand initial investment that could be considered the “catch.”
The funds gained by playing P2E games are transferred into a cryptocurrency wallet used to purchase other in-game items; you can also utilize them to buy NFTs. In some cases, NFTs are the in-game currency. It entails that players can claim ownership of in-game items and sell or trade those they desire. In contrast to regular games, where in-game items are held on walled-off data networks and are owned by their creators, NFTs enable players to acknowledge the unique access they initially purchase. Moreover, once you own the NFT, you can freely sell it outside the platform where it came to exist, which is not seen in regular games.
There are no incentives to play with regular games other than pure enjoyment; you never monetize your playtime unless you’re a professional esports player or streamer with a massive following. On the flip side, P2E gaming offers players the opportunity to earn real money.
The financial benefit of these games to earn crypto games has been dramatically advantageous for players, which unfolds why crypto games are on the rise rapidly.
HOW PLAY-TO-EARN CRYPTO GAMES BEGIN
The first known game to apply blockchain technologies was CryptoKitties, launched by Axiom Zen on the 11th month of 2017 for personal computers. The game operates by players purchasing NFTs with Ethereum cryptocurrency, and each NfT consists of a virtual pet that the player could breed with others to come up with an offspring with combined traits as new NFTs. Following CryptoKitties, Axie Infinity, The Sandbox, Ubisoft, Square Enix, and many more emerged and created their own respective and unique crypto games.
It is often argued that P2E games are the gaming industry’s future. The people engaged in them will play, earn, live, and repeat the cycle. It is a very foreseeable career for gamers; success is guaranteed.
REASONS TO ENGAGE IN PLAY-TO-EARN CRYPTO GAMES
There are three main reasons why an individual will find P2E exciting and worth the investment. These are collecting, socializing, and inventing. As a collector, you’ll be able to acquire and sell assets and lend your items to others who are keen to collect. For socializing reasons, blockchain games offer new, exciting ways to interact with other players. And lastly, crypto games can also be educational as it gives you a way to create and invent your content, whether it’s a new video game or a brand new cryptocurrency.
P2E games are perfect for those individuals who do not know where to start investing wholly in the world of cryptocurrencies, as playing crypto games is one of the effective ways one can learn. One will have an effective, helpful experience firsthand by spending money, trading assets, and creating automated processes using smart contracts. Aside from these, the knowledge will allow you to make informed decisions when the time comes, and you would want to invest in cryptocurrencies further and other resources related to blockchain technology.
Pros and Cons of Play-to-Earn Crypto Games
Pros or Advantages
PLAYING FIELD FOR EVERYONE
Anyone can devote the time and effort required to earn all digital assets in a specific game, and it is with ease and without fear of losing everything they worked hard to obtain.
ALMOST IMPOSSIBLE FOR A SCAM TO OCCUR
Crypto games are complex and almost impossible to hack and scam people as the tokens reside on a public blockchain. Moreover, smart contracts ensure that an owner of an item cant be altered after it has been created.
MORE FREEDOM TO PLAYERS
Another advantage of play-to-earn crypto games is that they allow developers to give their players more freedom, as ownership of their assets removes all restrictions. It encourages community-driven games where players are responsible for their upkeep.
ONGOING REVENUE STREAM FOR GAMERS
With the above three advantages, Crypto games ultimately result in an ongoing revenue stream for gamers.
Cons or Disadvantages
SLOW PROCESSING OF TRANSACTIONS
P2E crypto games have their speed of transactions slow as blockchains cannot process transactions as quickly as when they occur in a traditional central server.
TRANSACTION FEES DILEMMA
Besides slow processing of transactions, they also require users to pay transactions fees in occurrences of every item traded or sold. It may seem a minor deal, but as this is the case, developers could quickly build in functionality, so individuals will be openly willing to pay for these costs.
Crypto Games Worth Investing in 2022
The Sandbox is a play-to-earn virtual-style metaverse that allows one to own land, play games, and, excitingly, build own games. It is a massive virtual world where one can take the role of a collector, artist, game decider, or simply, a gamer. It is assembled on the Ethereum network and has its cryptocurrency, Sand.
Battle of Guardians
Battle of Guardians is an in sync multiplayer NFT PvP arena created on the Unreal Engine. It is an advanced fighting game, where players constantly fight to defeat other opponents in exchange for more rewards. It allows users to leverage the blockchain’s power and its unrivaled graphics. It is an entertaining gaming metaverse complete with stunning graphics, unique NFTs, and tremendous opportunities to earn real profits.
Idle Cyber is a frontier defense game, where humans command a squad of mutants, defend the wall, kill cyborgs and conquer bosses to safeguard humanity. It offers solid opportunities to earn steak and trade NTFS to secure good profits out of them.
Axie Infinity is an NFL game that took inspiration from Pokémon etymology, and it was developed on the Ethereum blockchain. The game consists of millions of adorable fantasy creatures called Axis, which players collect, raise, battle, and trade as digital pets. The game’s rewards come in the format of an SLP or Smooth Love Potion token that can be switched for other Ethereum tokens on decentralized exchanges.
Gods Unchained is a trading card game with a free-to-play and play-to-earn model. Players of it build decks and play the game against each other. It has exquisite in-game features alongside mesmerizing animations. Gods unchained also appear to be the top provider of trading card games. Exciting.
Play-to-earn crypto games indeed hold great potential in revolutionizing how we think about games. Who does not want the opportunity to earn money to support your lifestyle while doing what you love and enjoy? Simply amazing.