It's easy to see why play-to-earn gaming has taken the crypto world by storm. Participants in this adult-oriented gaming model are rewarded with cryptocurrency or NFTs simply for playing games they would otherwise play for free.
Axie Infinity, the most popular platform for play-to-earn gaming at the moment, allows users to build up a collection of "Axies" they can use across the company's universe of games. From there, the company uses Blockchain to reward its players for taking part. However, play-to-earn gaming isn't technically "free" — at least not at first. With Axie Infinity, you need three Axies to get started in the first place, and these Axies cost cold, hard cash. To meet this requirement, you may have to fork over $1,000 USD or more, as you can see by looking at the game's Marketplace Dashboard. From there, you can make money by selling SLPs (smooth love potions), breeding rare Axies, and through AXS staking. You also earn crypto just for playing various games the platform offers.
It's easy to see why play-to-earn gaming has taken the crypto world by storm. Participants in this adult-oriented gaming model are rewarded with cryptocurrency or NFTs simply for playing games they would otherwise play for free. Axie Infinity, currently the most popular platform for play-to-earn gaming, allows users to collect "Axies" that they can use across the company's universe of games. The company then uses Blockchain to reward its participants for participating.
However, play-to-earn gaming isn't technically "free" — at least not at first. With Axie Infinity, you need three Axies to get started in the first place, and these Axies cost cold, hard cash. To meet this requirement, you may have to fork over $1,000 USD or more, as you can see by looking at the game's Marketplace Dashboard. From there, you can make money by selling SLPs (smooth love potions), breeding rare Axies, and through AXS staking. You also earn crypto just for playing various games the platform offers.
However, you are not required to sell your digital game assets through the platform. You own or breed any in-game assets, and you can trade them on platforms outside the game's universe. If you stop playing the game, you can also sell your Axies to get your money back.
Play-to-Earn Gaming's Influence
It's no surprise that Axie Infinity has such a large following, according to Steven Walters, CEO and founder of Gallant Token.
He claims that the ability to earn real-world value by playing a blockchain game is luring people into the market because it can earn value while having fun. "You are not only earning money for your time," he adds, "but you are also gaining an asset" with the addition of NFTs.
"These NFTs can be got by purchasing them, earning them, or receiving them as a gift," he says. "In some ways, players can level up their NFTs and resell them in a marketplace."Walters also says that regular gaming could go the way of the dinosaur because of the play-to-earn gaming model. After all, there are opportunities for parents to create a wallet and allow their children or teenagers to play these games in the future, which would give them the opportunity to do things they couldn't do after playing a Xbox. For example, they could earn money to spend on real-world items, save for college, or save for the future.
"Mass adoption is underway, and major players in the gaming industry have lied the groundwork for this new era of gaming," he says.Diego Di Tommaso, co-founder and COO of OVR.
Play-to-earn gaming, according to ai, also shows how NFTs are the foundation of the internet of the future. He considers it a game-changer to be able to truly own a digital asset and then sell it permission lessly outside of the platform where it was created. After all, can you sell your Fortnite skins on the open market?
You can't right now, according to Tommaso, but you could if those skins were NFTs. Play-to-earn gaming, according to Tommaso, demonstrates the potential for blockchain technology. When was the last time Google or Facebook gave you some valuable digital assets for using their services? According to Tommaso, this type of gaming "opens up our mental models to imagine a world where people can actually make a living in a metaverse." "It shows us a way out of a potentially dystopian future in which we spend our time in a metaverse we don't control." This distinguishes play-to-earn gaming from the current world, in which private companies capture all the economic value generated and do not share the spoils with the people who made it possible.
What Happens Next?
The founder of Crypto Blokes, Stefan Ateljevic, claims that many people around the world are currently earning a side income through play-to-earn gaming, and that the potential is limitless. Average players earn a few hundred dollars per month simply by playing a few hours per day. It's a great way to supplement your income while having fun if you already have a 9-5 job, he says. People in developing countries have been able to earn a decent living by playing games in the metaverse because of this process.
In countries like Venezuela and the Philippines, many people are "playing to-earn" on blockchain games as their full-time career, he says. Ateljevic adds that, as the metaverse continues to develop, it will gain more value and it will be entirely possible to make a good living as a professional gamer. "Or rather, it will make it more accessible since nowadays only the top-tier players make good money playing mainstream games like Counterstrike, DotA and so on," he says. "Games that run on blockchain are connected to their native cryptocurrency and blockchain, giving them infinitely more value."
Bottom Line
According to some experts, we are most likely only at the start of this journey. The development of an entire industry, according to Oleg Kurchenko, Founder and CEO of Binaryx digital asset exchange, is happening in real time. The number of projects is increasing as more people become involved in play-to-earn gaming. As a result, there has been a surge in interest in cryptos and NFTs. In the end, play-to-earn gaming is more than just a new take on traditional gaming; it's a way to make money while doing something you enjoy. More games, as well as more sophisticated products, will be released soon, according to Kurchenko, attracting even more investment. "It means rapid expansion and development for the crypto and NFT platforms," he says.
The article was written by Amit Caesar
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