How blockchain tech secure play to earn games

Since the early days of selling basic Non-Fungible Token (NFT) collectibles like Cryptokitties, blockchain play to earn games have come a long way. Even if you don’t have the rarest NFT, you can now make money by playing crypto games.

The notion is interesting since selling digital assets in video play to earn games seldom allows gamers to earn real-world money. Users may now make money in the crypto world by playing this new game concept.

What are the many types of play to earn games that you may play to make money?

Players may earn bitcoin just by playing games that allow them to acquire it. Staking, farming the game’s cash, or creating tradeable NFT products are the most common ways to gain rewards, however each game’s method differs. Users gained mostly from random chance in previous blockchain games. Play-to-earn, on the other hand, has resulted in the creation of in-game economies and business structures through which players may make money. Learn more how does play to earn gaming inspire capitalism.

On the Ethereum blockchain, Axie Infinity is a well-known example. The game blends elements and gameplay from traditional video games with the existing blockchain gaming paradigm to provide a new way to make money. Axie Infinity, for example, has an adventure mode, PvP combat, and tournaments, all of which are prevalent in conventional gaming. Windows, Android, Mac OS X, and iOS devices are all supported by the game.

How do games that you play to get money work?

Due to their mix of gameplay and money aspects, play to earn games are categorised as GameFi. Players may earn money by participating in and growing in each game. As previously said, repeating certain behaviors that allow consumers to earn money in one of two ways might be tedious.

1. Earning cryptocurrency while playing the game. Axie Infinity’s Smooth Love Potion (SLP) is one such item, which may be earned by accomplishing daily goals or fighting monsters and other players.

2. In-game earning and trading of NFTs. Each NFT might be a depiction of a video game character, item, or other collectible. Depending on the game, they may be just decorative or provide a functional or functional role in-game.

There’s also staking, which is a third option to gain money with play to earn games. Certain NFT play to earn games allow users to hold NFTs or cryptocurrencies in smart contracts, which generates rewards. Users may earn MOMO NFT Mystery Boxes by staking MBOX tokens, for example. Each one has a one-of-a-kind NFT with varied rarities that may be traded on the secondary market. However, you’ll need a substantial initial commitment to reap considerable stake gains.

How blockchain tech secure play to earn games

How might blockchain technology help pay-to-play games stay safe?

It’s not a new notion to play to make money. Many online earn-to-play games (often massively multiplayer online role-playing games) include fiat-based auction houses or secondary marketplaces run by gold farmers. The main difference between using cryptocurrency to make money and using cryptocurrency to earn money is that both money and things are stored on blockchains. A blockchain has a variety of characteristics that make determining ownership, legality, and uniqueness straightforward.

A blockchain network is analogous to an immutable database. It is kept up to date via a decentralized network of computers (users), each of which keeps a copy of the blockchain data. This practically precludes the prospect of blockchain data being altered, duplicated, or deleted.

As a result, blockchain play to earn games might be designed to prevent fraud and corruption, such as item duplication, gold hacking, and other flaws seen in traditional play to earn games. The rarity of an item determines its value in-game. With blockchain, there is no copying and pasting. It is impossible to reproduce a one-of-a-kind thing. This helps in the establishment of true value for in-game items.

How much money do people make from play-to-win games?

Gaming is not known for providing financial benefits to the average user. It may be tough to see how ordinary players might profit from blockchain games. Indeed, many people, especially in developing countries, earn a decent living by playing crypto games like Axie Infinity.

Because profits are proportional to your talents and amount of time spent playing, farming may provide a more constant source of income. This kind of farming has gained traction in the Philippines, where Axie Infinity has even replaced unemployment benefits. Depending on the market price and the amount of time spent playing, players may earn between $200 and $1,000 (USD) every month farming SLP. Farming rewards are often smaller than those connected with selling NFT creatures and things, but they are far safer for someone in need of a consistent income.

In games like Axie Infinity, you can even breed new NFTs (Axies) while playing. The value of a newly bred Axie, on the other hand, cannot be determined with confidence. The most expensive Axie (Angel) ever sold was $131,970 on November 7, 2020, and is being marketed for 3,000 ETH as of October 2021. While these statistics sound enticing, owing to the random nature of play-to-earn games, estimating an average revenue for someone selling NFTs from them is difficult.

How blockchain tech secure play to earn games

How can I begin earning money using play-to-win games?

Each game with a play-to-earn component will have its own set of requirements for new players. To store your cryptocurrency and attach it to the game, you’ll need a cryptocurrency wallet like MetaMask or Binance Chain Wallet.

You may also be needed to pay an initial investment to play, such as forming a character team or purchasing in-game items. Entering a digital crypto-economy is usually not free.

Axie Infinity will need an initial investment of roughly $600 to buy three Axies by October 2021. While this may be reimbursed after a few months of gameplay, it still serves as a barrier to entry.

Another option is to look for so-called scholarships, which enable you to practically borrow Axies for free from another player in exchange for a share of the money gained (referred to as the manager). In other words, the player who offers the scholarship gets a share of your earnings. You’ll start earning SLP, an ERC-20 token that can be exchanged on Binance and other cryptocurrency exchanges, after forming your first team and completing daily jobs and challenges.

Final thoughts

In terms of earning bitcoin, play to earn games are a relatively new phenomena. To profit from the bulk of new businesses and ideas, you must typically be first in line. Play-to-earn, on the other hand, enables players to earn money. However, because to the high possibility of many play to earn games being high-risk, unsustainable due to bad tokenomics, or even scams, vigilance is always suggested.

How does play to earn gaming inspire capitalism

According to common belief, video play to earn gaming are about power fantasies: defeating enough dragons to reach level 99, selling enough wolf skins to get a dazzling gold cape, and becoming rich, powerful, or successful in the game’s world—even if you aren’t in real life. Catdicax, a 30-year-old Finnish woman, regarded Runescape as a place where she could work hard and acquire more in-game items. It was also profitable: she had amassed a collection of high-end artifacts over the course of 10 years of play to earn gaming.

Catdicax, on the other hand, became agitated with time. It felt like a waste of time and effort to strive so hard for Runescape’s digital axes and cloaks. In 2019, Catdicax came upon play to earn gaming-Axie Infinity, a blockchain-based video game in which players collect and level up collectible Pokémon-style virtual animals called Axies. Axies, which are represented by NFTs, fight for cryptocurrency tokens that may be used to produce more animals.

The game, however, is about the economics, not the normal play to gain game excitement. Rarer Axies attract expensive premiums, similar to holographic Charizards on steroids: In the year 2020, someone paid $130,000 in bitcoin for the rights to Axie, a stocky, winged angel. Smooth Love Potion, or SLP, tokens earned by beating opponents in Axie-fights may be exchanged for cryptocurrencies and then converted to legal currency.

Catdicax describes herself as having lived “her entire existence in poverty.”

(Catdicax hides her identify behind a screen name because she is terrified of being “targeted” because of her affluence and fears of sexist trolling.) She is currently watching as the value of her digital pets rises from a few dollars to as much as $500 each Axie. Catdicax had ceased to be a bystander. She was a real estate investor. When Axie Infinity became popular in late 2020, she saw that many potential play to earn gaming players who couldn’t afford their own Axies would rush at the opportunity to benefit from hers.

Catdicax started outsourcing her video play to earn gaming to people she met online, the bulk of them were from the Philippines. As part of an Axie loan program—or, in Axie jargon, a scholarship—these players may earn a piece of her profits. Catdicax became engrossed in a new video game power fantasy: being a manager.

“Wow, this is great, I thought. People in the Philippines are making twice as much as they would in a traditional job just by playing this game “She clarifies. “I’d want to achieve the same goal. I also wanted to help others.” (In reality, according to an investigation by analytics firm Naavik, only the most skilled gamers earn more than the Philippines’ average daily wage of $41.49, with the majority earning less than the $7.03 daily minimum wage.) That’s before the costs for scholarship managers are removed.)

How does play to earn games inspire capitalism

A new phrase has emerged in the bitcoin industry: play to earn gaming. The term refers to a popular genre of play to earn gaming that use blockchain technology to reward players with digital items that have real-world—or, at the very least, crypto-world—monetary value. Also featured are Alien Worlds, Splinterlands, and Uplands. The most well-known of the three is Axie Infinity, which was created by Sky Mavis from Vietnam.

The business is booming: According to DappRadar, a cryptocurrency analytics firm, gamers spent more than $2.32 billion on blockchain-based unique gaming goods in the third quarter of 2021. Andreessen Horowitz’s venture capital grantees have poured millions of dollars into the field, including a $152 million round in Sky Mavis in October. Hundreds of thousands of individuals play at any one moment, which is possibly the most important feature: As of August 2021, it had 1.8 million daily users, according to Axie Infinity.

When Axie Infinity was launched in 2018, the sole cryptocurrency component was a connection between Axies and NFTs, which are one-of-a-kind units of money created on the Ethereum blockchain. The SLP tokens were then released in late 2019 by Sky Mavis, who chose to allow players to harvest them in-game rather than sell them to users. Sky Mavis cofounder and COO Aleksander Leonard Larsen believes his company is seeking to upend the economic paradigm of online gaming by using bitcoin technology. “Other play to earn game firms are always aiming to extract as much money as possible from players,” Larsen continues, alluding to play to earn gaming with business models focused on consumers buying unique things or features. Axie Infinity and other play to earn gaming, on the other hand, he claims, reward talented players with valuable digital products.

How does play to earn games inspire capitalism

Even better, these assets are saved in the player’s bitcoin wallet, not merely as numbers on an MMORPG server. SLPs and Axie Infinity’s other currency, AXS, are ERC20 tokens, hence owning an Axie requires owning an NFT. Sky Mavis has been steadily building a monetary policy that seems to be aimed towards avoiding token oversupply, almost like a private central banker. The company has cracked down on those who establish multiple accounts, reduced the number of tokens accessible in non-fight mode, and made it more difficult to get tokens in general.

Analysts talk about “Axie overpopulation” causing inflation in non-ironic terms. (The main problem, it turns out, is that the scumbags are eternal.) In November, Sky Mavis launched Katana, an automated cryptocurrency market maker that allows Axie Infinity tokens to be swapped for ether, creating a low-cost, direct connection between the game and the growing realm of cryptocurrency-fueled decentralized finance, or DeFi.

Larsen notes, “Offering DeFi services was a natural move for us.” “I mean, if you have a wallet that stores your digital assets as well as fungible assets and other items, all of this inexorably leads to DeFi.” Katana quickly became one of the most popular DeFi programs in terms of user volume, according to DappRadar.

Few players would highlight the game’s playability when asked what keeps them coming back to Axie Infinity. In a May survey, Sky Mavis founder Jeff Zirlin asked his Twitter followers what they were most excited about, and 48 percent replied “the economy.” Axie Infinity’s job market is flourishing, as is the case in any economy.