Change, they say, is inevitable. This statement perfectly describes the state of crypto / web 3.0 games at the moment. Ever since the introduction of the blockchain technology, cryptocurrencies and Non-Fiungible Tokens (NFTs) we had better agree earlier that change is right at our doorstep!
Surely, the blockchain technology alongside cryptocurrencies have heavily disrupted our long ingrained believes about how money is made, transferred and controlled. The NFTs also have started shedding a new light on how digital assets can be copyrighted and marketed.
What is Play to Earn?
Play to Earn is an innovation which combines entertainment with finance. It involves playing crypto / web 3.0 games placed on a specific blockchain in return for rewards such as Crypto coins, NFT collectibles and other valuables.
While this is not an entirely novel model, the Play to Earn scheme has largely fixed all the lapses associated with traditional crypto / web 3.0 games. In traditional crypto / web 3.0 games, the user is purely playing the game for entertainment. At a very slight chance, something like the chance of a thunderbolt hitting an individual, would such user make any significant financial gains from playing such games. Hence, the traditional crypto / web 3.0 games are not reliable at all for financial rewards.
This innovation has totally changed the narrative written by older blockchain games (where users only reliable on very slim chances of making profits from gaming). Rather, Play to Earn has earned its place in the blockchain industry as a GameFi solution. In short, it guarantees and provides financial incentives to game players in terms of stable coins, in-game collectibles and deposit to wallet.
Many gameplayers have started using their income from these games to supplement their salaries. This shows how significant and real Play to Earn has proven itself as a suitable GameFi solution.
Some Typical Examples of Play to Earn Games
- Thetan Arena
- Plant vs Undead
- The Sandbox
How to Make Money from Play to Earn
As we mentioned earlier, Play to Earn is a solid GameFi solution that provides financial incentives to her gamers on the blockchain. These incentives attached to playing the Play to Earn games are hinged on the following:
- Earning cryptocurrency in-game
- Trading or Earning in-game NFTs
- Staking
Earning Cryptocurrency in-game
This requires the user to complete daily quests, battle monsters and other players before the user gets to earn some cryptocurrency. Some examples of games with this feature includes: Axie Infinity’s Smooth Love Potion (SLP).
The cryptocurrency earned in this way can then be transferred by the user to their wallet and cashed out if needed.
Trading or Earning in-game NFTs
This might involve a character, an item or a collectible in the game. Here, the user can either trade one collectible or character for another or give it out in exchange for cryptocurrency or other items of value.
Staking
Here, the user is allowed to store or lock up cryptocurrencies or NFTs in smart contracts. Since such items could appreciate over a period of time, such user can make a profit by telling the items or collectible off for a gain.
The major drawback of this model of making money from crypto / web 3.0 games is the fact that, one needs a large initial deposit to make a reasonable return after holding the items or collectible for a while. A typical example of this technique is seen with MBOX tokens from which one gets MOMO NFT Mystery Boxes. In these boxes, there are several items and collectibles hidden!
Each item can be traded, exchanged or held for a profit. Hence, this package promises a very huge return for the user who eventually obtains one after adhering to all the requirements stipulated by the gaming platform.
Miscellaneous means
While the above are clearly defined means by which users can make money from crypto / web 3.0 games placed on different blockchains, some crypto games require their users to make certain repetitive actions, such as clicking a box or arranging some items. They reward users for such efforts made at completing those tasks (which re usually daily tasks).
However, the drawback for that how of Play to Earn game is the excessive amount of time they consume. They literally take the whole time of the user and may be very difficult to complete at some times.
A user who intends to earn via that model should be prepared to spend quality time and mental effort at completing each daily task assigned. That is the major requirement put into consideration by such platforms while they make final decisions on whom to compensate for their time, effort and diligence at completing the tasks.
They might compensate the user in terms of collectibles e.g hints to difficult puzzles, crypto coins deposited to the user’s provided wallet address, stable coins etc.
There are several ways through which one can make money via the blockchain economy. The ways we used to know and see as disruptive re now becoming traditional. Novel and more streamlined means of making money via the blockchain economy are coming up faster than weeds can grow these days!
This means we need to stay abreast of recent developments in the blockchain economy as what thought we have known perfectly about making money on the blockchain economy is proving itself to be different by the day.
One of such recent developments is the distribution of the NFT gaming industry by the more optimized GameFi functions now present on the blockchain network. The Play to Earn model is quite different from the traditional NFT gaming that provides a rare chance for it’s users to make money.
Conclusion
The Play to Earn innovation helps to convert time burnt in entertainment to time wisely spent in making money. Hence, it supports and empowers her users to solidify and strengthen their financial base even while gaming!
Rewards from Play to Earn games can come from: Staking, Earning a game’s currency or generating NFT items that can be traded. Any or all of these means enable the user to earn via Play to Earn in the blockchain economy.