For the skeptics, the question is more about the legitimacy of crypto games being a revenue source. The truth is that many gamers across the world are making a living through crypto gaming. If you are one of the late adopters wondering if this is a legitimate source of income, read this post to get enlightened.

How Gamers make Money from Play-to-earn Crypto Games

When the hype around crypto games began to rise, many think it is another Ponzi scheme. Interestingly, game platforms, such as Axie Infinity, have debunked this assumption. Currently, Axie Infinity has over 2.23 million active daily players from all across the world. 

Players on the game platform participate in battles with colorful blob-like Axies and get rewarded with SLPs, which can be exchanged for cash or cryptocurrency. The tokens can also be reinvested into the game’s metaverse. 

According to one of the players from the Philippines, he plays Axie Infinity for about two hours daily and earns between $148- $185 monthly in pesos. It is worth noting that this earning is almost half of what he earns in his current nine-to-five job. With his earnings, he pays his sister’s school fees and helps out in paying bills in the home. 

The pandemic created a perfect opportunity for these play-to-earn games to attract players from across the world. While sitting at home and staying away from getting in contact with infected persons, they can play a game and earn money while at it.

Is Play-to-earn Crypto Game a House of Cards?

The massive growth in the number of people turning to play-to-earn crypto games has raised questions about the sustainability of crypto games. For example, Sky Mavis, the creator of Axie Infinity, generates revenue from marketplace fees and breeding. Axie Infinity has also earned over one billion Euros and attracted powerful moneybags and backers. 

Due to the remarkable growth within a short span, many gaming industry analysts think that the business model of the game platform is not sustainable. This is one of the reasons it is likened to a Ponzi since it needs new players to maintain the in-flow of money. 

According to industry analysts, most play-to-earn crypto-based games are a house of cards that are controlled by price speculation and hype. Many opine that for these game metaverses to survive a possible market crash, they have to integrate some real-world utility and assets into their games that do not rely on the volatility of the markets.

How Players Perceive the Volatility in Crypto Gaming

Just like cryptocurrencies, crypto gaming can also be influenced by volatility. For example, players in the Axie Infinity metaverse witnessed a drop in the game’s economy when the AXS and SLP experienced the type of volatility associated with crypto assets. 

Sometimes in 2021, the game platform upgraded to enable users to access cheaper and faster trading, and based on this, the SLP value increased to about $0.03 and within a few days, it increased again to $0.32, which is about 900% within a week. However, by the end of January in 2022, the price has dropped significantly to roughly one cent. 

This directly has a major effect on the value of fiat currency that players could earn. The currency has slightly recovered to about $0.02 as of today but it is yet to hit the rate when it first surged. While all these are a cause for concern, players are still investing with the hope that the rate will still surge.

While crypto gaming is volatile, players derive more than income from the games. With the gaming industry looking for ways to introduce more sustainable gaming mechanisms to reduce the volatility of prices on their platforms, the truth remains that many are earning from these games. 

The fact that some governments have begun to request that players pay tax on their winnings from crypto games means that the world is gradually acknowledging play-to-earn games as a source of income and revenue generation for not only the game developers but also for the players.

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The world of decentralized gaming is opening to game lovers, and though it is still in its early stage, it is gaining popularity and loyalty in the crypto and game world. Decentralized gaming offers players opportunities that are not available with the traditional gaming system. 

How does Crypto Gaming Work?

It is an evolution of traditional video games. The traditional video gaming ecosystem allows players to use traditional money to buy in-game items and level up personalities. Crypto gaming, on the other hand, is big on ownership. 

Unlike regular video games, crypto games offer players ownership of what they collect in games through blockchain technology. Players can own in-game assets, offer them, or even trade them for real cash. Another attraction it has is the players’ ability to make money. 

In classic games, players pay to play. They pay money to get the best out of a game experience and level up faster. However, crypto offers the opposite. People can earn profits from financial investments they make using crypto gaming coins. 

So, Is Crypto Gaming worth Playing?

Answering this question will require putting things in context. If you are a huge fan of video games, you have probably paid to explore more features and functions of your game. The only downside to this is that you do not have any chance or prospect of recouping the money you have invested. 

Of course, you will enjoy the game and the entertainment it offers and that is it. With crypto gaming, you also make a monetary investment in crypto on the Ethereum blockchain. The big difference is that you can earn rewards and make money while enjoying your crypto game. Succinctly put, classic video games are pay-to-play while crypto games are play-to-earn.

The earning potential is a major distinguishing factor. So, if you have to pay to play a game, would it not make more sense to choose games with the potential to make your money back? Well, you have your answers as to whether crypto gaming is worth playing or not.

How Sustainable is Crypto Gaming?

Is crypto-gaming a fad? Is it something that will fizzle out sometime soon or in the future? Well, if you are investing in crypto gaming, it is normal to ask questions. Understanding the future projections of crypto video games will give investors a clearer idea of what the future holds for the game. 

The truth is that the demand for crypto gaming is growing significantly. Financiers are also exploring the industry looking for projects to support. Financial backers are getting onboard and many blockchain businesses are venturing into the system. 

For instance, late in 2021, Bitkraft Ventures released a $75 million seed fund for some crypto gaming projects. There is a growing number of investors coming on board the crypto gaming ecosystem, which means the industry will experience market growth. The industry will continue to grow with more game developers building mind-blowing decentralized games. 

The industry is evolving and new technologies are being incorporated to deliver a better quality experience to users. As long as game developers continue to ace their game and players have something to entertain them with the potential to make money, crypto gaming will continue to experience a boom.

Final Thoughts

There are dozens of crypto games being launched every other week. Sometimes, sifting through the huge collections can be very tiring and a daunting task. There is also the issue of fraudulent developers looking to trick unsuspecting game lovers into buying into non-existence NFT games. 

Therefore, choosing a crypto game to invest in can be a big challenge. The best approach to find a reputable NFT-based game to invest in is to thoroughly research. 

Although this is not fool-proof that a game is 100% genuine, it will significantly reduce your chance of getting scammed.

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Blockchain technology brought many new opportunities to people. Next to the security and decentralization benefits, it gave birth to many tech products that weren’t possible in past decades. Decentralization and cryptography concepts made it possible for people to literally own their digital assets and identity. It resulted in a group of products like video games that offer many new options to players.

Blockchain games are games that rely on blockchain technology as their underlying network. Smart contracts are the basic protocols that keep the games secure and running. They make it possible to play the game and really own the assets inside it. Besides, the digital assets can be used in other markets and games.

In simple terms, you can own a digital asset as an NFT in a game and make money from it by selling it in other markets. Crypto games are now among the top interesting topics in blockchain technology, and with the birth of the Metaverse concept, they can attract more users.

What are Crypto Games or NFT Games?

Crypto games are a group of video games provided on various platforms (desktop, web, Android, and iOS) that offer financial incentives in the form of cryptocurrencies. There are native tokens in these games for in-game purchases. For example, you can buy characters, clothes, lands, and other digital assets in a crypto game by paying with its native token. The assets themselves are almost always NFTs that can be traded in marketplaces.

Teams behind crypto games often use Ethereum as the underlying blockchain. But other networks like Polygon, Cardano, Binance Smart Chian, and Solana are gaining traction in this sector, too. Creating assets, transactions, minting NFTs, and almost every operation in a crypto game need paying fees in the underlying blockchain. It’s the reason many teams look for blockchains with lower-cost transactions.

Almost everything in a crypto game can become a non-fungible token (NFT) and be traded on marketplaces in the game itself or public marketplaces like Opensea. For example, lands in games like SandBox are NFTs. People can buy them for developing third-party games in the world of SandBox or sell them as NFT in Opensea or other marketplaces. Characters, spaceships, clothes, bonuses, spells, and many other assets in these kinds of games can become NFT, too.

The biggest difference between a crypto game and a traditional video game is that your earnings and successes in a crypto game can have real-world value. Everything you collect, win, and buy in a crypto game can be sold for real money. It creates an in-game economy that can attract more users to play more.

How do Blockchain Games make money?

Most blockchain games earn money from the transaction fees players pay for trading in-game assets. Besides, many of them need an initial investment to let players enter the world of the game and have a character to play with. When players buy lands in a crypto game, they give money to the game creators initially. But the later trades will be made between players, and the game only receives the fee.

After initial successes, crypto games move toward full decentralization and community ownership. They give the chance of staking to users, so they will be encouraged to buy more native tokens and hold them. This creates a continuous economic movement that benefits all of the stakeholders.

How to make money from NFT Games?

As mentioned above, there are various financial incentives in crypto games for attracting users. Players can earn in many ways, especially minting and trading NFTs. The amount of earned money depends on the policies of the game and its popularity in the market. Digital assets in a game can value up to million dollars, while NFTs your mint in the other game may have no value at all.

Some games need initial investment for buying an asset (mostly a character) to start playing, while others give you a free asset to start the game.

As the concept of play-to-earn implies, you should play more to earn more in an NFT game. For example, you have a pet in the My DeFi Pet game that can be minted as an NFT. But the pet won’t have special value because it’s not that rare in the market. You should play with it in various methods like breeding, enhancing, battling, and collecting bonuses to improve your pet. The enhanced pet can be minted as an NFT and sold in marketplaces.

The native token in most of the crypto games is a source of income, too. You earn these tokens by playing more and winning contests in games. Besides, you can trade your in-game assets with the native token. Then, that token can be traded to other cryptocurrencies or even fiat money in crypto exchanges.

Staking is another method of earning from crypto games. Some games offer the opportunity of staking to users to encourage them to hold their tokens more. You lock your bought or earned tokens in the staking platform and earn interest as a reward.

Metaverse, The future of Blockchain Games

Metaverse is a kind of new concept for the future of the internet and social interactions. According to Wikipedia:

“The metaverse is a hypothesized iteration of the Internet, supporting persistent online 3-D virtual environments through conventional personal computing, as well as virtual and augmented reality headsets.”

The definition above doesn’t talk about cryptocurrency or blockchain in the metaverse. But these technologies can surely help this concept grow and mature faster. Crypto games like SandBox are already showing a glimpse of a metaverse world where you can own lands, assets and live in a semi-virtual world. Many experts believe that crypto games can be more successful if they use the metaverse concept and integrate it with the game.

Everything is almost ready to have a crypto-based metaverse, thanks to crypto games. They offer ownable assets in the digital world, financial incentives, and near real-world experiences when playing games. If some games come that combine these features with AR and VR technologies, we can expect explosive growth in the crypto games industry.

Conclusion

Blockchain games can become the next big offering of blockchain technology to the world. They combine the fundamental benefits of the technology with fun and financial incentives.

There are still no big video games using blockchain technology as infrastructure, but we can expect some very big hits to enter this sector, too.

Even maybe some of the current crypto games can become bigger than traditional video games and have more market shares in the future.

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