In recent years, gaming has gone from a passive pastime to a business worth billions of dollars. New gamers eager for social contact are fueling a worldwide market worth over $300 billion, according to Accenture.
The industry’s worldview has shifted due to the development of the blockchain. Players may now earn cryptocurrencies or non-fungible tokens (NFTs) in a play-to-earn game by utilising their computers or smartphones instead of only game creators and distributors. A prominent game publisher, Ubisoft, has announced intentions to use NFTs in the next Ghost Recon game.
Before playing these sorts of games, it is essential to know the game’s mechanics and how you may earn money from playing.
What is “play-to-win” games, and how do they work?
In many video games, mainly MMOs, players are encouraged to gather digital objects to advance their character’s storylines. In-game items like weaponry, property, and wearables all fall under this category. They are acquired via loot boxes purchased with real money or as prizes for completing missions and challenges. Like skins and in-game currency, goods allow users to personalise their characters’ appearances and equip them with more potent weapons and armour. However, none of these items may be sold to other players for real money.
Play-to-earn games, or GameFi, come into play here. In-game assets and awards may be made unique and transferrable using the immutability of blockchain technology. Rewards can be acquired via staking or by earning local digital currency. It is also possible to exchange coins for fiat cash like the US dollar and NFTs for other players via in-house trading platforms or secondary markets.
With Axie Infinity, a popular game that uses the Ethereum blockchain to issue its “Axies,” users may purchase, combat, and breed virtual animals that are only available through Axie breeding. Peer-to-peer trading is possible since an NFT represents each Axie.
How to choose a play-to-earn game that will pay off
For those familiar with how these games function, it’s time to begin searching for a game that best suits your needs. How can you pick the most OK play-to-earn game out of the hundreds presently available (and more in development)?
The fine print is the key here. Before you get started, you must understand how incentives are handed out and how to convert the in-game currency to other cryptocurrencies.
Decide on a specific objective: NFTs, coins, or both?
Such games provide a variety of ways for players to make money. When players earn a reward, they may choose between NFTs or in-game cryptocurrencies, which they can then exchange with other players or sell to third parties. In certain circumstances, gamers might be rewarded for their efforts with popular currencies. Searching for keys to unlock quizzes is part of the fun in the game Coin Hunt World. Bitcoin and ether, the native cryptocurrency of Ethereum, can be yours if you correctly answer the question.
When you first begin, it’s critical to understand how and how long it will take to receive prizes for your games. Some NFTs may be earned by doing simple tasks, while others need a more significant outlay of resources.
Is it simple to get cash for your coins?
Even though prominent blockchains like Ethereum and Polygon are used to build such games, changing them to another coin may be difficult. NFTs take time to sell; however, the value of in-game coins changes rapidly.
Before devoting time to a game, do some homework to discover the best ways to turn your coins into real money. To assist you in deciding whether or not a game is suited for you, it’s important to know how to convert digital objects.