Play-to-Earn is Rising
We are all aware of the evolution of video gaming from a diversion to taking your mind off a long day's work to today's use of blockchain technologies such as NFTs to reward gamers.
In the world of video games with a Play-to-Earn model, the player can receive rewards with real-world value. It embraces the concept of an open economy and offers financial rewards to all players who add value to the game world. It essentially allows gamers to farm or collect cryptocurrency and NFTs to sell on the market.
We used to say that gamers were people who squandered their time instead of doing something productive.
The global gaming industry is expected to be worth $268 billion by 2025, according to estimates. The cryptocurrency has stepped into this expanding market and recognized the impact that blockchain technology can have on it. NFTs have played a significant role in this boom, demonstrating to developers that they can create and transfer tangible value in the ecosystem.
The grey marketing gaming in game team is massive, and developers are not benefiting from it. In the game clash of clans, for example, many people used to buy maxed out bases for a good amount of money from other people who had spent their time building those. All of these transactions used to be peer-to-peer. With this new emerging technology, every time a transaction occurs, a fee of the transaction is paid to the developer, allowing developers to benefit as well. The rise of play-to-earn games has benefited developers in terms of data storage safety and security.
📌What exactly are play-to-earn games?
Players can monetize their time spent playing video games here. The advent of blockchain technology and NFTs has completely altered the game. NFTs (unique, rare, and individual), cryptographic tokens used to provide proof of ownership of content such as images and drawings. Similarly, they allow us to claim ownership of in-game items. NFTs allow you to own the assets that they buy, allowing you to freely sell them outside of the platform where they were created.
These assets, also known as in-game items, can now be traded and sold on any NFT marketplace. You can now include scarcity and raise the prices of these items.
Because of the individual value and trade possibilities, you can even participate in this gaming marketplace if you are not a gamer.
The Most Popular Earn-to-Play Games
1. Axie Infinity
This game has been rated as one of the best in recent memory. Players can collect, breed, raise, battle, and even trade token-based creatures such as Axies in this game.
Ariel Meilich and Esteban Ordano created this popular game.
A virtual world is essentially a parallel universe that runs on Ethereum, and players can create, experience, and monetize various content and applications. Users can trade land plots here. They can also moderate it to make it more appealing, build on it, and potentially monetize it.
A step-by-step guide to earning money through play-to-win games.
Axie Infinity, one of the most popular play-to-earn games, will be discussed.
✅To begin, you would need to obtain an Ethereum-based wallet in order to store the cryptocurrencies. MetaMask is preferred because it is good and simple to use.
✅A ronin wallet is required to store in-game items and assets. It is available for download from the Chrome Web Store.
✅After you've set up the ronin wallet, go to the Axie marketplace and create an account using your ronin wallet. Now, from your account's 'account settings,' connect the Ethereum-based wallet.
✅To begin playing the game, you must first purchase three Axies from its marketplace.
✅After you've activated your account and obtained the Axies needed to progress further in the game, all you have to do is download the game and start playing.
📍How do earn-to-play games work?
Because of the combination of gaming and finance, play-to-earn falls under the GameFi category, providing financial incentives to play and progress. Earning money can be accomplished in two ways.
In the game Axie Infinity, you can earn in-game cryptocurrencies by completing daily quests or battling other players.
Trading or earning NFTs in-game. Every NFT in this section may represent an item, a character, or another collectible in the game.
Staking is another way to earn money with earn-to-play games. Users are able to lock up NFTs or cryptocurrencies in smart contracts, resulting in the generation of rewards.
How are pay-to-win games safeguarded?
The blockchain technology is where the currencies and items are stored. The blockchain has numerous properties that demonstrate ownership, legitimacy, and scarcity. The blockchain network functions similarly to an immutable database maintained by a distributed network of computers. Each of these has a copy of the blockchain data. This means that changing, duplicating, or even deleting blockchain data is nearly impossible.
Many items duplicates, gold hacks, and other exploits are common in traditional games, which are addressed here. One of the most important factors is the rarity of an in-game item's value. If an item is one-of-a-kind, it can never be duplicated. This contributes to the creation of true value for in-game items.
📝Recently, the most well-known NFT avatar series, Bored Ape Yacht Club, announced a new play-to-earn game in its new roadmap. A slew of new blockchain projects are vying for a spot in the pay-to-play market.