How to Use Play to Earn Games to Get Crypto and NFTs
Key Takeaways
Play-to-earn is a new model in decentralized space that empowers gamers to own and increase the value of their in-game assets via playing the game and selling the content they generate.
Expanding on the idea of gaming economies, play-to-earn encourages users to play, create and sell in-game assets as NFTs on marketplaces like Binance NFT.
The majority of play-to-earn games also offer in-game crypto rewards that can be staked for passive income, ensuring active players are financially rewarded for their engagement.
The decentralized gaming space is quickly growing as the world discovers more ways to leverage blockchain technology. The latest trend is the play-to-earn model which introduces a user-driven economy designed for gaming enthusiasts—bridging the gap between virtual space and reality.
Play-to-earn lets gamers own their assets and increase their value through your typical in-game activities such as breeding creatures, unlocking upgrades, buying items, and much more. By participating in the in-game economy, players create value for both the community and the developers.
The reward system for play-to-earn activities is straightforward, ranging from in-game assets like tools and weapons to even financial rewards like cryptocurrency and tokenizable assets that can be sold as non-fungible tokens (NFTs). If you’re interested in learning more, keep reading to learn the different ways you can use play-to-earn games.
Play-to-Earn: How Does It Work?
Play-to-Earn in the decentralized world emphasizes two methods of generating liquidity – buying and selling in-game NFTs or playing to earn in-game cryptocurrencies. In the first case, the players create and sell unique in-game NFT items to other players on a marketplace for crypto or fiat. In the second case, players are rewarded with in-game crypto assets that can be used to buy more in-game content or exchanged for fiat and other digital currencies.
1. Buying & Selling NFTs
Creating, buying, and selling in-game assets as NFTs is the core concept behind the play-to-earn model. The most popular example would be NFT-based games which allow users to buy, sell and trade NFT collectibles on gaming marketplaces, such as crafted weapons, cosmetic items, and power-up potions.
The Pokemon-inspired Axie Infinity (AXS) is an excellent example of an NFT-based online game, where players can breed or buy Axies – magical creatures – to battle other players and earn rewards. Each Axie is also a unique NFT which means no two Axies are alike and their ownership is tracked separately on the blockchain. Players can also sell their NFT Axies on the marketplace and receive all the profits, creating a user-driven marketplace economy for collectors and players.
2. Earning In-Game Rewards & Cryptocurrencies
In addition to NFT in-game assets, gaming platforms like Mobox (Mbox), which was recently listed on Binance launchpool, reward their players with cryptocurrency through their free-to-play games. Anyone can participate in the various games provided by the platform, ranging from NFT farming to yield farming and blockchain gaming. Furthermore, users can stake in liquidity pools or use MOMO NFTs to earn staking rewards paid in the native MBOX currency. Staking MBOX tokens can reward unique MOMO NFT Mystery Boxes, creating an extra incentive for users to hold and use the platform’s native token to generate passive income.
Mobox’s latest mystery box collection on the Binance NFT Marketplace sold out in seconds and featured their Legendary MOMO NFTs that can be used across the MOBOX platform. Each MOMO NFT has a randomized hashpower, giving them unique attributes within the Mobox universe.
On the other hand, Axie Infinity players can battle in Adventure Mode or in the Arena to earn Smooth Love Potions (SLP) – an in-game reward that players can use to breed new Axies or trade as a cryptocurrency on crypto exchanges like Binance. Users should also be aware that not all NFT-based games use a play-to-earn system and many are simply designed for entertainment purposes with no embedded monetization options.
Benefits of Play-to-Earn Gaming Model
Play-to-earn games are an exciting application of NFT technology, allowing players to have 100% ownership of their in-game NFT assets. Similar to traditional gaming, players can use their in-game assets to breed new creatures, level up, and gain an edge in PVP combat. However, unlike traditional gaming, as players upgrade their character, they can sell and trade their in-game assets as NFTs on marketplaces. The more unique and powerful their characters — the more profit they can earn. For example, MOBOX’s Legendary MOMO NFTs have been selling for up to $70,000 BUSD a piece on the MOBOX NFT gaming platform.
A New Open Gaming Economy
Play-to-earn games create an open economy, ensuring that players who bring value to the game are rewarded either via in-game rewards or financially through cryptocurrencies. As NFT-based games grow in popularity, the price of base NFT in-game characters and assets will also increase, incentivizing players to actively engage with the game in exchange for more attractive rewards.
Players can also trade their hard-earned tokens on cryptocurrency exchanges like Binance to earn even more. NFT-based games that have their own native token include My Neighbor Alice (ALICE), The Sandbox (SAND), MOBOX (MBOX), and others — all of which are listed on Binance.
Converting Crypto Enthusiasts Into NFT Gamers
The play-to-earn model has also attracted crypto enthusiasts to enter the NFT gaming space creating a surge in demand and liquidity on these play-to-earn gaming platforms.
At Binance NFT, we’re always looking to provide users with fresh and innovative NFT projects. By onboarding top NFT gaming projects and traditional video game companies converting to NFT, we seek to expand the NFT gaming space and welcome more users to start their NFT gaming journey.
Some of our recent NFT gaming mystery boxes include:
Mobox’s “MOMO” Mystery Box Collection, featuring Legendary MOMOs that can be used across the Mobox gaming platform.
Midsummer with Alice NFT Collection, which allowed players to use their NFT to redeem in-game cosmetics from the world of My Neighbor Alice and the minigame — Alice’s Mysterious Seed.
The Big Time’s Founder Sale, featuring in-game assets and exclusive artwork from The Big Time universe, but also VIP entrance tickets for early access to the game.
Upcoming Features on the Binance NFT Marketplace
The withdrawal and deposit functions announced for Q4 2021 will soon be available on the Binance NFT Marketplace. Users will be able to withdraw their NFTs to play across different gaming platforms as well as deposit their NFT assets on Binance NFT, ensuring cross-platform integration and increased liquidity for our NFT users.
Join our Binance NFT Community on Telegram or follow Binance NFT on Twitter and Instagram for the latest news and updates, including upcoming drops on the Binance NFT marketplace. For artists and creators looking to collaborate, contact nft@binance.com. In the meantime, join the Binance NFT Marketplace and dive into the exciting new world of play-to-earn games.