Play-To-Earn Games: Make Money By Playing In 2021
In recent weeks, one of the most trending topics on social networks is which are the best games to win cryptocurrencies; working from home and the profitability of cryptographic tokens, continue to score as topics of great interest among Internet users. Therefore, we will now provide you with an informative guide to learn about this new trend and how you can earn money by playing play-to-earn titles.
Blockchain-based video games are at the peak of their popularity, due to the large number of titles available and those that are still in the development phase, but which promise to continue to revolutionise the crypto-ecosystem. To date, some platforms such as Axie Infinity have managed to consolidate their name; due to the great popularity among gamers from all over the world, the millions of dollars in rewards distributed and the sponsorship of renowned companies such as Samsung, Ubisoft or Binance.
For all these reasons, now is the ideal time to enter the world of crypto-video games. Below, we will provide you with an informative guide where you can learn what NFT games are, what a play-to-earn game is, how you can make money playing blockchain games, basic knowledge needed and tips to have a higher success rate. Let’s not wait any longer and let’s get started!
Blockchain video games: What are they?
Blockchain-based video games are all those built within the Ethereum or Bitcoin system; taking advantage of the multiple benefits of blockchains such as: security, cryptography, inability to counterfeit and real ownership over the items. The latter, known as true item ownership, is a technology used by some types of digital assets, such as cryptocurrencies, NFTs or crypto-collectables, which is at the core of tokens and allows a kind of certificate of authenticity and ownership of digital objects to be issued.
In turn, blockchain gaming gives gamers the possibility to verify that the items used within the gaming platforms are unique and belong to them; qualities of Non Fungible Tokens (NFTs). In simple terms, NFTs are digital items that are unrepeatable, irreplaceable, collectable, interchangeable and tradable, just as works of art are in the real world.
It is worth noting that many NFT collectors have started to use blockchain gaming platforms in order to increase their collections with new, unique and rare items that they can then sell for a higher price. In this way, the market for buying and selling digital assets pertaining to crypto-games has seen a significant increase and is far from over. If you want to know how you can create NFT items and make money then you should visit this guide published on our website.
Play-to-earn video games: What are NFT games?
Most blockchain-based video games belong to the “play-to-win” mode, known as play-to-earn.
This new trend consists of earning rewards in the form of cryptographic tokens after performing certain actions within the games, which can be cryptocurrencies or NFT. However, the attraction is the possibility of exchanging them through an exchange to obtain legal money.
At the same time, blockchain gaming communities have seen a significant increase in membership, due to the creation of guilds that invest in video game assets to lend them to other players in the form of grants. This series of actions has encouraged the creation of new titles, the increase in value of themed tokens, and the development of a greater camaraderie among players who seek to educate others on how to participate.
On the other hand, more and more play-to-earn titles are including NFTs as in-game objects, which can take the form of avatars, pets, skins, in-platform plots, original artwork and other elements, made possible by the fact that video games have been developed in the blockchain ecosystem, which allows the conferring of non-fungible token properties to almost any digital element.
This occurs through the registration of properties that are stored in a digital ledger, which gives players absolute ownership of their collected items, meaning that NFT-anchored items belonging to crypto-video games can be moved off the platform into wallets and then sold or exchanged on an open market. A clear example is Axies, the creatures needed to play Axie Infinity, these are non-fungible tokens that can be stored, exchanged, bought or sold through wallets, and can be used to earn rewards in the form of cryptocurrencies that can then be exchanged for cash.
Monetisation: How can you earn money by playing?
In play-to-earn video games, the standard way to earn money is by winning battles and completing challenges, which will provide you with rewards in the form of tokens; these would be the conventional methods. Or through other alternatives such as selling valuable items, trading NFTs or taking a percentage from account rentals. However, it is essential to understand that any of the methods or alternatives used require the investment of money, time, perseverance and a lot of effort.
In the following, we will explain how you can earn money playing blockchain games:
1. Battles and tournaments
Play-to-earn video games have been developed with the aim of providing players with cryptocurrencies after winning battles, completing challenges or trading items within the platform. However, the greatest amount of rewards that can be earned in the first instance will come from battles; which will largely be determined by the player’s cunning and the equipment they possess. In titles such as Axie Infinity, you can have a maximum of 20 battles per day and the number of tokens earned in each battle will be defined by the number of cups you have, which will be the factors that indicate how many SLPs you will generate per day.
It is possible to earn good amounts of money using traditional methods; an average Axie Infinity player can earn around $400 USD per month, while a Plants vs Undead player can earn $700 USD per month using the game’s standard system. However, selling a valuable item could generate the same profit in a few hours, although it requires the intervention of a number of factors that in most cases are out of the players’ hands.
Non-fungible tokens have the particularity that their value is determined by market demand, so they can increase considerably if a large number of people are interested in acquiring them. In recent years, the crypto market has witnessed some NFTs go from $5 to $1000 USD; as time and rarity can boost their value.
In blockchain video games, gamers have the possibility to obtain valuable and unique NFTs after completing the objectives of each challenge or game. These tokens alone would be worthless if there was no interest in trading them, but thanks to the value obtained by blockchain-based transactions and item transfers made through smart contracts, we can enjoy an active market that allows players to automatically transfer their earned or purchased NFTs to gamers.
On the other hand, a feature that can benefit gamers who wish to trade with non-fungible tokens is that the data on the blockchain cannot be modified; therefore, a third party cannot undo or ignore the contracts made. Consequently, transactions will be completed without the likelihood of fraud, adulteration or deception.
Although all NFTs share the same standard characteristics, they have completely different market values. For example, a beast-like, hybrid Axie with basic abilities will have a retail value of around 0.055 ETH ($175 USD at the exchange rate). While an Axie containing all six pure parts, with excellent battle skills and sufficient rarity, can fetch around 100,000 ETH ($316 million USD). The two have different values in the market, with the latter having a greater ability to become a collectable item and therefore will attract more interest from buyers.
At the same time, other video game items transformed into NFT can become extremely valuable collectables, especially if they are rare items that can enhance the gamer’s experience or increase the quality of the titles. For example, skins such as the Twisted Fate PAX from League of Legends worth $500 USD, the AK-47 Tempered Steel from CS:GO sold for $150,000 USD or the white hat from Rocket League valued at $15,000 USD. Crypto-video games, meanwhile, are home to a plethora of tokenised assets such as items, parcels, characters and other objects, all of which have the potential to be traded.
Therefore, the exclusive status of unique items can significantly boost the value of digital assets, as many people will be willing to pay large sums of money for them. In this way, a crypto-collectibles trader can generate good profits by creating or selling NFTs that are in high demand in the market.
4. Grants or renting accounts
A few months ago Sky Mavis, the company responsible for the development of Axie Infinity, enabled a new alternative called “Axie Infinity Scholarships”; which allows Axies owners to rent their NFTs to third parties who wish to participate in the platform but lack the necessary capital to invest. The aim is to enable more users to take advantage of the benefits of participating in the game, growing the community and generating more revenue for all parties involved.
Following the success of Axie Infinity’s scholarship programme, many users have started to invest in crypto-video games with the ultimate goal of offering scholarships and generating passive income; as they will be able to obtain up to 70% of the rewards earned by gamers who act as workers. However, it is necessary to carry out a thorough assessment of interested gamers, as it is necessary to rule out people who could potentially present disadvantages. Additionally, it is essential to follow as many security protocols as possible in order to avoid potential scams, fraud or misappropriation of accounts.
On the other hand, it is likely that other play-to-earn crypto-video game titles will soon join Axie Infinity’s initiative and inhabit grant programmes, making it easier for third parties to access the platforms and for the owners to generate higher profits.
Preliminary considerations: What do I need to play play-to-earn?
Unlike traditional online video games, play-to-earn titles require certain specific requirements in order to obtain the expected results; some related to physical objects and others to intangible elements. Let’s know then, what you need to start playing crypto-video games:
Computer and Smartphone
One feature that can benefit many enthusiastic gamers who want to start playing crypto-video games, but lacks a gamer PC or a high-end smartphone, is that most of these titles require few resources to run; so almost any device will be enabled to start. Some titles like Axie Infinity or Plants vs Undead have cross-platform support, being playable on PCs, smartphones or tablets. Others, such as Space Port or Albion Online, can only be played on a computer; but the requirements are minimal. Standard resources include:
- Operating System: All popular crypto-video games are available for Windows, MacOS, Linux, iOS and Android. But, some are exclusive to other operating systems such as SteamOS.
- RAM: Most can run on 2GB of RAM. However, it is recommended to have more than 4GB, so that the game will run more smoothly.
- Graphics card: With few exceptions, crypto-video games do not require graphics processing; as they take up the required amount of RAM.
- Platforms: This feature will vary according to the title; as some are available entirely on PC, while others can be played on smartphones and tablets.
All video games developed on the Ethereum and Bitcoin blockchain require an initial capital investment in order to start playing and earning cryptocurrencies. Players will need to acquire the equipment that will allow them to start their adventures, whether in the form of characters, tools or items.
Since most of the video games are built on Ethereum, the currency used for transactions is ETH, so it is necessary to convert your fiat money into tokens through the exchange of your choice. Likewise, it is important to take into consideration that the value of the cryptocurrency is constantly changing, so the initial capital investment could be set at one amount and the following week have a completely different value.
Return on investment
Blockchain-based video games require a prior investment in order to participate, so it is essential to project the time span in which the return on investment will be made. In the case of titles such as Axie Infinity, it is estimated that the estimated time is around two months, considering factors such as the number of daily battles allowed in the game, a success rate of 50% in the battles, the number of cups that a novice player has and the standard price of the game’s cryptocurrency (Small Love Potion, SLP). It is worth noting that if SLPs increase in value, the return on investment could be made considerably faster; if not, it could delay the achievement of that goal.
Tips and recommendations for more success
As in any project, to work as a crypto-gamer it is essential to follow a series of guidelines that will allow you to obtain the best results in the shortest possible time. We know that at the beginning it can be a difficult task, so we will provide you with some tips and recommendations that will help you on your way as a crypto-gamer:
- Conduct research that will allow you to get a clear picture of what the blockchain ecosystem is and how it works, as you will need to understand why cryptocurrencies fluctuate, what methods developers use to stabilise the economy and other knowledge that will help you plot better economic strategies.a
- Before making your first investment in a play-to-earn, you need to do some analysis to determine whether you are ready to take the risk. This is because investing in the crypto-ecosystem will always bring uncertainty, as it is impossible to predict which way a platform or cryptocurrency will go.
- It is necessary to analyse and understand the small changes that are perceived in the markets, as these will help to determine the right times to withdraw profits. These fluctuations occur constantly, so it is necessary to understand how the market works and to withdraw profits at the right time.
- When starting out, the goal should be to generate a return on investment, so that if the game goes into decline, cryptocurrency crashes or a problem occurs, they can return to their initial state and not be affected.
- Veteran crypto-gamers are experienced enough to recognise potentially profitable video games, so they tend to invest in their early stages, raising large sums of money when the tokens start to project. This could be a risky move for novices, so it is best to invest in games that provide greater security.
- By investing in several video games at once, you will generate a larger safety net and increase your chances of making good profits.
- Whenever you can reinvest your winnings, you should do so; they will provide new opportunities for rewards. Before doing so, they should conduct thorough research to select projects that can provide them with higher returns.
- It is essential to follow the highest security protocols so that you can protect your account, wallet and earnings from hackers. Remember, never share your passwords and enable all available recovery options.
Blockchain-based video games have been well received by crypto-users and gamers, so this market is likely to continue to expand in the future. In addition, it is likely that we will soon see tokenised mainstream video game items, which will be a boon to the NFT exchange and provide a greater openness to crypto-collectibles.
On the other hand, there are many games to earn cryptocurrencies; but the ones that are generating the best results among users are Axie Infinity, Plant vs Undead, Space Port, Mist and CryptoBlades; all of which have great popularity among users and good projections in terms of increasing their earnings. However, new projects are constantly emerging that takes the successful formula of other titles and improve on it, providing good content and opportunities for gamers.
Now that you know what NFT games are and what a play-to-earn game is all about, what are you waiting for to start making money playing?