Play-to-Earn Gaming
Users can invest or gather cryptocurrency and (Non-Fungible Tokens) NFTs in Play-to-Earn games, these assets can then be sold in the open market. Each participant can acquire more cryptocoins or tokens by playing the game regularly, which can be liquefied when needed. Some people solely depend upon these earnings to support them financially. But there is always a risk involved because there is a need to invest initially so that an item or an avatar can be purchased in a game.
Blockchain technology is used for the production of immutable digital objects and tokens, this gives rise to the concept of digital scarcity, as these objects and tokens cannot be replicated.
For cashing out, the asset that is to be sold should be deposited to the NFT Marketplace or the crypto exchange. Converting into a stablecoin is the best strategy so far. After the selling of crypto assets and conversion of the stablecoin is done, it can be then converted into any currency (money) and withdrawal can be done via accessible channels present in the jurisdiction.
Blockchain Games have evolved over time, in the old days, it was only linked to the trading of simple collectible NFTs. But now one can earn money from playing such crypto games. The concept is enticing because video games rarely allowed players to earn real money by selling digital items. Players can now earn money in the crypto realm with this new style of Play-to-Earn games.
What are really are play-to-earn games, and how do they work?
Play-to-earn permits gamers to earn a consistent flow of cryptocurrency just by playing the game. The benefits vary according to the game, but they usually arise through staking, farming the cryptocurrency used in the game, or creating NFT products that can be traded. In older versions of blockchain games, players used to depend heavily on luck to generate money. on the other hand, Play-to-earn has been built keeping in mind the game economies that allow participants to earn money while playing.
One well-known example is Axie Infinity, which runs on the Ethereum blockchain. Traditional video game themes and gameplay have been blended with the ancient blockchain gaming paradigm in this game. Axie Infinity, for example, includes an adventure mode, Player vs Player fights, and tournaments, all of which are common themes of the mainstream gaming business. Windows, Android, Mac OS, and iOS versions of this game are available.
Mechanics of Play-to-Earn Games
Play-to-earn games are classified as GameFi since they combine gaming with finances. Every game in this category offers monetary rewards for playing and progressing. There is frequently repeating a specific behavior that allows players to earn money in two ways:
1. Earning cryptocurrency in-game.
Axie Infinity’s Smooth Love Potion (SLP), for example, can be obtained by successfully achieving daily objectives or fighting monsters or fellow players.
2. Trading or Earning NFTs in a game.
Each NFT could represent a game object, avatar, or other collection. These can be entirely decorative or serve a functional purpose in the game.
Role of Blockchain Technology in the security of Play-to-Earn games
Playing to make money isn’t a new concept. Many online games such as MMORPGs have fiat-based auction platforms or gold-farming-based secondary marketplaces. The key distinction in cryptocurrency games is that the currencies and items are stored on blockchains. The qualities of a blockchain make it easy to establish legitimacy, validity, and scarcity.
A blockchain network can be compared to an immutable database. It is kept up to date via distributed ledgers (DL), each having blockchain data. This means that changing, duplicating, or deleting blockchain data is nearly impossible.
As a result, traditional games can be created in a method that eliminates fraud or corruption, such as item duplication, gold hacking, and other exploits by integrating blockchain into them. The main highlight of the in-game article is its uniqueness, there is no way in which that specific article can be duplicated, this makes the Play to Earn model very interesting.
When it comes to making money with cryptocurrency, play-to-earn games are a relatively recent trend. Play-to-earn has enabled gamers to make money regularly. But one should be aware that many Play-to-earn games are high-risk or unsustainable due to poor tokenomics.
Visit Narsun Studios to learn more about GameFi and play-to-earn games. We have developed multiple Play-to-Earn games, some of which have topped the trending gaming console.
