How to Make the Most Out of Play to Earn Games
In the last couple of years, when pandemic put almost everything on a halt and resulted into many people losing their livelihood, individuals started earning a living by playing online video games. Yes, you heard it right! As absurd as it may sound, there are numerous examples across the world today where people have been running their households by means of games. Especially in developing countries such as Philippines, Indonesia, certain African countries and Latin American nations, people who lost their jobs found an alternate income in play-to-earn games such as Axie Infinity, Pegaxy, Sandbox etc.
These play-to-earn games have transitioned into a whole new industry and have led to the establishment of a new financial ecosystem known as game finance or GameFi. Most of these play-to-earn games are based upon NFT and blockchain technology. While we are barely getting used to the concepts of blockchain, GameFi and NFT, two even powerful phenomenon is emerging in the form of Metaverse and Web 3.0. It is beyond doubt that Web 3.0 will reconstruct the future world- not just in terms of technological advancement but it will change how we look at work. It will establish a whole new world of NFT games and GameFi.
You can see now how vital play to earn games are going to be to the economy but what exactly are play to earn games? In this article, we will address just that while also recommending you some of the hottest play to earn games in 2022.
What are Play to Earn Games?
Simply put, play-to-earn games are blockchain based NFT games where players can earn money by collecting tokenized elements in the game and later exchanging these elements with other players for flat currency or any other digital assets. Players can trade their gaming tokens either in their in-game itself or any other online trading platform.
In order to better understand what play to earn gaming is and how it works, we must first understand where the concept has emerged from. Ethereum based NFTs first came into picture with the arrival of the revolutionary project- CryptoPunks. However, these NFTs only rose to fame in 2021 when there was a sudden rise in demand for these unique assets. Such an increase in demand led to a similar increase in the mining and creation of cryptocurrencies such as Ethereum. However, there was no actual increase in their value, beating the economic principle of demand-driven hyperinflation. In order to justify the change in value, there had to be some form of labour input attached to these NFTs. That is when the developers turned to the gaming industry.
The reason why developers picked gaming in particular is not that hard to comprehend. The gaming industry comes with a vast consumer base. In addition, players have the option to make in-game purchases. This means that the players now have the option to purchase and gaming content which was previously only owned by game developers. This content can be tokenized into one-of-its-kind NFTs with the help of blockchain technology. Thus, players are able to own unique digital assets that they collect, win or buy in the game. Players can exchange or sell these products to gain real world monetary value.
The play-to-earn games have merged together NFTs, DeFi and gaming to create a viable and economically sustainable solution to the fast-growing fields of cryptocurrency and NFT industries while also ensuring a secure and credible source of income for the gamers. Gaming is now profitable for not just the developers but also the consumers. The GameFi is an independent industry today, supported by millions of gamers around the world, earning and monetizing their digital tokens.
Play-to-Earn NFT Games
Play to earn NFT games have gained prominence in the GameFi universe as a means to earn a living. As you may already know, NFTs are unique digitalized assets that you can trade, exchange or sell in return of real money. These tokenized assets are stored in blockchains such as Ethereum.
In GameFi, NFTs can be used to represent a character, to offer collectibles and to participate in any game-related activity. As no two NFTs are the same, it provides real world value to these digital assets. Thus, gamers can sell their in-game NFTs to other players or exchange them for any other NFTs as per their desire.
In play to earn NFT games, you will be rewarded with tokens and at times even NFTs. The longer time you spend on gaming, the greater are your rewards. These tokens that you earn will be needed in the game’s crafting process. But players are free to trade their earned NFTs for money.
The developers utilize smart contracts to create, swap and implement an NFT within a game. These smart contracts are nothing more than self-executing codes which are stored over a blockchain. This enables you to track and assess your actions while also keeping an eye on other players’ moves. This brings in a lot of transparency into these play to earn NFT games.
Play-to-Earn Crypto Games
Play-to-earn crypto games are built using blockchain technology. These games provide players with the chance to win crypto rewards while playing games. A player is rewarded in the form of crypto assets for showcasing their skills. The number of rewards depend upon the amount of time that a player spends on gaming.
The crypto gaming industry is estimated to value billions of dollars. This is because blockchain technology enables real-world trading of gaming rewards. A player can exchange their gaming elements with other players for real-world monetary assets.
In play to earn crypto games, a player can earn by conducting battles, completing quests and even by breeding their in-game characters. The emergence of technologies such as Blockchain, Metaverse and Web 3.0 has made everything possible in the world today.
You must keep in mind that no two games are same and therefore, the game mechanics are also different for different kinds of crypto games. Some of these play-to-earn games may require you to make an initial investment. However, looking at the lucrative rewards that you will be earning, that investment seems to be worth it.
Bringing Together Blockchain, Metaverse and GameFi
Metaverse seeks to provide an immersive experience to the users by enabling them to become a part of connected digital worlds. You can say that it is the digital extension of the real world. Based upon blockchain technology, metaverse enables users to enter the digital world by creating 3D avatars. With the help of these 3D avatars, users can interact with other users from across the planet. They can also engage in virtual communities.
Metaverse presents a perfect amalgamation of gaming, virtual reality, cryptocurrencies and real world human interaction. It takes online gaming to a whole other level by providing users with the ability to use a digital token that they acquired in one game in another game. The most intriguing fact about metaverse play-to-earn games is that unlike other games, things happen in real time. There are no pauses, game overs or reboots. They offer an immersive experience by leveraging powerful virtual reality headsets. They also provide players with a sense of physical touch by means of haptic gloves and jackets.
Metaverse possesses the power to make play-to-earn games full-time careers and to establish an authoritative and influential GameFi economy.
Some Popular Android and iOS Play to Earn Games
Now that you understand what are play to earn games and how they can help you in getting rich, you might as well start gaming. Here, we have prepared a list of are some of the best play-to-earn games that you cannot miss in 2022. However, keep in mind that there are no good or bad play to earn games. You will find some to be better than the others based upon your interest. They are each unique and filled with interesting elements.
Axie infinity is an NFT play to earn game that uses Ethereum Blockchain to run its in-game economy. The game presents NFTs in the form of digital pets referred to as Axies. Players can collect and mint these axolotl-inspired NFTs while playing the game. This game is available to play for both Android and iOS users. To start playing, you must first create a Coinbase account.
Splinterlands is basically a card-trading game which is built upon blockchain. This game is available for both the mobile devices as well as personal computers. In order to play the game, a user has to invest in legion card packs. Players can trade, sell or exchange their digital assets in order to earn rewards. The game currently offers a variety of more than 283 cards and is soon coming up with the much-awaited Chaos Legion card.
The Sandbox Metaverse is an immersive virtual world where players can build, own and sell their gaming experiences on Ethereum Blockchain in the form of NFTs. You can play it on Android, iOS and Windows devices. This NFT play to earn game rewards players for their participation in the gaming ecosystem.
Unlike other play to earn games, Gods Unchained provides you with the complete ownership of your in-game assets. It is basically a trading card game. You have to showcase both their strategic as well as combat skills. You need to outsmart your opponent by building powerful tactics. The game rewards your tactics by means of NFTs with real-world value.
Arc8 is a gaming platform which contain ten hyper-casual crypto play to earn games. You can play these games and earn rewards in the form of cryptocurrencies. They have recently introduced a new cryptocurrency called GMEE. It is a token on the Polygon Blockchain, which is a part or the Ethereum Blockchain system. Arc8 is available for both Android as well as iOS devices.
Play to earn games have made gaming industry a full-time career. They have led to the development of the GameFi financial system. With the arrival of Web 3.0 and Metaverse, that day is not far where gaming will become a full-time job and our whole world will be shifted over the digital landscape. Even today many people are making their livelihoods by playing NFT and crypto play to earn games. These games helped people sail through the difficulties of the pandemic and are quickly taking over the economy.