Earning Money Online: Can Blockchain Games Become a Source of Income in 2024?
It’s 2024, and many people will argue that making money online has never been this easy. However, you would agree that carving out a source of income from anything takes time, diligence, and consistency — a lethal combination that few people have.
If you can proudly say you possess all three qualities, the next question would be, can blockchain gaming be a stable source of Income?
The global blockchain gaming market was estimated to be $8.9 billion in 2023 and is forecast to be about $854.4 billion by 2032, with a growth rate of about 65.2% from 2024 to 2032. A report by DappRadar and BGA Games noted that in the first quarter of 2024, blockchain games made 30% of the industry’s market share, with an average of 2.1 million unique wallets daily.
This shows that the gaming world is changing rapidly, and at this rate, anything is possible, including earning an income from it. But before we draw that conclusion, let’s discuss how this is possible.
Game-Fi or Play-and-Earn, the name given to games integrated with blockchain applications, was developed to incentivize gamers to play and reward them for their skills and time.
With blockchain games, there are several ways to generate income.
- Play-and-Earn
If you’re good at conquering virtual enemies, taking over virtual worlds, drawing up strategies for battle, and often blazing the trail of the leaderboards, then Play-and-Earn may just be the thing for you. Gamers are rewarded in native tokens of the game for topping the leaderboard or conquering an opponent. These tokens can then be converted to other cryptocurrencies or your native currency on exchange platforms.
2. Tournaments and Leagues:
As an experienced player in GameFi, you can participate in tournaments and leagues, as they often offer prize money to the winner. The more you play, the more you earn, and the more you play, the better you become.
3. NFTs:
Non-fungible tokens can come in different forms, like skins, weapons, in-game characters, and virtual real estate; the list is endless. NFTs are unique digital assets, and this makes them valuable. They can be sold at auctions and NFT marketplaces, earning you some cool cash.
4. Yield Farming:
Yield farming involves providing liquidity to decentralized finance (DeFi) platforms or liquidity pools by lending or staking your cryptocurrency on these platforms that use it to facilitate trade or provide loans. In exchange for this, rewards in the form of extra tokens are earned. Gamers can do this to earn more tokens and generate more income.
5. Staking:
Staking is when cryptocurrency or tokens are locked to support the operations of the game ecosystem. Gamers can also stake the game token and earn rewards in the form of more cryptocurrency. This way, you grow your income.
6. Character Asset Development:
Some games offer greater rewards or earning opportunities to gamers who have spent a long time playing the game and developing their in-game character. So the longer you play, the more you earn.
7. RWA:
RWA, or real-world assets, is when a game’s assets are tokenized so that gamers can buy or sell parts of them from anywhere in the world. Gamers who own a share of the tokenized game assets can sell them at a higher rate than they bought, making a profit.
There are several GameFi projects on the market for gamers to explore. Some of them are:
- Axie Infinity
- Sand Box
- Gods Unchained
- Sorare
- Alien Worlds
- Illuvium etc.
In the Philippines, there have been several success stories of individuals using some of the games above, like Axie Infinity, as a source of income.
Most individuals who play these games have boasted of the advantages blockchain games offer them.
Advantages of Blockchain (Play-and-Earn) Games.
- Monetization opportunities:
As earlier said, players can grow their income through Play-and-Earn games.
2. Various options:
As the crypto gaming world grows, numerous options are available for gamers. So whatever your preference, you’ll find it.
3. Transparency and security:
Blockchain’s transparency reduces the risk of fraud, and its immutability allows transactions to be recorded on it, making manipulation impossible.
4. Ownership of digital assets:
Players can completely own their assets because they are stored on the blockchain as NFTs.
Disadvantages of Blockchain (Play-and-Earn) Games.
- Complexity:
Play-and-Earn games often require players to use cryptocurrency wallets and decentralized applications, which may prove difficult for newcomers.
2. User experience:
With blockchain games, the user experience may not be as easy or seamless as traditional games. Some factors, like transaction confirmation times, wallet management, etc., may diminish gamers’ overall experience.
3. The volatility of the market:
The cryptocurrency market can be very volatile, with the prices of digital assets fluctuating rapidly. Due to this unpredictability, players participating in blockchain games may experience losses.
Blockchain games, or GameFi, are here to stay, and they can serve as a source of income for anyone willing to put in the work, learn the strategies necessary to succeed, and remain consistent. With these three lethal combinations, anything is possible.
Are you prepared to increase your earning potential with blockchain gaming? Explore the world of GameFi in greater detail to see how you may use your gaming prowess to generate a comfortable living.
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