Play-to-Earn? NFTs? DeFi? | Crypto 101
Happy National Video Games Day to all the gamers out there! Ever thought of earning money from gaming without the need to be a professional gamer?
Play-to-earn games might be for you! If that sounds like a perfect hobby for you, you can read more to find out what these games are about and how you can earn from playing these games!
DeFi gaming or gaming on decentralized finance platforms (or even GameFi) are gaining popularity, and a few platforms have over hundreds of thousands of active users monthly. This form of gaming also facilitates the adoption of DeFi platforms like Ethereum.
What are DeFi games?
DeFi games are rapidly developing and shifting towards play-to-earn models, where it enables users to game and earn at the same time. This is where NFTs come in, these art (from weapons to accessories and costumes), can be used in games, and traded when one simply does not want the items anymore.
As NFTs are one of a kind, this means that there is a proof of ownership. Gamers’ rewards and collectibles are stored in the distributed ledger, and establishes this proof of ownership.
Some games can even have native crypto tokens, where these tokens can be staked, which enables gamers to earn interest on their holdings. The tokens can also be used to make in-game purchases.
How do I play-to-earn?
These play-to-earn games are simple online games that let players earn rewards with real-world value by completing tasks, battling other players and progressing through storylines or game levels. These rewards come in the form of in-game assets such as crypto tokens and NFTs. NFTs include items like skins, weapons and even accessories. All you have to do is play the game normally, but the assets you gained can be taken as an investment.
As these play-to-earn games are said to “bring value back to the players”, the decentralized model allows players to buy and transfer in-game assets to the “real world”. Compared to the traditional model, where players are expected to pay to play the game, spend lots of time and money “grinding” these games, and yet, the rewards and prices are stuck in the “virtual world” with no actual value in the “real world”.
What are NFTs (Non-Fungible Tokens)?
An NFT is a one-of-a-kind digital asset that belongs to you and you only. NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other and cannot be replicated. Popular NFTs to own are artworks and music. Many NFTs are part of a collection that has a limited number, hence making the NFTs in the collection scarce, which adds to its value. For example, there are only 10,000 Cryptopunks.
These NFTs have sold for MILLIONS with ‘The Merge’ by PAK being sold for USD $91.8 million (yes, the picture right above this paragraph is worth USD $91 million), and ‘Everydays: The First 5000 Days by Beeple’ being sold for USD $69.3 million. With these extravagant prices and its hype, it’s no wonder that investors are flocking to buy some NFTs.
* (Even as we copy this image off the internet, the image does not belong to us)
Clearly, NFTs (Non-Fungible Tokens) have been the hype for the past few years, from Bored Ape Yacht Club (BAYC) to CryptoPunk, NFTs have become one of the most valuable assets of the century. But now, NFTs are starting to be more than art, it has become an asset that can be used for gaming.
Some games you might want to try out
1. Axie Infinity
Axie Infinity is probably the most popular crypto game at the moment. With a concept similar to Pokemon, you can unlock, breed, and train “Axies” — the in-game creatures — and fight other Axies and try to win battles. This DeFi game runs on AXS and SLP. Based on the Ethereum blockchain, Axie Infinity is definitely one of the best crypto breeding games to check out.
2. The Sandbox
The Sandbox is a metaverse game that has been gaining the spotlight for awhile. Similar to games like Minecraft and Terraria, Sandbox is a 3D open-world game, where players are expected to explore the world, craft items, and sell the NFTs for profits. The Sandbox gives players the freedom to develop their land, create their own game, display their NFT art, and so on.
3. My Neighbour Alice
My Neighbour Alice has been gaining popularity for the last few months, with its easy-to-play, and family-friendly gameplay. This game has some building and crafting elements that appeal to all kinds of gamers. To start playing, you have to first buy a piece of land in the game. The land is represented by NFT tokens that can be brought from Binance. You can then develop your plot of land and unlock rewards if you are a ‘good’ landowner.
Apart from the land, you can also purchase other items such as houses, animals, and other cosmetic items with Alice — the primary game currency. DeFi services like collateralization, buyback, and staking runs on Alice.
What if I don’t play games?
If you still want a solution in earning a passive income without the chore of playing games, you might want to try out Alpha Impact.
Alpha Impact is a social trading platform designed to bring trust to crypto trading. For those who want to earn an additional side income and don’t know where to start, Alpha Impact can be the platform to help you on your journey. The expert traders on our platform are there to give you tips and strategies to do well in the market, be it a bear market or a bull market. You can easily copy their trades and avoid the chore of gaming and “grinding” for rewards.
Of course, with all these new and interesting games in the crypto industry, it is no doubt that the DeFi gaming industry will only continue to grow. When the DeFi gaming market grows, the crypto market will no doubt be on the way to greater heights. With multiple ways to gain incentives for your investment, it is crucial to remember that there are always risks in making investments and you should always be cautious. Trade safely and cautiously, happy trading!
About Alpha Impact
Crypto Made Easy.
Alpha Impact is a social trading platform designed to bring trust to crypto trading. Whether you want to automatically copy an expert trader or you’re already a crypto trader and want to build and monetize your following, we’re building the infrastructure to take the guesswork out of crypto trading.
Traders on the Alpha Impact platform are some of the top-performing traders in crypto. In good markets or bad, our traders are incentivized to share their trades and trading strategies through the Alpha Impact platform. Finally, a place where users can filter through the noise and learn about crypto trading from experts with a visible track record. What’s even better is that traders have an incentive to share their investment thesis, analysis of the market, and the reasons behind their trades.
We share our fees with traders, meaning that there is finally an incentive for expert traders to share their activity and views with crypto enthusiasts and beginners.
Built by experts from the traditional finance space, our philosophy is to empower everyone to become a crypto trader. Whether you’re a beginner wanting to learn from an expert, or an expert wanting to get paid, we’re here to democratize access to this industry, one trade at a time.