Play-To-Earn Economy: The Next Best Thing to HODL In Crypto Now🕹️
Hey Coin Collectors,
Wondering how you can grow your money while spending time on your favourite leisure activity — gaming? Crypto gaming, has undoubtedly been the limelight of the crypto and gaming world combined. The growing hype and trend of cryptocurrency has become a global phenomenon, where everyone is trying their best to look for ways to integrate this revolutionary technology into their products or services. And one of the best ways invented to converge cryptocurrency with any traditional industry is — crypto gaming, more specifically, play-to-earn games.
As a consequence of the COVID-19 pandemic, many economies were forced shut, however, the video gaming industry — normally seen as a leisure activity, is experiencing an unexpected boom, as more users turn to video gaming as a form of entertainment during this pandemic. With the global video games market set to reach US$293.2 Billion by 2027, at a rate of 9.3% year-on-year, together with the growth of the cryptocurrency market, there is no doubt that the crypto gaming market will continue to boom. With that said, how does crypto gaming work?
The Mechanics of Crypto Gaming
As a comparison, currencies you use in traditional video games or board games like Monopoly money, have no value beyond the scope of the specific game. However, in crypto games, the in-game currencies are usually linked to or replaced with cryptocurrencies. As such, users are able to use this money normally like in any other video game, to add value to their games. However, the difference is that the money can be withdrawn or transferred into real money.
Another difference that sets crypto gaming apart from traditional video games, is the person that benefits from spending money on the game. In traditional video games, the developers are usually the ones making a profit from the in-game currency being sold to users, as these in-game currencies have no inherent value to users. However, in crypto games, cryptocurrencies not only allows users to buy assets that increase in value in the game but also allow them to earn money by achieving in-game objectives.
Merge of Crypto Gaming with NFTs = NFT Gaming
The booming popularity of crypto gaming is not the only growing trend in the blockchain industry, Non Fungible Tokens (NFTs) are also gaining a fair share of the limelight. Undoubtedly, there will be a convergence of these two sectors, forming NFT games. This is again transforming the market from just a play-to-earn model to one that involves and provides gamers with the option of collecting unique in-game items.
Through NFT gaming, gamers are able to gain access to NFT markets to buy and sell one-of-a-kind NFTs that they create and collect during their games. These unique game collections grant gamers another avenue to earn money while doing something they enjoy, fulfilling their need for entertainment.
So you might be wondering what games can you play to earn even more money? Let us introduce you to some games you should never miss out on!
CryptoBlades is a web-based role-playing game (RPG) that requires players to utilise weapons to battle monsters or complete in-game raids to earn SKILL tokens. Upgrades and characters level-up can be done by utilising SKILL tokens.
They are also an NFT crafting game that runs on the Binance Smart Chart (BSC), allowing players to craft weapons and items that can be added to their characters to be used as an advantage over their opponents or to boost their power. These items and weapons are NFTs that are held on the chain allowing them to be traded in an open marketplace.
Although there has been a drop in SKILL’s price, there is still potential for this token to continue growing and increasing, given the current market trend and interest in games and NFTs.
Yield Guild Games is a decentralised autonomous organisation (DAO) that allows players to invest in NFTs that can be used in virtual worlds and in blockchain-based games. Yield Guild Games is successful in creating a community of play-to-earn gamers who play competitively to collect in-game rewards.
YGG players can also utilise assets from a rental program on YGG, where guild members can rent the assets in exchange for a portion of the earned in-game rewards towards YGG.
Decentraland is a virtual reality platform that is powered on the Ethereum blockchain that allows users to create, experience, and monetise content and applications. Through the virtual world, users are allowed to buy land, develop it, as well as monetise it, as such creating a source of income.
MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. The Sandbox aims to create a decentralized platform for their gaming community, by combining the utilities of DAO and NFTs.
Sandbox wants to introduce blockchain technology into mainstream gaming by integrating them together. They focus on promoting a creative and innovative “play-to-earn” model, allowing players to be both creators and gamers. The SAND token is then used to facilitate transactions on the platform.
Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. Players are able to create unique Axies, with more than 500 different body parts available — with themes like aquatic, beast, bird, bug, plant and reptile body types. There are also different rarity levels, so players can create a super rare and unique Axie (like Pokémon).
Each Axie is an NFT with different attributes and strengths saved onto the Binance chain, they can be used and sold on the Axie marketplace for a high price if they have high rarity levels. Axies are also used in 3v3 battle, and the winning team earn experience (exp) points that are used to level up Axie’s stats or evolve their body parts, increasing their rarity.
The exp points that are used in Axie Infinity are more unique, with it being replaced by Small Love Potion (SLP) another token used in AXS to breed Axies. Fortunately, these SLP tokens can be won and accumulated by winning battles on Axie Infinity!
Here are some games you should never miss out on if you are into video games for entertainment and leisure. Take this opportunity to earn some money while doing something you enjoy, and at the same time connect with like-minded people to expand your connections!
Stay-tuned for more recommendations and introductions to interesting, unique and new projects that are coming your way!
Sook / Coinstore Crypto Enthusiast
Any comments, tips, or projects to share with us? Just drop Sook an email at firstname.lastname@example.org. Look forward to hearing more from you guys 😉
It’s never too late to start diving into the world of cryptocurrency. Whether you’re young or old, a pro or a newbie, Coinstore welcomes you to our arcade where we learn together… the fun way! We make cryptocurrencies available for everyone in a sleek, exciting and simple fashion, equipping you with experience and techniques to buy, sell and trade on the go.
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