Crypto Token and Game — Can we earn crypto tokens by playing games?

Published in

Coinmonks

4 min readApr 29, 2022

Making money from video games was traditionally limited to e-sports athletes or content creators. In the age of ever-evolving and changing digitalization, the cryptocurrency gaming industry has become one of the rising areas of the digital world. With the blockchain technology that provides NFT trade, the cryptocurrency game industry is a market worth billions of dollars. So much so that even when playing games, there are even digital economies that pay you money.

NFTs and Games

NFT earning games are games that allow players to enjoy them by fighting, upgrading characters and completing certain missions. I think the question to be asked should be how did NFTs become so popular. You can transfer NFT to a cryptocurrency wallet. In addition, it is possible to convert NFTs to the in-game currencies that can be sold or exchanged for tokens that can be used for your real-world payments or currencies. Those who play crypto games receive payment as I mentioned above. The tokens won by the player are one of the main motivation sources that players need to actively participate in these games. So, you win while playing, you also enjoy winning.

The decentralized playground continues to grow as the world begins to leverage blockchain technology. The latest trend is the play-to-win model, which bridges the gap between virtual space and reality, offering a user-oriented economy for gamers.

Thanks to the win-to-play, players provide many features such as growing characters, unlocking upgrades and purchasing items. Players create value for both the community and developers by participating in the in-game economy.

Play-to-earn events range from different reward systems to in-game assets such as vehicles and weapons. In financial terms, tokenizable assets can be sold as cryptocurrency and non-fungible tokens (NFTs).

Play-to-Earn: How Does It Work?

In the decentralized world, Play-to-Earn highlights two methods of creating liquidity. These methods are:

1. Buying and selling in-game NFTs

2. Play to earn in-game cryptocurrencies

In the first case, players create unique in-game NFT items in a marketplace for cryptocurrency and sell these NFTs to other players. In the latter case, players are rewarded with in-game crypto assets that can be used to purchase more in-game content or exchanged for fiat and other digital currencies.

1. NFT Buying and Selling

Creating, buying and selling in-game assets as NFTs is the core concept behind the play-to-win model. The most well-known example is NFT-based games, which allow users to buy, sell, and trade NFT collectibles such as crafted weapons, cosmetics, and power-up potions in-game markets.

Axie Infinity, for example, is an excellent example of an NFT-based online game where players can craft or buy Axies to battle other players and earn rewards. Each Axie is also a unique NFT. This means that the two Axis are not alike and their ownership is tracked separately on the blockchain. Players can also sell their NFT Axes on the market and take all profits. Thus, Axie Infinity creates a user-oriented market economy for collectors and gamers.

2. Earn In-Game Rewards and Cryptocurrencies

In addition to NFT in-game assets, gaming platforms like Mobox (Mbox) reward their players with cryptocurrency through their free-to-play games. Anyone can participate in the various games provided by the platform, from NFT farming to farming and blockchain games. Also, users can stake in liquidity pools or use MOMO NFTs to earn staking rewards paid in local MBOX currency. Stake MBOX tokens can reward unique MOMO NFT Mystery Boxes, creating an extra incentive for users to hold and use the platform’s native token for passive income.
I tried to look at the relationship between the token and the game in this article. In my next articles, I will try to examine fitness and tokens.

References:

Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing

Crypto Token and Game — Can we earn crypto tokens by playing games?

NFTs and Games

Play-to-Earn: How Does It Work?

1. NFT Buying and Selling

2. Earn In-Game Rewards and Cryptocurrencies

Also, Read

Written by Karl Liebermann