Prior to the emergence of play-to-earn games, we gamers were solely familiar with pay-to-play games. No matter if the monetization approach involved a paywall or a subscription, the only real method to earn money by just playing preferred games online was through online casino gambling.
Certainly, there are some good casinos, especially in countries where the gambling industry is legally regulated. For example, people can win real money in the best online casinos in Canada or in the UK, where online casino sites are supervised.
But let’s face it, casino games may not suit everyone. Though there are renowned high-quality games from famous studios, for true gamers, casino games are too simplistic.
Additionally, another aspect has come to light. The play-to-earn NFT games are online games that can be played on your PC, tablet, or smartphone. These software programs give you the opportunity to earn rewards as you play, and this does not include casino betting. Success in combat, completed missions, and player trading generate rewards that can be utilized in-game for skins and items or exchanged for cash or cryptocurrency.
To some extent, this represents the ultimate gaming fantasy – you can enjoy a top-notch game that isn’t a casino title and also earns real cash. Gathering tokens or directly collecting digital currency in the game allows players to earn money for participating, and then either use this money for upgrading their game or simply cash this money out to an e-wallet or even via an ATM.
In this article, we will cover the basics of play-to-earn games.
What Is the Relation Between NFTs and Play-To-Earn?
For many gamers, NFTs are still some abra-kadabra. However, it is time to educate yourself a little if you plan to take advantage of play-to-earn games because NFTs have become the most widespread method to generate income while gaming.
It’s ok if you aren’t familiar with NFTs yet (just don’t hesitate any longer). NFTs, or non-fungible tokens, are digital assets that can be bought, sold, and exchanged on the blockchain. NFTs are unique, ensuring that the rewards you earn in a play-to-earn game belong solely to you.
You can sell your NFTs for real money or exchange them with other players in the game. Yes, they exist only digitally, but due to the perceived value they generate, you can also receive some real-world value through them.
How Play-To-Earn Games Function
All those video games we are used to operate on a pay-to-play model, where players purchase a physical or digital game or subscribe monthly to access it. Some games want in-game purchases or require additional payments before they allow you to reach higher levels or buy extra items like weapons or skins to enhance your gaming experience.
In play-to-earn games, players earn in-game currency, and the most generous games in this category allow players to gain real-world or monetary rewards.
If you want to know how it all works, in simple terms, this is the general scheme:
- Players participate in different gaming activities, using blockchain technology and digital currency.
- Players acquire valuable in-game assets, such as NFTs or tokens, by completing in-game activities or achieving certain milestones.
- In-game items can be sold directly in the game or exchanged for cryptocurrency. Gamers can engage in trading on both internal and external marketplaces; it is totally possible to win a rare skin and sell it for crypto or fiat currency on an external platform.
- If you earn crypto, you can send it to your e-wallet or exchange it for fiat currency to cash it out eventually.
Certain P2E games allow players to stake their virtual assets or engage in decentralized finance (DeFi) platforms for extra rewards.
How To Choose A Game For Play-To-Earn?
Recognizing the genres that attract you is crucial. There’s no reason to tolerate a game that isn’t right for you, is challenging for you to enjoy, or has a community you don’t like.
Play-to-earn represents a progression in the gaming sector, with the fundamental concept being that you find pleasure in your activities, enabling you to participate in them effectively for a prolonged period. If you observe that your enthusiasm is fading or it seems more like a task, it’s probable that the game isn’t right for you and you might not find success.
Here are several questions to consider when selecting your initial play-to-earn game:
- Do you consider this kind of game really engaging?
- Are you able to pay the required initial deposit if necessary?
- Is it possible to play the game entirely for free at first?
- Are you familiar with the financial aspects of the game tokens?
- Have you developed a strategy for translating the game’s rewards into real-world value based on the play-to-earn framework?
It’s perfectly fine to wish to begin playing for free to try the game before you make a financial commitment and dedicate even more of your time to it.
Final Thoughts
Choosing a new game that features this novel monetization approach may appear intimidating for some gamers. However, if you’re looking for financial gains without a desire for online casinos or lotteries, the play-to-earn genre is your ideal choice.
Make certain to meticulously explore the niche and find the game that you truly love and understand. It’s also prudent to investigate the cryptocurrency trading platforms beforehand and understand how to leverage your profits afterward.
