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What is Play to Earn? How to make money in P2E games

Jul 26, 2022
What is Play to Earn? How to make money in P2E games
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P2E Games provide gamers with real monetary profit as a reward for playing. It is forecasted that by 2025, the global gaming market will reach approximately 268 billion dollars. Undoubtedly, the gaming industry has grown and evolved like no other. Gamers have seen video games played on palm-sized devices, on computers, and on tablets.

Similarly, over time, gamers have evolved from playing games for entertainment to playing games for earning money. These games have spawned a new ecosystem of digital economy, where players can create, exchange, and sell game assets in exchange for money.

Contents:

What are Play to Earn Games?

Play-to-Earn (P2E) are games built on blockchain technology, where cryptocurrency and NFTs are an integral part of the gameplay. Users can own digital assets and earn rewards in tokens with real value. The concept is quite simple but is now turning into a revolution. These games allow gamers to collect or farm cryptocurrencies and non-fungible tokens (NFTs), which can be sold on the market. When played on a regular basis, players can earn more tokens or items to generate income or sell them.

People have already started earning enough to replace or supplement their salary by playing blockchain-based games.Dapp.expert

Of course, it should be noted that these games come with their own set of risks. Some require initial investments from participants, which are usually necessary for purchasing characters or items for games.

Top 3 P2E games:

1. Decentraland
2. The Sandbox
3. Axie Infinity

In a centralized ecosystem, developers had great power over the gameplay. You spend so many hours playing a game, collecting resources (such as weapons, inventory, characters, and additional abilities), and one fine day it all ends or disappears. These additions cannot be transferred to another game, sold, or exchanged on a third-party market. In conventional games, everything depends on the decisions made by gaming companies and developers. Games based on the "play to earn" principle give players control and put them at the center of economic development, which provides a dynamic dynamic of control over players.

Play to Earn

Developers quickly caught on to the "play to earn" trend. Many games, such as Axie Infinity, Gods Unchained, and Splinterlands, have been trending and gaining popularity. These (and other) P2E games largely rely on blockchain technology to support their ecosystem and provide users access to in-game tokens, which also have value outside the game. This became possible thanks to cryptocurrencies (or digital currencies), NFTs, and decentralized markets.

What is Play to Earn? How to make money in P2E games - news

Essentially, every step you take in P2E games can be rewarded — from completing tasks, participating in battles, helping to solve a problem or breeding new creatures. In-game items are represented as NFTs. For example, if you want to breed a new creature or want a new avatar, you can easily mint a new NFT token, and then sell/exchange it on the market. The biggest advantage of NFTs is that they can be conveniently exchanged for cryptocurrency, which can then be exchanged for real money through exchanges. Transactions in the play-to-earn world take place on blockchains, so the authenticity and ownership rights of in-game digital assets can always be verified.

Blockchain and P2E Games

The idea of games where you can earn is actually not new. There are so many online games with fiat auction or even secondary markets, which are serviced by gold farmers. The key difference in cryptography-based games is that these items and currencies exist on blockchains. Blockchains have several properties that can easily prove ownership, rarity, and legitimacy. Blockchain networks can be viewed as an immutable database, maintained by a distributed network of computers or users, each containing a copy of the blockchain data.

This means that it is virtually impossible to alter, delete, or duplicate blockchain data.

Blockchain games as such can be developed in a way to protect them and prevent fraud or corruption, item duping and other tricks and exploits that are common in conventional games. A key part of the in-game value of an item is its rarity.

With blockchain, it is impossible to copy and paste it. If an item is original, no one will ever be able to reproduce it, and this helps create real value for in-game items.

How Much Can You Earn in P2E Games?

Games are known not only for rewarding players with cash. Users may also find it hard to believe that earning money through blockchain games is possible. But it's not just possible, people in developed countries are already doing it.

What is Play to Earn? How to make money in P2E games - news

The method of earning income, where earnings are directly proportional to skills and the amount of time spent on the game, provides a stable income. This method has proven useful and popular in the Philippines, where games like Axie have become an alternative to unemployment benefits.

The list below shows the Top 5 applications with the Play to Earn feature, by the amount of funds in the game:

  • BinaryX;
  • Axie Infinity;
  • The Sandbox;
  • Era7: Game of Truth;
  • DeFi Kingdoms

Players can fairly easily earn between 200 and 1000 dollars a month by farming SLP. Of course, this depends on market price and also on the time of play.

Changing Technologies in Games

It is quite obvious that over the years, the psychology of games has changed. Players want a bigger role in games. They want to buy and own assets that they have played so many hours to collect. They also crave unique experiences, as well as the freedom to shape the overall future of games. "Play to Earn" games are designed to provide gamers with the same.

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