The impact of cryptocurrency isn’t only limited to finance anymore! Cryptos have played a significant role in shaping the presence of the industry with GameFi, the latest gaming trend.
GameFi is a mix of DeFi (decentralized finance) and NFTs (non-fungible tokens) paired with Blockchain-based online games. Thanks to the involvement of cryptos & decentralization, the gaming industry has evolved into a full-time career option for many.
Unlike other traditional gaming setups, which operate over a ‘pay-to-win’ model where users need to purchase necessary upgrades to gain a competitive advantage, GameFi introduces a P2E or ‘play-to-earn’ setup. As the name suggests, this concept includes giving financial incentives to players to play the game and progress through it.
But how is it possible? How can you earn crypto while playing games? Continue reading this blog as we explore how the model operates and how you could earn crypto while playing games.
GameFi: How Does the Model Operate?
The GameFi universe is often touted to be a piece of the metaverse where all the objects in the game are designed as NFTs (digital tokens used for proving ownership rights of scarce and intangible items). Consider these elements as the design cue like weapons, costumes, avatars, plots of land, and gold bars inside the game.
Once players in the game have advanced to a certain level of gameplay and acquired these unique NFTs, they have the option to trade these tokens with other players or collectors. Or they could also sell their digital assets in established crypto exchanges to convert their NFTs to crypto.
Depending on the game played, users can increase their earning potential by dedicating their time to acquire unique characters and move to an advanced level in the game. This way, the users will be creating a monetized structure in their area that other gamers will be paying to use or simply compete against the others in a tournament.
Perks Of the GameFi Environment
The GameFi environment has a handful to offer its users when it comes to its perks. Let’s check out some of the factors which make the entire initiative stand out:
- To keep track of the individual possessions of every member, all NFTs and Bitcoin transaction data are stored on a public Blockchain. This way, the record-keeping technology is digitally maintained by a global network of computers, adding to the assets’ security.
- Thanks to its nature, the NFTs used in the game are unique to every user. Therefore, players may simply demonstrate their ownership of objects present in the game. As a result, it would help simplify the sales process without affecting the overall value of your possession.
- Because the GameFi environment has no single point of failure, gamers will no longer be in danger of losing track of their assets if the underlying gaming firm has technological difficulties.
- The game’s native cryptos can be purchased or sold without the involvement of any third party in the process. This way, gamers are saved from the troubles of paying interest or taxes in any form.
While these were some of the perks of the GameFi environment, the industry is just getting started! We’ve seen an example of the advancements of these games via staking. Here, a function exclusive to the DeFi environment, players may lock away some tokens to receive yearly interest and other prizes, which they can save to buy other in-game things or unlock new content.
How To Get Started with Play-To-Earn Games
Now that you know of the different perks of this GameFi environment, we bet you want to be a part of the gaming revolution. And if you’re looking for how to get started with play-to-earn games, the steps are straightforward. You’ll need the following to get started:
Create a crypto wallet
To keep track of your virtual tokens and NFTs and conduct transactions in the game, you’ll need access to crypto wallets. However, it should be noted that you’ll need different wallets, depending on the Blockchain utilized by the game. For instance, any game in the GameFi industry created over ETH will only function with MetaMask wallet.
Purchase starter items
All GameFi games are available for free download. On the other hand, many demand users to first buy native crypto tokens, characters, upgrades, or decks of cards before starting to play.
Pre-funded crypto wallet
To buy beginning products and get started with the game, you’ll need to add specific coin funds to your crypto wallet. Users of Cryptoblades, for example, must download MetaMask, buy BNB (Binance coin), and later swap it for the game’s native crypto.
Now that you have a complete idea of the what, why, & how of the play-to-earn games, you might want to get started with it right away. However, given the different games available in the market, you might get confused with your ideal start.
Therefore, to help you understand better, we have listed out a few games that are simple, easy to play, and rewarding at the same time in the following section.
Best Play To Earn Crypto Games Right Now!
Axie Infinity is a game inspired by the famous Pokemon universe. Here, you can buy, care for, breed, and even trade your digital monsters named “Axies.” Interestingly, the game runs its own specifically built sidechain to effectively provide immersive gameplay and scale.
- Native token: AXS (Axie infinity), SLP (Smooth Love Potion)
- Blockchain: Ethereum
- Initial investment: You’ll have to purchase three Axies from the platform’s in-house marketplace to start playing.
CryptoBlades is an online role-playing game that emulates the likes of Dark Souls or Skyrim. Players can participate in the in-game raids or even compete with battle monsters to earn SKILL tokens. Players need to craft weapons and overpower their opponents to win battles and power up. These items can be later traded in an open marketplace.
- Native token: SKILL (Cryptoblades)
- Blockchain: Binance Smart Chain
- Initial investment: You’ll have to purchase 0.2 BNB to start playing, besides paying the in-game transaction fees.
This game involves an alien universe where multiple planets are involved, and they must fight to collect scarce resources and mine TLM, the game’s native crypto. Players also can battle each other and go on quests, earning additional income by renting out lands to other players.
- Native crypto token: TLM (Trilium)
- Blockchains: Native WAX blockchain and Binance Smart Chain (BSC)
- Initial investment: You’ll need to buy NFT game cards like land to begin mining.
What’s Your Take?
The combined market valuation of top games has surpassed $14 billion, indicating that GameFi has already achieved substantial traction. While new and better advancements are making their way to the gaming industry, the world of GameFi doesn’t appear to be slowing down anytime soon.
With this limitless sector evolving, what are your stakes in the industry?