Whether you’re on a journey, waiting in between flights, or relaxing after a hard day’s work, games are indispensable. Even Netflix, the popular streaming platform, started offering games because they realized the enormous potential behind the gaming market.
Blockchain games are a true revolution in the gaming industry. These online games are usually centered around non-fungible tokens (NFTs) issued for play or in-game items. But they’re not just about entertainment; they’re about YOU making money.
Players can own, hold, and trade items in their wallets under a system known as play-to-earn (P2E). These games aren’t new, but with the recent NFT boom, they’re picking up speed and getting better. Long gone are the days when people used to scoff at playing video games as a waste of time. Now, your gaming activities and winnings actually pay you for having fun.
Can I Earn Crypto Playing Games?
To understand how blockchain games work, it’s a good idea to refresh your knowledge of NFTs first. In their most basic form, NFTs are unique digital assets. That means no two NFT tokens are the same, giving every digital asset real value. The possibilities with NFT are practically limitless.
For example, the popular NFT game Decentraland allows you to buy virtual land, which can then be used to build in-game real estate. These assets can then be sold on an NFT marketplace for potentially big bucks.
How Do Crypto Gamers Earn Currency?
Gamers can earn royalties in multiple ways with NFT games. First and foremost, when you complete certain game tasks, such as gaining a certain level through play, you can earn crypto in the form of the platform’s internal currency.
The second option is to mint or buy unique NFTs. This is possible when you receive an NFT that represents something of value from the game in question. If one manages to get hold of an NFT that has a high level of strength and performance, it will likely have an attractive value in the open market.
You could also look at staking or mining the platform’s currency. Depending on your level of technical knowledge and the amount of money you have to invest in a platform, you could potentially earn quite a bit of money passively going this route. However, mining has a relatively high barrier to entry, which means staking is usually the novice-friendly option.
Options for Earning Money Through Gaming
Depending on the type of blockchain game you’re looking at, you have different options for ringing your cash register.
Possibility 1: You collect or earn different types of NFTs. These can be characters, plots of land, or various objects—anything from flower pots and playing cards to snowboards and shoes. All virtual, of course.
You can offer all of these NFTs on online marketplaces or directly in the game. How much money you get depends on the demand.
Possibility 2: You can often earn cryptocurrency in a blockchain game. Most games have their own in-game currencies.
For example, in the P2E game Wizardia, you can enter tournaments with a carefully selected team of NFT wizards. If you win, you’ll get the chance to share in a prize pool. The current prize pool is 200,000 $WZRD for the top 20 players.
You can then exchange the in-game money for other cryptocurrencies such as Bitcoin or Ethereum.
Possibility 3: If you have a lot of gaming tokens, you can lend them to newcomers. You then collect a share of the amounts they earn.
Some games can be played for free, excluding the price of the game and the device it’s played on. With app games, on the other hand, real money is paid to buy digital things that are used in the game.
However, the items can only be exchanged for money in very few cases. Crypto games are played for pure entertainment while making money. As with anything related to cryptocurrency and NFTs, there is a significant risk of losing money.
Final Thoughts
As you can see, there are several ways you can get compensated for your time playing P2E crypto games. With cutting-edge games like Wizardia emerging as fierce Web3 competitors to traditional Web2 games, there has never been a better time to start looking at joining the crypto gaming revolution.
*Disclaimer: This article is intended for and only to be used for reference purposes only. No such information provided through Techgenyz constitutes advice or a recommendation that any investment or trading strategy is suitable for any specific person. Users of this article agree that Techgenyz does not take responsibility for any of your investment decisions.
