Gaming takes time. But, no one ever pays you for the time spent behind the console or mobile phone. You only get rewards for gaming when you participate in competitions. However, play-to-earn gaming changes that. Now, you can play games and earn rewards from your room’s comfort.
The 2009 popularity gain of blockchain started by redefining the finance industry. Several other sectors are experiencing innovations built on blockchain in the decade after. However, cryptocurrency and blockchain are still searching for their ‘killer app.’ The killer app refers to the perfect use case that aids mass adoption.
For context, the killer app for the internet was the smartphone. A smartphone puts the internet in everyone’s pocket, unlike days when only elites with computers accessed the internet.
So far, the finance industry has accrued blockchain usage from elites and others interested in technology. Unfortunately, the everyday man still lives in the oblivion of the blockchain and its uses. However, elites like Andrew Colosimo of Xaya believe that “gaming has the potential to be the catalyst for bringing more of the masses to the blockchain.”
With the advent of crypto gaming platforms, it becomes pertinent to explore the benefits of play-to-earn.
What Play to Earn Gaming Entails?
Play to Earn is the new business model redefining the gaming landscape. Before its introduction, the console and online gaming industry’s financial system only benefited game developers. However, with play to earn, players now derive benefits from playing games.
When playing these crypto games, you earn in-game tokens and other collectibles. Subsequently, you can exchange these in-game collectibles for other cryptocurrencies. First, though, you’ll need to find a compatible exchange platform for the collectibles you have. Exchange platforms facilitate selling your cryptos for cash.
Essentially, you play games and collect rewards in-game. Then you either exchange those rewards for other cryptos or fiat currency.
Furthermore, NFTs also contribute to the crypto game economy. Being built on the blockchain, the characters, player cards, and other utilities are mainly NFTs. Because they are NFTs, you can take them out of the game to sell. Some crypto games also require buying NFT utility before using the game.
For instance, to play Axie Infinity, you need to buy the Axies character. The purchase costs several hundred dollars per axies. Upon buy-in, your farm and breed the axies characters to yield more value in-game. At will, you can sell axies characters at a higher value. The trading cycle continues – which generates profit if you master the business model.
Thanks to play-to-earn gaming platforms, players do more than participate. Players are stakeholders in the trading game’s economy. The play-to-earn gaming model has resulted in several players quitting their day jobs to the game for a living.
Players earn liquid assets like crypto game cards, weapons, etc., which convert to real money. Many skeptics claim it’s just a craze of the moment. However, the futuristic idea for everyday reality has shown beneficial signs.
Benefits of Play to Earn Gaming
Blockchain is a disruptive technology, redefining traditional business models in every industry that adopts it. For example, blockchain has disrupted several subcategories in gaming – fantasy sports, eSports, online gaming, etc. CoinFantasy has innovated gaming from the crypto stock market. The possibilities are endless, and these benefits of eSport gaming amongst other subcategories say it all.
Wealth distribution
Putting financial value in players’ pockets is the primary benefit of play to earn crypto gaming. Play-to-earn gaming manifests differently from creating a crypto multiplier game to yield farming games, etc. Different developers modify the model to suit their gameplays.
To maximize the wealth distribution potentialities of these games, you need to be adept in simple business value exchange. This is because Crypto games are all about value accumulation and exchange. So, concepts like scarcity, demand, supply, etc., come into play.
Ownership
Blockchain technology powers mass ownership. Ownership of crypto games is achieved by staking. To own a game, you have to stake your own tokens.
How it works is simple. When you play a game, you can earn in-game tokens. Rather than keeping or selling the tokens to the market, you can decide to stake them. Staking your coins (into the game that produces them) is like investing. You’re investing in the game itself. So, as the game develops, onboards more users, and generates more value, you earn rewards on your stakes.
Decentralization
One significant benefit of crypto gaming platforms is decentralization. Traditional games are centralized – controlled by one company. However, with financial power and ownership stakes belonging to the community, one company can’t make sole decisions.
Staking grants users voting power. Every decision on gaming platforms will be community-based. Though the currently most profitable crypto game, Axie Infinity, doesn’t run on this system, it’s what the future promises. The future of gaming will thrive on community-ownership – decentralized autonomous organizations.
How Play-to-Earn Will Define the Future?
According to experts, how crypto games earn money is only an inkling of the future. The concept is simple. But, as we head into the future, it’ll combine with the metaverse to revolutionize gaming experiences.
Expert opinions that gaming will drive the adoption of blockchain are because of the metaverse. Gaming is the best fit for a metaverse experience. We’d be getting two complete worlds with play to earn financially. You’ll be able to earn in the real world while also making money in the metaverse – virtual world.
Furthermore, most current top 10 crypto games are built on the Ethereum blockchain. Therefore, the common underlying platform’s functionalities, utilities, characters, features, etc., are interoperable. Imagine being able to use your Super Mario character in Call of Duty.
Also, the metaverse is heavily reliant on NFTs – digital ownership. For instance, on crypto gaming platforms like sandbox and decentraland, users can own landed properties, houses, etc.
These are exciting concepts, with more to come. Currently, no one can state how the future of gaming will play out. However, it’s inevitable that play to earn model is the harbinger of things to come.
How CoinFantasy Maximizes Play to Earn?
One of the crypto gaming platforms leveraging play to earn model is CoinFantasy —the world’s first decentralized fantasy gaming platform for crypto-stock markets.
Conclusion
These are exciting concepts, with more to come. Currently, no one can state how the future of gaming will play out. However, it’s inevitable that play to earn model is the harbinger of things to come.
Frequently Asked Questions (FAQs)
Video games are known to sharpen cognitive abilities in players. Also, players get better at problem-solving while developing faster and more accurate decision-making. With playing to earn, an additional benefit playing games afford is money. Video games can increase your brain’s gray matter. Gamers may have better social skills.
Online gaming, for instance, contributes to entertainment, social activity, and teamwork. For fans, eSport benefits include;
Improved hand-eye coordination
Improved attention and visual activity
Increased self-confidence.
Financial benefits.
More employment opportunities.
A better use case for NFT in the Blockchain industry.
Yes, playing video games helps players have fun and relieve stress. And majorly the financial aspect also serves as an incentive for people to participate in it. Some that have gaming as a hobby see it as an opportunity to make money with their passion.
Developers create the in-game tokens on the blockchain. Hence, there is no single crypto that’s used on different platforms. However, some games may support regular crypto coins not owned by any game. Some gaming platform also has their native Tokens.
Crypto gaming involves participating in games built on the blockchain. They become popular as a result of the adoption of NFTs in the Blockchain Ecosystem. These games also often use a play-to-earn model, where players can earn crypto as they complete tasks.
Different games have their tokens. Hence, you need to find exchange platforms compatible with the crypto you need. Exchange platforms like Binance, pancake swap, Sushiswap, etc., are excellent places to start your search. Also participating in forums on Quora, and Reddit and also following crypto influencers on social media.
