What Is Play To Earn Crypto Model And How Can You Cash Out?

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Play to earn model

Chinese gamers spend an average of 12.4 hours per week gaming. That’s about 3 hours more than the global average of 8.5 hours weekly. While gaming sharpens cognitive skills, there’s no short-term value for the time spent on it – except for the fun. However, play-to-earn crypto games are causing a paradigm shift.

Before, console games were the epitome of entertainment in the gaming industry. But thanks to blockchain, gamers can now have fun while also earning. With blockchain games, the economy of the gaming industry now favors players.

Traditional games and their supporting infrastructures only put money in the pockets of the developers. However, blockchain gaming infrastructures and their respective apps are in direct contrast. As a result, money now goes both ways – to the developers and the players.

At the core of the new gaming, the economy is the play-to-earn crypto model. Consequently, this article explores vital details and steps towards cashing out cryptocurrency via games.

What are Play-to-Earn Crypto Games?

Play-to-earn crypto games primarily reward players’ time and effort. These games allow users to earn cryptos and NFT items during gameplay. The collectibles can then be sold on a supporting exchange platform if the player chooses.

The player can also decide to stake the earned tokens in the platform. Staking is another way to earn from blockchain games, but that’s beyond this article’s scope.

With crypto games, the more you play, the more NFTs and tokens you earn. However, the value of collectibles depends on the game you’re playing. Therefore, a collectible’s exchange value also depends on its importance in-game.

The crypto games 2021 list features 398 active blockchain games. Each of these games has unique gaming mechanisms and infrastructure. Hence, the value of tokens and in-game NFT items differ. The experiences and gameplay also differ.

However, these games have one thing in common – you can play and earn real cash. How the games work is a perfect reflection of Decentralized Finance (DeFi).

How Do Play-to-Earn Crypto NFT Games Work?

Play-to-earn games are built on the blockchain. The Ethereum blockchain, however, is the most commonly used. Building games on Ethereum accounts for easy interoperability. In addition, the cross-functionality aided by the blockchain informs the seamless process of turning game time into money.

Stemming from DeFi, the new play-to-earn crypto NFT games identify as GameFi. In the GameFi economy, despite differences in gaming experiences, the incentives come in two forms:

In-game crypto tokens:

Each game has in-game tokens to earn. The more you play, the more you can earn these cryptocurrencies. The accumulated cryptos can then be sold on an exchange marketplace.

In-game NFT

NFTs are a core of crypto gaming, fostering metaverse integration into the experience. Most elements of crypto games are minted as NFT. These include; game characters, digital cards, landed properties, character features, etc. In addition, in-game rewards can also come as NFT.

Upon earning NFTs, you can then trade them for cryptocurrencies on an exchange platform. If the game is popular, selling the NFTs comes easy because other players need them.

Whether you have played to earn crypto tokens or NFTs or both, you can exchange them for other cryptos. Subsequently, you can exchange the crypto for fiat currency at the standard price.

How much money you make from crypto games depends on your effort and time spent playing. However, recent events have shown that you can earn enough to make a living. For instance, a 27 years old man quit Goldman Sachs to play crypto games.

The process of collecting in-game items is called farming. Your earnings are directly proportional to your skills and farming effort. Asia is one of the leading continents with extensive crypto farming activities. With the games you can play online and earn cash, earning potential is between $200 and $1000 monthly.

The exact amount depends on market price, playtime, NFT’s value, etc. When you focus your gaming efforts on NFTs, you can earn considerably more.

How to Get started with a Play Games Earn Cash App?

Play Games Earn Cash App

Many play-to-earn crypto coins games are free, while others require initial buy-ins. Games requiring initial buy-ins potentially offer more monetary value. However, whether the game is free or paid, getting started toes the following process.

Crypto Wallet

As with everything on the blockchain, you need a crypto wallet to start. The most popular wallets are Meta Mask, Trust Wallet, and Binance Chain Wallet. You need the wallet address to claim rewards and conduct transactions.

Registering for the game

If the game requires buy-in, you’ll need to purchase characters. Unfortunately, the initial buy can be costly sometimes, rising to hundreds of dollars.

Start playing

Each game has its unique activities. Hence, ensure a proper understanding of the game before dabbling into it. Also, make sure your gameplay is optimized for maximum collection. Furthermore, gaming on mobile is intuitive, especially android games.

Different games have peculiar getting-started processes. Hence, it’s best to conduct further research on your game of interest.

How to Cash Out Play to Earn Crypto Tokens and Collectibles?

There are numerous games to play and earn real cash. These games heavily leverage the concept of NFTs to put money in your pocket. However, it’s not just about accumulating the NFTs or in-game tokens. You must know how to convert these collectibles into fiat currency.

When you have NFTs to trade, you need an exchange platform where they are tradable. When you trade them on these platforms, you can get the money in your bank account. You can, however, sell the NFTs for crypto and spend directly with a crypto card (if you have one).

If you’re converting your NFTs to crypto, ensure you go for stablecoins. An example of a stablecoin is BUSD.

Most NFTs are tradable on Binance. But, you can find decentralized exchanges compatible with your NFT collection. To sell NFTs on Binance, the best crypto wallet to use is Metamask. Though, you’ll also need to complete KYC verification.

The exact sales process applies to in-game crypto tokens.

The Most Profitable Play to Earn Crypto Games to Use

On the games list, there are several crypto games to play. However, many of these gaming projects don’t compare to CoinFantasy. CoinFantasy is innovative in its approach to play to earn crypto gaming. The essence of crypto games is to make money.

Money is vital to livelihood. However, not many people know how money and its markets work. But with CoinFantasy, you get to understand how the crypto stock markets work while still earning from the gamified experience.

According to the company, CoinFantasy is “the world’s first decentralized play to earn crypto-stocks market fantasy gaming platform.” Learn more.

Conclusion

For more adoption of the play-to-earn model, there is a need to properly educate people about how it works. And also ensure that people do research and call out bad projects very early in order to protect investors and the reputation of the industry.

Frequently Asked Questions (FAQs)

1. How do play-to-earn crypto games work?

The games are built on the blockchain. Play-to-earn crypto games are designed to offer financial rewards to players. Hence, players who partake in the game accumulate and earn collectibles, which they can exchange for money. Different gaming platforms have their own unique rewards.

2. Are Play to Earn Games Legit?

Play-to-earn games are legitimate. However, before getting started with any “play games earn cash app,” check out for people talking about it. If no one is talking about some apps, veer from them. This shows that it’s not credible. DYOR should be your watchword.

3. What Games Can I play to earn crypto?

One of the best games to play to earn crypto is CoinFantasy. The platform gamifies the crypto stock market. It is gradually becoming the most popular due to its uniqueness from other gaming platforms available in the Blockchain Ecosystem. Its zero-loss platform is unique.

4. What is Play to Earn Gaming?

Play-to-earn gaming refers to the model where gamers get financial rewards for the effort and time invested in games. Though, participating in these games may require an upfront financial commitment. However, it was made popular by the introduction of Blockchain in the gaming industry.

5. What Apps Pay You Real Money to Play?

Examples of apps that offer you real money to play are CoinFantasy, Axie Infinity, etc. However, there are still lots in the gaming industry. This two have shown to be the most dependable over the last years. CoinFantasy’s no-loss platform makes it a good call.

6. What Games Can I play to win real money?

The best game to play for real money is CoinFantasy. This is due to a lot of factors, however the most prominent is that it’s a no-loss platform. Players don’t have anything to lose partaking in the game, however, they have a lot to win.

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