If you ask anyone in the twentieth century, nobody will believe you if you say that it is possible to earn money just by playing video games.
We are making significant progress in making this a reality.
A lot of game innovations are now running using cryptocurrency, decentralized exchanges, and NFTs.
Because of this, items that can be sold in-game and character textures now have a larger market for monetization than it was a decade ago.
Because of these recent crypto developments, anyone can now easily generate income all thanks to the P2E games.
Play-to-Earn games are becoming increasingly popular. In fact, they are taking over marketplaces in virtually every existing gaming genre.
These blockchain-based games are trying to strike a balance between play-to-earn and pay-to-win.
In these P2E games, the tokens can be redeemed for in-game items and can also be traded on other marketplaces.
Because of its profitability, this sudden shift in the gaming paradigm is significant. As this pandemic still goes on and a lot of individuals are losing their corporate jobs, having the option for another stream of income is helpful.
? Play-to-Earn and Blockchain
P2E gaming has never been easier because of decentralized networks and cryptocurrency.
Due to fundamental blockchain technology, transactions are becoming more streamlined and accessible. Also, NFTs make it possible to monetize in-game assets.
One example is the game Nine Chronicles. It uses decentralized servers that are maintainable by the players themselves through peer-to-peer networks.
Another example is Mars4, which is a P2E metaverse that incorporates NFTs with their realistic simulations of exploration on Mars. Other well-known games are Axie Infinity and Decentraland.
It’s quite self-evident that making money through video games will have a major social impact.
It transforms gaming from something to anyone can enjoy to something that generates revenue for the player.
Previously, only professional e-Sports players could hope to significantly monetize their gaming time.
This option exists for everyone, including novices, in the burgeoning world of blockchain P2E gaming.
Additionally, play-to-earn gaming produces intricate in-game economies.
While in-game economics has existed for some time, the Play-to-Earn approach boosts cash flow inside the virtual economy by allowing gamers to earn money while playing.
Individuals who have lost occupations as a result of pandemic-related shutdowns have resorted to Play-to-Earn games as a reliable source of income.
Axie Infinity’s Play-to-Earn strategy has garnered significant momentum in the Philippines in this area. There are around 60,000 Filipinos that earn money from the game. However, Axie Infinity is far from the only option available.
Similar to Axie infinite, another popular game, My Defi Pet, allows users to breed, grow, and combat in-game monsters.
This P2E game, which runs on the decentralized KardiaChain network, makes use of Chainlink VRF to ensure that users can trade and earn tokens in a secure environment.
Apart from providing direct revenue for players, P2E games have developed into a source of major investment and rewards.
For instance, The Sandbox, a forthcoming NFT game, enables users to acquire virtual property and resources within the game’s environment.
Though it has not yet been released, major gaming firms such as Atari have acquired significant “land” in the game.
Town Star, a potential P2E game from the creators of Farmville, is offering a $1 million prize pool.
Town Star, like its predecessor, is a farming game featuring weekly tasks that gamers can complete in exchange for rewards.
? A Cautionary Note
Earning money while playing computer games may look like a get-rich-quick scheme
To a certain extent, this is true.
However, gamers still need to exercise some caution when it comes to their earnings.
For one thing, service charges and in-game transactions can eat away at your revenue if they are not carefully managed.
Additionally, there may be problems with the in-game token’s value and liquidity. For instance, the MMORPG “MIR4” recently encountered a problem with its in-game currency “Draco” losing 50% of its value.
This was caused by the increased selling pressure as players were trying to cash out their earnings.
? Upcoming Games to Keep an Eye On
In addition to the already well-known blockchain-based games, there is much more coming our way.
Depending on the genre, players will be having a wide range of options.
Existing games like Echoes of Empire will be catering to 4 times more players, making them more profitable.
Another upcoming MOBA and battle royale game called Thetan Arena has some intriguing gameplay elements.
A number of major investors, including Animoca Brands and Coin98, have given their support behind Thethan Arena.
P2E gaming is expanding at such a rapid pace that it will soon become a primary economic sector for any generation.