Table of Contents
Are you ready to learn more about earning cryptocurrencies from gaming?
Every gamer’s fantasy is to earn real money just by playing video games. Having that kind of privilege can be fun for gamers as it can give them more opportunities to buy in-game products such as the characters, weapons, and outfits and help them pay their bills. All these are now possible by using cryptocurrencies in video games.
There are now blockchain games that offer incentives to players that use them. The earnings players make in playing games come in the forms of crypto tokens, avatars, virtual land, and many other NFTs upon completing tasks or competing with other players. Traditional video games will let you buy in-game assets outside the virtual game. If you want to use this trend to help you financially, here is some information on how to earn crypto from gaming.
Tips for Earning Cryptocurrencies from Gaming
Earn Cryptocurrencies by Playing Video Games
Earning cryptocurrencies by playing video games is one of the hottest trends in the crypto industry, with the use of non-fungible tokens (NFTs) and decentralized finance (DeFi) on blockchain-based online games. Playing traditional video games has mostly “pay-to-win” formats, allowing players to have a better gaming experience by purchasing upgrades. Today, players enjoy winning and earning with the “play-to-earn” format. It involves financial incentives to players as they progress through the game.
Using Cryptocurrencies Earned from Gaming
Video games that use cryptocurrencies have items that are all expressed as NFTs. These are digital tokens used as proof of ownership of hard-to-find intangible items. These are representations of in-game items like avatars, weapons, gold bars, plots of land, and costumes. Upon purchasing these items, players can have the option to trade them with other users of NFTs in many digital marketplaces in exchange for cryptocurrency.
Players have many chances of increasing their earnings if they allocate enough time to improve their characters and level up. This strategy may create monetized structures in their location where other players need to pay use or go into competitions against others in any available tournaments.
NFTs and cryptocurrency transaction data have proper storage on a public blockchain, which owners can monitor and keep updated. This feature of digital record-keeping technology has secured maintenance by a global network of computers that gives benefits to its users such as:
- Players can purchase in-game items with easy proving of ownership.
- Players need not worry if the gaming company experiences technical issues because there is no single point of failure in transactions, and they never risk losing their ownership.
- There is no chance of counterfeiting or destroying the purchased and accrued items during gameplay.
- Players can send and receive game-native cryptocurrencies even without the assistance of intermediary settlement, custody, or clearing.
There are also video games that offer stake, where players have the option to lock away specific tokens to gain annual interest and receive other offers. Players can earn with staking and be able to unlock fresh content or purchase in-game items.
What You Need to Know in Playing
If you want to participate in any of those play-to-earn games, you need to do the following procedures:
- Secure your cryptocurrency wallet: Cryptocurrency wallets let you store virtual currency and NFTs while making in-game transactions. Your requirements for your blockchain game will need a specific type of crypto wallet. Some games require Ethereum, and some need other types of cryptocurrency.
- Acquire starter items: You don’t have to pay to download any games that use any cryptocurrency. But some need players to purchase native crypto tokens, characters, upgrades, or decks of cards before they can begin playing.
- Crypto wallet pre-funding: It is essential that you pre-fund your crypto wallet with your corresponding cryptocurrency to be able to procure starter items.
Popular Games to Earn Crypto
If you want to earn crypto by playing games, here are some blockchain-based games currently making news for their excellent credibility.
Alien Worlds
Players who enjoy sci-fi games will like Alien Worlds. The game's concept revolves around an alien universe with several planets where players must fight for resources and do some mining for the trillium (TLM) cryptocurrency used by the game. Players can go head-to-head battles and earn extra income by leasing their land to other players.
The game had a record of being the first game to have 100,000 users. It now has more than 2.5 million players today. Their free-to-play modes helped them achieve this record, and metaverse development assisted many blockchains to thrive in the industry.
CryptoBlades
CryptoBlades is a role-playing game (RPG) that follows the concept of traditional games such as Dark Souls or Skyrim. Players can complete raids or fight monsters to earn SKILL tokens to play the game. Players can also craft their weapons to gain an advantage against other players while increasing their power. All the in-game items are tradable in the open marketplace.
Four main components are allocated for every weapon: enemy, attribute, and character. Those components have strengths and weaknesses that affect players’ gameplay in building strategies to defeat other players.
Axie Infinity
Axie Infinity is a video game inspired by the Pokemon universe that allows players to buy, breed, take care of, and trade digital characters called “Axies.” The match built its sidechain that can optimize scale and gameplay properly. It also has a high potential for earning, but players need to take care of their Axis. The characters can engage in battle against other characters to earn SLP tokens.
Upland
Upland is a game that uses NFT metaverse that is parallel to the real world, where players can purchase, trade, and sell properties. They can also run businesses and interact with other Uplanders worldwide. Players will use Upland avatars which can roam around a city to search for properties that are available for purchase, and they can also visit the properties of other players.
Upland players can increase their property earnings, earn special UPX rewards, and complete collections. It is like playing Monopoly, where you increase your earnings with more properties that you acquire.
Splinterlands
Splinterlands is a digital collectable card game requiring players to collect cards with different stats and abilities. They can use these cards to battle against other players. Every card is an NFT representation that players can trade or exchange in the open marketplace. Splinterlands is about one-on-one fighting against other players depending on their battle parameters. All players have a specific time allotted to create their deck of cards that they can use for battle.
Origins of Earning Cryptocurrencies from Gaming
Earning cryptocurrencies by playing video games started from a number of factors in 2017. The NFT phenomenon CryptoKitties used digital collectables and managed to have almost 15,000 users per day. Another video game that started the trend was CryptoPunks, with 10,000 collections of pixelated NFT characters that used Ethereum, which helped them peak at $1 billion in sales in 2018.
The success of NFTs also had its pros and cons from using blockchain technology during its start. Those games that started the cryptocurrency trend caused heavy congestion in the Ethereum network, leading to massive fee spikes for every transaction. It also made transactions slower than usual, and more technical issues emerged. The rise in demand was also an essential factor for virtual asset collectors and players.
Experts eventually found a way to address the problem and developed “Ethereum killer” blockchains, which provided greater scalability, cheaper fees, and faster transaction speeds. The increase in numbers of decentralized finance (Defi) platforms made a critical component that helped the trend’s growth with a range of blockchain-native financial platforms that uses smart contracts. These platforms also created solid infrastructures for decentralized transitions where cryptocurrency players can launch and trade.
The Future of Earning Cryptocurrencies from Gaming
The trend of earning cryptocurrencies from playing video games significantly impacted the capitalization of popular games in the industry. It managed to have a $14 billion market, and key opinion leaders believe that there’s more in the industry that this trend can do. The adoption of cryptocurrency in many gaming industry sectors will be the primary key to a more successful business.
Gaming companies and other crypto startups are working to gain an advantage on this significant trend, and these are some of the new games that are ready to launch:
- Ember Sword
- Star Atlas
- LegendsofCrypto
- Guild of Guardians
- Dr. Who: World’s Apart
- The Sandbox
There are also new gaming platforms like MOBOX, where players can create their interoperable games and also NFTs. Elements such as staking and liquidity pools are also part of the Defi integration. These elements also allow gamers to generate their income from their assets, which they can use to purchase upgrades or acquire keys in unlocking chests containing new NFTs.
Final Thoughts
Earning cryptocurrencies from gaming is the next big thing in the gaming industry, where the benefits seem endless, and the potentials are overwhelming. This amazing trend has no signs of slowing down, and gamers are beginning to make the shift. It is the following competitive way of increasing people’s investment portfolios and brightening the business industry’s future.
Already earning cryptocurrencies from gaming?
