Blockchain technology is easily one of the greatest innovations of the 21st century. Thanks to blockchain tech, everything from supply chain management to digital identities has been strengthened and improved. Meanwhile, blockchain has given rise to the cryptocurrency revolution, creating prominent decentralised currencies like Bitcoin, Ethereum and more.
Of all the numerous applications of cryptocurrencies, from finance to entertainment, crypto gaming is fast becoming one of the defining tech trends of the decade. The sector has experienced unprecedented growth over the past few years, generating over $13 billion in investments from 2021 to 2022 alone. Nowadays, it’s possible to play a range of gaming experiences using crypto, including roulette games at https://www.cafecasino.lv/casino/table-games/roulette-games. However, did you know that you can earn crypto by playing video games online too?
The Rise of GameFi
While the cryptocurrency industry is rife with emerging tech trends, GameFi has quickly become one of its most impactful. A combination of decentralized finance and blockchain gaming, GameFi has, in turn, created brand-new gaming opportunities for global players. The play-to-earn sector is one such example, which shifts the business models of traditional gaming sectors to ones that support and reward gamers.
The vast majority of online games that offer prizes, rewards or another financial incentive typically do so on a “pay to win” basis, requiring players to purchase upgrades in order to access what’s on offer. Similarly, acquiring in-game items such as new weapons or character skins involves a financial purchase. The play-to-earn model, however, rewards players with financial incentives as they play and progress through games, even enabling them to generate an income while doing so.
How P2E Games Work
P2E games harness the power of blockchain technology to reward gamers with non-fungible tokens (NFTs). NFTs are digital assets that can prove ownership of intangible in-game items, whether a plot of land, costumes, avatars or even in-game currencies. Each NFT has a real-world value, meaning that players can trade or exchange them in digital marketplaces – in some cases, players can sell their NFTs and convert their profits into fiat currencies.
As with all other applications that utilize digital ledger technologies, P2E games record all their associated NFT and cryptocurrency transactions on the public blockchain. This means that players can easily prove ownership of their digital assets, while any native cryptos earned during the game can be instantaneously transferred from one player to another.
As well as playing P2E games to earn rewards (whether NFTs or crypto tokens), players can also choose to invest in blockchain and cryptocurrency gaming projects as a passive income strategy. This would involve investing in a game’s unique token via a crypto exchange or broker. As with any other type of investment, there’s no way to guarantee returns, as the value of the investment will coincide with the value of the gaming token.
P2E Games for 2023
P2E games, much like the blockchain technology they run on, can seem intimidating, but they’re easy to get started with. Since GameFi is such a prominent trend, hundreds of crypto and P2E gaming projects get released every year – some of which are more successful than others. Here are three leading P2E games that are currently available.
Inspired by the ever-popular Pokemon franchise, Axie Infinity is a game in which players need to purchase, care for, breed and then trade digital monsters known as Axies. This game has been one of the most popular in the P2E category since its release in 2018. While you will need to spend quite a bit of time in the game to care for and trade your Axies – the blockchain equivalent of Tamagotchis – nevertheless, it does offer a high-earning potential.
Token: AXS and SLP
Initial investment: You’ll need to purchase at least three Axies in order to play and receive NFT rewards.
Splinterlands is a digital trading card game that’s gone down a storm with online gamers and card collectors alike. Following a format similar to established collectable and trading card games, Splinterlands allows players to build up a collection of character cards and use them in battles against other players. Each of the cards in the game is represented by an NFT, meaning they can be traded or exchanged on the open market.
Token: DEC and SPS
Initial investment: None for the free-to-play version, but you’ll need to purchase the Summoner’s Spellbook to unlock P2E features.
Upland is one of the current crops of games incorporating metaverse functionalities alongside blockchain gaming. Set in a metaverse parallel to our modern world, the game involves purchasing and trading properties that are linked to existing real-world addresses. Players can also earn extra in-game rewards by acquiring several properties of a single colour to complete a Collection (think Monopoly).
Initial investment: You’ll need to purchase a single digital property in order to access the full game.