The crypto space has seen a massive hike in adoption since the world of blockchain has opened doors for not only finance to see new inclusions but also spaces for digital creators. The crypto market has various pockets that give out options for earning crypto tokens. To name a few, you can earn tokens by staking, investing, mining, and so on. But, the blockchain space is not only about money anymore. You can explore digital arts in the form of NFTs and also play games to earn crypto tokens! Yes, you got that right. Play games and earn crypto tokens!
To get a hold of what these play and earn crypto games are, let us take a quick look at what decentralized gaming is, shall we?
Differing from traditional gaming, crypto gaming assets do not live on a centralized server. Instead, the players own the items they acquire while playing the crypto games. These include XP, weapons, and skins. But instead of losing the in-game assets when a player stops playing a game, they can trade with other players. Their assets can either be sold or taken by the players themselves.
With blockchain gaming, players and developers have onboarded the same side. None controls the outcome of the games and anyone can analyze the code used in most of the blockchain-based games. This transparency translates to a voting system, where if a developer adds an update and the community does not like that, the game can then be split and have different versions built.
Staying true to its name, play-to-earn (or P2E) crypto games involves earning crypto tokens by playing online games. The steps to earn the token usually include making or earning in-game currency by carrying out various quests, achieving victory in battles, and completing other kinds of challenges or tasks that are assigned. After the completion, the players can usually exchange the in-game currency for Bitcoin, Ethereum, or another token on a decentralized exchange.
The funds or crypto tokens earned via playing can either be transferred to a crypto wallet or can be used to buy other in-game items. They can also be used to buy NFTs or non-fungible tokens. An interesting fact, in some of these games NFTs are the in-game currency. What does this mean? The players who can claim ownership of these in-game items can either sell or trade them.
One of the reasons for this rapid growth of the P2E industry is that the financial benefits of these online crypto games are a huge incentive for its players. These projects are clubbed under an umbrella known as GameFi; gaming + decentralized finance (or DeFi).
|Game||Axie Infinity||Gods Unchained||Thetan Arena||Splinterlands||Pegaxy|
|Genre||Creature Battler||Trading Card Game||MOBA||Trading Card Game||Horse Racing Game|
|Free to Play||No||Yes||Yes||Yes||Yes|
|Platform||PC / Mac / Mobile||PC / Mac||PC / Mobile||PC / Mac||PC / Mac / Mobile|
|Blockchain||Ronin / Ethereum||Ethereum / Immutable X||BNB Chain||Hive||Polygon|
|Tokens||AXS, SLP||GODS||THC, THG||SPS||VIS, PGX|
Additional Read: How to Play and Earn with Axie Infinity
Additional Read: Top NFT & Metaverse Crypto Tokens by Market Capitalisation
As it is advisable to always do your own research while choosing the right crypto token to invest in, it is equally important to conduct research while entering the GameFi sector. Below are some of the things to keep in mind while doing so.
Also Read: Top Crypto Games To Play
GameFi or P2E crypto games in general are an exciting element of the decentralized ecosystem. With their intriguing developments and attractive financial incentives, these games might just have even larger platforms to conquer and build for the crypto space. More such aborning inventions and experiments are still underway. Only time will tell whether the P2E games are here for the long-term footing or if it is just the beginning.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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