Play-to-earn games are revolutionizing the gaming industry by allowing players to earn real-world value through their in-game activities. These games leverage blockchain technology to reward players with cryptocurrency or NFTs (non-fungible tokens) for achieving milestones, winning battles, or completing quests. Unlike traditional games, where in-game assets hold no value outside the game, play-to-earn games offer players the opportunity to trade, sell, or utilize these assets on other platforms, creating a new economy. This model empowers gamers to monetize their skills and time, making gaming not just a hobby but a potential source of income. Learn everything you need to know about play-to-earn games from this article.
What are Play-to-earn Games
Play-to-earn (P2E) games represent a transformative shift in the gaming industry, blending entertainment with financial opportunities. These games utilize blockchain technology to reward players with cryptocurrencies or non-fungible tokens (NFTs) for their in-game achievements. Players can earn rewards by completing missions, winning battles, or reaching specific milestones. Unlike traditional games, where in-game assets have no value beyond the game itself, P2E games allow these digital assets to be traded, sold, or used across various platforms, creating real-world value.
The blockchain ensures transparency and security, giving players confidence in the authenticity and ownership of their earned assets. Popular P2E games like Axie Infinity and The Sandbox have already garnered substantial attention, enabling players to generate income through gameplay. This model not only enhances player engagement but also offers a new economic model where gaming skills and time investment can be financially rewarded, making gaming a viable income source.
How to do Play-to-earn Games Work
With the play-to-earn (P2E) functionality, players can earn digital assets like cryptocurrencies or NFTs for in-game achievements in blockchain-based games. You can keep these prizes in a digital wallet or sell them on marketplaces for other virtual assets or even fiat money.
Benefits of Play-to-earn Games
Play-to-earn games are sweeping away the gaming business. The virtual assets that players acquire in these games are entirely theirs, so they can cash them in whenever they choose. In addition to the advantages to players, creators can also earn royalties from in-game assets sold on the secondary market. Often using governance tokens to democratize decision-making among players, these games function on ideas of decentralization. Thanks to blockchain technology’s immutability and auditability, gamers can check the authenticity of in-game purchases. People in areas where the cost of living is lower can really benefit from play-to-earn games as a way to make some extra cash.
Challenges and Criticisms
The world of play-to-earn games is full of obstacles. Players must overcome the volatility of cryptocurrency values and the hefty starting costs. Problems with interoperability between blockchain networks, tax consequences, and scams further complicate matters.
Competing in P2E games requires knowledge and practice. This is why you should exercise caution and thoughtfulness while selecting your games. On top of that, there is a wide variety of games available. Developers’ dedication to their projects varies greatly; some create genuine works of art, while others are just plagiarizing existing games.
Which Games to Play to Earn Money?
According to DappRadar, the top 5 most popular play-to-earn games in June 2024 are:
- Crypto Unicorns. Crypto Unicorns offers players a chance to earn CU tokens through its play-to-airdrop campaign, running on the XAI Games Layer-3 network atop the Arbitrum Layer-2 network and Ethereum.
- Pirate Nation. This pirate strategy adventure game allows players to conquer and plunder to earn BOOTY tokens on the blockchain, leveraging Proofoff Play and the Arbitrum ecosystem.
- Illuvium. Illuvium, a monster-catching adventure RPG, invites players to compete for rewards in its open beta testnet, with 20,000 ILV tokens up for grabs throughout June.
- Boomland. Boomland hosts a major play-to-airdrop campaign for its BOOM token, featuring 250 million BOOM tokens up for grabs for active participants, alongside its flagship game Hunters On-Chain and upcoming titles like Archery Club.
- Nifty Island. Nifty Island presents Season 2 of its play-to-airdrop campaign, offering players the opportunity to earn ISLAND tokens through quests, community creations, referral campaigns, and user-generated content like weapons in a new time trial mode.
How to Get Started with Play-to-earn Games
If you want to have fun and win big while playing P2E games, we have some tips for you right here.
Choosing the suitable P2E games
Here are the key considerations that will help you pick the suitable P2E game for yourself:
Identify your interest
When deciding on the ideal P2E game, it is crucial to keep your interests in mind. Some people prefer massively multiplayer role-playing games. Others may enjoy sports simulations, while others may enjoy riddles and social games. It would be best to look for a genre that interests you.
Confirm your budget
Now that you know what kind of game you want to play, the next step is to decide how much money you can spend. An initial investment is required for the majority of P2Es. Obtaining the game’s native coin or NFT is a prerequisite. To illustrate the point, a Silk Genesis Avatar NFT, which is typically priced at approximately $400 each, is required to participate in Silks, a player-versus-environment game inspired by real-life horse racing.
A one-time payment is not necessary to play some games. On the other hand, premium play-to-earn assets and features will eventually cost money. The “free-to-play-to-earn” game God’s Unchained is a prime example of its kind. You get a free deck of cards when you download the game, and if you’re good and lucky, you can earn money from it without spending a dime.
Check the number of games within your budget and interest
Checking out how many P2E games fit inside your specified genre and budget is the next step after deciding on spending limits. You might be surprised to see how few games fit your budget or how many games fall under your chosen genres.
If there are more games to choose from, you have a better chance of finding one that suits you, but if there are fewer, you run the risk of playing one you don’t like. Out of all the options, choose a few games that sound like they could be fun to play.
Find out what others are saying about the game
Gather some information once you’ve narrowed down your options. Explore the games’ official websites, peruse their roadmaps and whitepapers, and get to know the developers. To top it all off, enter the names of the games you have on your list into various social media platforms. Read reviews to find out what others think of them.
There is usually a lot of love for good P2E games within the internet community and a lot of shaming for terrible ones. Be wary, though, because some P2E projects may employ bots to inflate their social media participation artificially. From your original selection, choose the games that have the best organic reputations and excellent user reviews.
How accessible is the game?
Accessibility is another factor to think about while choosing the best P2E game. Some games are PC-only and some that are mobile-device exclusive. Similarly, some individuals like playing games on their PCs, while others enjoy playing them on their phones. In the end, the gadget you want to play games on will determine your options. Although there may be PC and mobile versions of a game, the mobile version could be less polished or have less functionality. Considering all of these is essential.
Consider the difficulty of gameplay
While some P2E games are straightforward, others are overly complicated. When choosing a P2E game, consider its difficulty level. The majority of P2E platforms include either a free, downloadable demo or an in-depth tutorial on how to use the platform. Please use these to find out how good you are at the game. The more skilled you are, the more money you can win.
Remember what you want to get out of the game
There are distinct advantages to each game. Cryptocurrency and NFTs are common in player-to-player games and can be bought and sold in-game or on exchanges. Famous cryptocurrencies like Bitcoin and Ethereum can also be earned in other games.
In order to acquire NFTs, you have to do easy jobs and activities in certain games, but in others, you have to spend a lot of money, which is why you need to know how to get in-game incentives before you join a P2E platform. Be aware of the steps you need to take and the time required to obtain them.
How easy is it to convert your in-game rewards into fiat?
Finally, turning in-game awards into real money might not be simple, even if many P2E games are built on popular blockchains like Polygon and Ethereum. Additionally, selling NFTs can be slow, and in-game token values could be unpredictable.
Before you dedicate your time to playing a game, make sure you know how fast you can convert your in-game cryptocurrency into real money. Finding out how to change digital assets in-game might help you decide if a game is suitable for your goals.
Future of Play-to-earn Games
It is hardly surprising that P2E games are becoming increasingly popular as more individuals understand cryptocurrencies and blockchain technology. Players have a chance to win real money while they play these games. Indeed, there are challenges to overcome, such as understanding the regulations and ensuring the security of everything. To be sure, play-to-earn games aren’t yet perfect, but they have the potential to revolutionize the gaming industry by providing gamers with new opportunities to make money anytime, anywhere.
