Have you ever thought of earning money by just simply playing games? Or are you looking for a way to turn your gaming hobby into a career? If your answer is “yes”, then you are in the right place. In this article, I will share with you how to earn money on Play-to-Earn (P2E) Crypto and NFT games.
If you are new to P2E games, I will give you a brief idea of how legit innovative gaming has become.
On an 18-minute documentary film created by Emfarsis Consulting together with Yield Guild Games, there is a rural community in the Philippines at Nueva Ecija, whom the residents resorted to playing the game Axie Infinity to earn money after losing their jobs due to the pandemic. The interviewed player was said to earn $20 in 15 days after playing Axie Infinity.
Another Axie Infinity player named John Aaron Ramos, also stated on Facebook that he was able to buy two houses using only the money he earned by playing the game. The 22-year-old Axie Infinity gamer also shared pictures of him posing outside the houses he bought together with the property deed.
So if you are convinced that you can earn money with P2E, let’s go into details to start earning with Crypto and NFT games.
What is a Play-to-Earn Game?
The P2E games are not the traditional way of playing games where the developers are the only ones in control of managing the game and accessing the data, as well as limiting the player to have ownership of the things they acquire in-game. Things that are bought in-game such as armors, swords, and other stuff that is acquirable by real money, in only valuable for the player within the game.
On the contrary, P2E games are an innovative way of playing where players can earn various prizes for playing a specific game. Moreover, P2E involves Crypto and NFT games by using distributing game assets with the players instead of staying on a closed development loop. In short, P2E games are not fully controlled by a company and work through a shared blockchain. This type of game is not controlled by a single organization that usually limits player interaction. It also allows the players to fully control the game when using the specific platform.
Furthermore, since game assets are placed on a blockchain, the assets acquired by the player are not limited in-game and placed on a public blockchain. The function of blockchain is to carry out contracts and transactions. Also, P2E games concept lops through accomplishing transactions that involve in-game collectible stuff such as armors, characters, and potions. The game assets will serve as actual tokens that have a monetary value.
What is NFT?
NFT means Non-Fungible Token, referring to assets that can be traded with other assets in the same category called “fungibility”. For example, a P1000 bill can be traded with a P1000 bill since they have the same value and are considered fungible. Whereas, non-fungible assets refer to goods that have properties that are unique, fixed, and cannot be traded with the same category such as a diamond. In the world of cryptocurrency, NFT developed by blockchain is characterized as unique tokens since there are no two similar NFT.
In addition, game assets acquired by the player within a blockchain are considered NFT assets with real monetary value. Since the ownership of the NFT assets is solely given to the specific player, the player has the possibility of earning from it by buying, selling, or trading the assets. After earning cryptocurrency, the player can convert it to real cash. The foundation of P2E in NFT games has an open economy and allows players to have full ownership of their NFT assets, making the game interesting, and worthwhile for investing.
How to start Play-to-Earn Games?
Since the gaming industry has transformed to blockchain and NFT games, in this day and age players greatly utilized the benefits provided by technology. However, if you are planning to get into P2E games, there are certain things you need and steps to take to greatly maneuver this new platform. Apart from a desktop computer and smartphone, the following services are what you will need to get into P2E games.
- Binance [ref]- A Binance account is needed to buy and trade currencies. It is an online exchange service where players can buy crypto coins to play NFT games. Also, Binance allows its users to cash out their earnings by exchanging them for real-world money, and then transferred them to a bank or e-wallet.
- Meta Mask- A must for a P2E player is to have a Meta Mask. It is a crypto wallet that allows its users to keep their tokens and cryptocurrencies after buying from Binance. Also, it serves as an e-wallet but for cryptocurrencies allowing users to buy, sell, swap, or transfer their stored funds.
- PancakeSwap & ApeSwap- These services are known as DEX or decentralized exchanges allowing users to trade tokens and cryptocurrencies. Using their service does not require an account, and can be used by linking a Meta Mask wallet to trade Binance token to the NFT that the player needs.
- Coin Market Cap & CoinGecko– To check the current prices of cryptocurrency tokens, these websites have real-time rates and list the contract address of the coins needed for the specific game.
Top Play-to-Earn Games 2021
To get started with P2E games, here is the list of top P2E games for 2021 in the Philippines.
- Axie Infinity
- CryptoFights
- CryptoKitties
- League of Kingdoms
- Lost Relics
- My DeFi Pet
- Nine Chronicles
- Splinterlands
- The Six Dragons
- Town Star
To sum it up, P2E games do not directly mean that a player can earn as soon as they start playing. Rather, just like any other investment, a player should invest a lot of money by buying cryptocurrencies needed to play Crypto and NFT games to earn a lot. Since game assets represent cryptocurrencies that can be sold or traded, it means that the value of the player’s NFT assets can either decrease or increase in value. Also, investing in P2E games is risky, but at the same time legit. That’s why, before you start investing, as a player and investor, you must do your research and make sure to have a specific plan to enjoy while playing P2E games.
Disclaimer:
I’m not a financial advisor, make sure to do your own research before investing any amount of money. Also some of the link above are affiliate links, it means that if you sign up through my affiliate link I will receive a commission.