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Right from the early days of human civilization, there was always this desire to find something to pass the times; this desire led the ancient man to create games like Senet and Mancala. Games have made themselves an integral part of the majority of the earth’s population’s lives.
With new titles coming out daily, games have found their way onto the blockchain in a unique combination of traditional games and Cryptocurrency. This gives a whole new outlook on how we perceive games in this new digital realm, where game assets have real-world monetary value.
In this article, we take you to the fast-evolving landscape of crypto gaming, where blockchain has made itself a solid foundation for elevated gaming experiences and where the possibility of making money from the leisure act of playing games is real.
Gaming in Crypto: What is it?
Crypto gaming is a unique innovation in which blockchain, traditional gaming, and digital assets come together to create a landscape that caters to game enthusiasts.
In this ecosystem, virtual currency holds value in the exchange market, revolutionizing the concept of in-game Currency only having value within its respective game.
The decentralized nature of blockchain games means you can own unique digital assets and tokens, which you can trade on marketplaces and convert to real-life Currency.
Another amazing fact about crypto gaming is that your digital assets and game data are stored on blockchain and smart contracts, so you can safely have these assets without the fear of hackers accessing your account.
How Does Crypto Gaming Work?
The centerpiece of crypto gaming is blockchain, where game data and assets are stored on the blockchain; blockchain games still retain the traditional gameplay elements you’re familiar with; you’re tasked with quests, building battles, and many more themes than you would in a regular game title.
In-game players use game-specific Cryptocurrency that can be purchased to play and non-fungible tokens (NFTs) representing unique digital assets in art form.
These assets are used to navigate the crypto game ecosystem where you can purchase game assets like armor weapons and even upgrade your NFTs through play, which makes them more valuable on the market.
Where crypto games set themselves apart is their reward and incentive structure, where players can get external worth for their in-game accomplishments. These play-to-earn games reward players with game tokens and NFTs when they reach certain requirements. This means all the hours you spend grinding blockchain games are actually worth something in the real world.
The Innovative use of Cryptocurrency as in-game Currency
In traditional gaming, to make a purchase, you use a virtual currency that is limited to the game and can be purchased using real money. However, in crypto games, you must use the ecosystem’s native token for gameplay. While some games give you tokens for free or when you meet specific requirements, you may need to purchase the game tokens using other Cryptocurrency, which is then converted to the game’s native token equivalent.
These tokens aren’t solely for gameplay. For example, the popular creature collectible game Axie Infinity uses the native token AXS. While this token is used for gameplay, it also serves as a governance token, which players can use for the decision-making process of the entire system. It also serves as a means for staking and a payment method through which players can purchase the game’s creatures called “Axies.”
NFTs are also regarded as Currency in games; this is prevalent in trading card games. In blockchain games, the ownership of these digital assets resides with the players, and they can use them as they see fit. These NFTs can be upgraded, which increases their uniqueness and, in turn, their value on the market, where they can be traded and sold.
How to get into Crypto Gaming
If you’re looking to jump into the wide landscape of blockchain games, there are some things you need to do and take into consideration before you go guns blazing in your preferred titles. Here’s a detailed guide on how you should approach crypto gaming:
- The first thing you need to know is literally in the name “crypt. o, these games are built around Cryptocurrency, so you first need to identify which games you would like to play and find the corresponding crypto wallet compatible with them.
- Once you’ve created your wallet, you need to fund it and purchase crypto assets for the game you wish to play. Before doing this, you must create an account on your game of choice and link your crypto wallet. These assets you have to get could be native tokens or NFTs, depending on the game title.
- After this, you’re ready to play and earn! Blockchain game titles come with different gaming experiences like 3D, card games and so on which you can earn on through gameplay.
Earning Real Money in Blockchain Games
There are different actions through which you can earn in many blockchain games. Here, we’ll take you through earning money in crypto games. They are:
- Breeding
- Staking Tokens
- Minting
- Participating in Game Events
- Mining
- Trading NFTs
Breeding
Some games use creatures in their gameplay. These creatures can be bred to create new in-game assets in the form of NFTs. These unique monsters can then be sold on the NFT marketplace, and you can also earn tokens from simply breeding.
Staking Tokens
Staking is another way to earn money in a game’s ecosystem. Here, players lock up a certain amount of their tokens for a period of time. This action contributes to the game in that more tokens are freed up for transactions on the platform. As a reward for staking, these players are given assets like tokens or in-game items returned, which serves as a form of passive income for gamers.
Minting
Minting is the process by which new tokens or digital assets are created on blockchain. Metaverse games give users the freedom of creative expression, allowing them to create unique in-game objects. These items can then be sold on a marketplace, and for each sale, the players earn royalties, giving them a source of revenue.
Participating in Tournaments and Events
Games can have special events and tournaments that offer gamers the chance to win amazing rewards, which counts as profit for players.
Mining
Mining involves using computational power to validate transactions and generate new tokens. It takes the form of miner games, which involve complex mathematical puzzles gamers are required to solve. Upon solving a problem, players are rewarded with certain incentives for the computational power and resources that go into mining.
Trading NFTs
Selling and buying of NFTs on markets is a concept that has been introduced previously. This unique digital art that players obtain from the game can be traded with others; the more time and money a user spends developing their NFTs, the more valuable they become.
Risk associated with Crypto Gaming
With the popularity of blockchain games fast on the rise, the advantages of participating in this landscape are numerous. Still, as with every technology, it comes with its fair share of risks. Some of these are:
- Crypto Scams and Account Hacks
- Asset Value Fluctuations
- Accidentally transferring tokens to an incorrect wallet
Crypto Scams and Account Hacks
Vigilance is needed when it comes to sensitive information like your wallet’s passphrase; there have been many cases where hackers have stolen users’ tokens because their data wasn’t safeguarded properly. You also need to do deep research on the games you wish to play as not all games are not as they appear and may be promoted to users with enticing rewards while, in truth, they are crypto scams.
Asset Value Fluctuations
One key feature of crypto games is that the value of a game’s asset depends on its popularity and how many people are actively playing and purchasing in-game. If a game starts to decline in popularity, the assets of the game decrease as well.
Accidentally transferring tokens to an incorrect wallet
You can mistakenly transfer your tokens to a different wallet. This is common when a user plays games built on different blockchains. It is always important to cross-check the details of the wallet you are transferring to, as tokens cannot be retrieved once they are sent.
Popular Crypto Games to Play
If you’re unsure which crypto game to play among the plethora of titles available, we’ll introduce you to some of the best blockchain games that offer unique experiences.
- The Sandbox
- Defi Kingdoms
- Axie Infinity
- Gods Unchained
The Sandbox
The Sandbox is a metaverse game that offers players a virtual space to customize, design, create assets, and interact with other players. The in-game items created are the user’s property and can be sold in digital marketplaces.
Defi Kingdoms
The Defi Kingdom is a medieval-style role-playing game in which players go on adventures using their Heroes, which they can summon, use in battle, and earn resources with.
Axie Infinity
If you’re a Pokemon or Digimon fan, then Axie Infinity is the game for you. In this game, you use creatures called “Axies” to navigate the game’s landscape. You can collect these creatures, breed them, use them in battle, and trade them since they represent NFTs.
Gods Unchained
Gods Unchained is a card collectible game in which players can buy, sell, and trade rare mythical-themed cards. Completing certain in-game tasks also gives players the game’s native token, GODS, which holds real-world value.
Crypto Gaming’s Future
The crypto gaming industry is certainly on an uptrend. Looking ahead, the industry’s innovative approach will change the way games are developed, played, and monetized. Through blockchain technology, players can truly own their game assets; this grows a vibrant player-driven environment where every gamer is eager to participate and earn, contributing to the network’s success.
We may also see future interoperability across different games and platforms, enabling seamless asset transfers and collaborative experiences. With blockchain games, we will experience a new era where gaming and blockchain technology converge to redefine the future of entertainment and revenue from games.
