How To Make Money With Crypto Gaming

Crypto gaming projects are different from regular games because they allow you to earn money while having complete control over your assets, clear conditions, and protection against cyber attacks. 

Crypto games have attracted the attention of gaming enthusiasts, and an increasing number of regular people are starting to take an interest in crypto video games, especially because there’s an opportunity to earn. 

In many Web3 games, you can earn cryptocurrency by taking on quests or outplaying other crypto gamers. You can own and sell your crypto-gaming assets to others as a player. 

These crypto games can pay you and store data using blockchain technology and smart contracts. This article will uncover more about crypto gaming and how it works.

What Is A Play-to-Earn Game?

A play-to-earn (P2E) game is an online game that rewards players with cryptocurrency or other digital assets for gaming. Unlike traditional games that rely on in-game purchases or advertisements for monetization, play-to-earn games let you earn value for your time and skill. 

The P2E model bridges the gap between playing for fun and profit because, as a player, you can sell your rewards on the secondary market. 

Almost every play-to-earn game is based on blockchain, i.e., they have their ecosystems, cryptocurrencies, and even non-fungible tokens (NFTs), which have real-life value and can be traded on centralized and decentralized exchanges. 

Games with crypto rewards are part of the broader trend of Web3, which is the vision of a more decentralized, user-centric, and open internet. 

How Play-to-Earn Games Work

P2E games are powered by blockchain technology, enabling the generation and transfer of digital assets that are scarce, verifiable, and owned by the players. 

It’s like owning Bitcoin (BTC), except that you can use it in an ecosystem of a game to buy and sell in-game items, characters, features, and more. The blockchain also ensures the security and transparency of game transactions and the interoperability of game assets across different platforms and metaverses. 

You can sometimes trade assets from different P2E games, provided they’re on the same blockchain. These games frequently involve NFTs and cryptocurrency. 

Usually, crypto games use specific gaming tokens as rewards for players. For instance, the popular “Illuvium Game” game rewards players with the ILV token for tasks completed. You can use the token to buy in-game assets, NFTs, and avatars.

How To Earn Assets As A Player

The developers of blockchain games generate revenue by displaying advertisements and selling in-game items and the game’s native cryptocurrency. 

These profits are frequently shared with players through the distribution of virtual assets. Knowing how to earn crypto by playing games depends on the game’s design and mechanics. Some common methods are:

1. Winning crypto or NFTs for success as most P2E have specific success metrics to track your earnings.
2. Leveling up your in-game character. 
3. Exchanging in-game tokens earned for other cryptocurrencies or fiat money on exchanges and marketplaces.
4. Collecting NFTs representing unique game items or characters that can be minted and sold in the secondary market.
5. Earning passive income by staking or lending your in-game coins, provided this feature is available in the game of your choice.
6. Participating in governance and community activities related to the game’s development and direction.

How To Get Started

To play blockchain-based games, you’ll need a cryptocurrency wallet. For this reason, start by identifying a few games that interest you. Once you know which game you want, you can find which crypto wallet you need. For example, “Axie Infinity” uses the Ethereum (ETH) blockchain, so you’ll need an Ethereum wallet like MetaMask to play it.

1. Create a crypto wallet and keep your wallet passphrase secure and private.
2. You can now head to the game’s website to set up your account. Certain games require software installation, while others offer web-based games.
3. Depending on the game, you may be required to buy digital assets like a character NFT or governance token before you can start playing.

Notably, a handful of these games are compatible with your phones and computers.

Benefits Of P2E Games

Some of the perks of P2E games include the following:

• Source of income: Having a fun side hustle for extra cash sounds like a good idea. As a gamer, you can convert your in-game assets into fiat or cryptocurrency, enabling you to earn money without initial investments. 
• Transparent and fair gaming economy: Unlike traditional games, which can sometimes shut down servers, ban accounts, or change rules, P2E games allow you to store, transfer, and sell assets without intermediaries or restrictions. Also, using smart contracts in the games reduces the risk of fraud.
• Creative inspiration: The best crypto games foster innovation and creativity in the gaming industry, allowing developers to experiment with new genres, mechanics, and features that leverage the potential of blockchain technology.
• Decentralization: Smart contracts in crypto-based games contribute to decentralization, giving players more control and generating greater interest.
• Variety: The crypto gaming industry offers various genres, including arcades, racing, strategy, etc., catering to diverse preferences.

However, there are also some downsides to consider:

The Drawbacks Of P2E Games

• No guaranteed profits: Cryptocurrencies are known for their high volatility, offering the potential for significant gains and the risk of substantial losses. 
• Difficulty cashing out: Due to varying liquidity, some gaming digital currencies might not be supported by popular exchanges, potentially leading to withdrawal complications for you.
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• Scams and hacks: If someone else obtains your wallet passphrase, they can use it to steal your tokens. Also, some crypto games seem too good to be true, so be wary of them.
• Value fluctuations: The assets connected to a game are likely to lose value if the game’s popularity decreases.

Types of Play-to-Earn Crypto Games

The P2E space is relatively new, so drawing lines between different types is still a lot. However, just like with console and PC games, there is a huge array of games to fit every need and genre, and some include;

1. Battle Games
2. Shooters
3. Racing Games
4. RPG Games
5. Trading Card Games
6. Real-Estate Games
7. Fantasy Sports
8. Digital Collectibles Games
9. Casino and Slots, etc

Many new P2E crypto games are released regularly, so you can find what you are looking for if you are a fan of any game. 

Some Popular Crypto Games

1. Meme Kombat

The Meme Kombat platform allows you to participate in thrilling virtual battles while earning cryptocurrency. This crypto gaming platform operates through two main mechanisms: staking and betting. 

Through staking, users can deposit their cryptocurrency holdings and earn interest, even during the asset’s presale phase, to generate long-term income. In betting, users can place bets on the outcomes of virtual battles against others or the computer.

2. The Sandbox

The Sandbox features a 3D virtual world where you can build, explore, and monetize your gaming experiences using non-fungible tokens called LAND (NFTs) and SAND (cryptocurrency). The Sandbox also features VoxEdit, Game Maker, and Marketplace tools. 

VoxEdit software lets you design and animate your voxel models (NFTs), which you can use in your games or sell in the Marketplace. Game Maker, on the other hand, lets you create your games and experiences using drag-and-drop logic and thousands of assets made by the community.

3. Alien Worlds

Alien Worlds is a decentralized universe that simulates economic interactions and rivalries among players. The core concept involves sharing specialized knowledge with Earth’s inhabitants, letting players explore diverse planets, and engaging in mineral mining. 

The gameplay revolves around competing for Trillium (TLM), which is required to govern independent planetary organizations known as planet DAOs.

4. NuggetRush

NuggetRush is a P2E mining game that allows gamers to build a fortune by setting up mining teams and facilities. To this end, you can select in-game characters, which double as NFTs, as you go on gold quests. 

You may also partner with other players or mining experts to improve your operations. 

5. Axie Infinity

The Axie Infinity project boasts one of the largest fan bases. The objective of the game is to breed NFT animals called Axies. Each Axie possesses its unique genetic code, making it unique. Interestingly, when bred, certain traits—both positive and negative—are inherited by their offspring. 

You can directly trade the resulting creatures on the in-game market as a gamer. The more distinct the features an Axie holds, the rarer and more valuable it is considered.

6. Illuvium

Illuvium is a blockchain-based game that lets you earn money by contesting conquest events and building NFT characters. As a player, you get immersed in a universe with collectible creatures, Illuvials, represented as NFTs that are playable within the game’s ecosystem. 

Players explore a fantasy open world, capturing Illuvials and engaging in various activities such as battling, questing, and city-building. Illuvium stands out as the world’s first interoperable blockchain game, offering high production-value NFTs that evolve.

Conclusion

The crypto gaming ecosystem offers a way to earn money by playing the games you love. Such games provide monetary opportunities as they present various tasks and quests. Notably, one must beware of scams, fluctuating asset values, and potential hacks. Additionally, you must have a basic knowledge of blockchain technology and cryptocurrency wallets to engage in the crypto gaming ecosystem.