Would you believe it if you were told you could amass your first digital assets simply by doing what you enjoy, such as playing video games? I'm sure your mind is blown. You're probably wondering how this is possible and what could be the close relationship between the gaming and finance industries?
The gaming world is revolutionizing, and this change is not just due to advancements and developments in in-game modes or an improved interface for gamers but also to the ability to earn money while playing games and challenging other gamers.
Initially, you could only earn money as a gamer by playing games as a professional player in tournaments, special competitions, or regular betting on the game. In this case, the relationship is one-sided, and you are only assisting the game's developers and publishers in making money.
However, gamers can now be compensated with crypto tokens for their time spent in the virtual gaming world, thanks to the advent of smart contracts and blockchain technology. As a result, you'll be able to start and grow your cryptocurrency portfolio using the rewards you earned while doing what you love –playing games!
Blockchain technology plays a significant role in revolutionizing the gaming world by implementing the Play-to-earn concept of genuinely permissionless and decentralized.
Unlike traditional games, where the developer has complete control over removing or changing items as needed, the rewards you have or the assets you purchased through the game cannot be removed or taken away from you by anyone. As a result, if the development company decides to close the game or change certain features, you will not lose any of the assets you earned while playing the game.
So, if you're wondering what Play-to-Earn games are, how they work, how they differ from other online games, and how you can benefit from them as a gamer and as a participant in the gaming ecosystem, keep reading.
What is Play-to-Earn?
The phrase "Play-to-Earn" has become popular in the cryptocurrency gaming ecosystem, transforming the formal "play-to-win" mechanism into this new concept.
Play-to-Earn games quickly gained a large following and popularity in the gaming community because they are entertaining and exciting. In addition, they provide players with excellent earnings and return on investment, giving them access to real-world income opportunities.
Play-to-Earn allows you to earn money by constantly participating in an online crypto game. Like traditional video games, each game has its specific guidelines and rules, but P2E is unique and different because it rewards you for activities, such as reaching a new level or completing a mission. These rewards are distributed in the form of crypto game currencies, tokens, or from the creation of interchangeable NFTs.
Conversely, you can transfer these assets (rewards earned) to the physical world at any time and sell them for cryptocurrency or fiat currency on your terms. Also, earned funds from these games can be used to purchase other in-game items and make an upgrade to your game character.
You can also use them to buy non-fungible tokens (NFTs). NFTs are the in-game currency in some cases. This means that players can own in-game items and sell or trade them.
Ways to Earn with P2E:
P2E can be used to make money in two ways;
- Via NFTs: The exchange of NTF is essential to many Play to Earn games. The NFT will represent an in-game asset, such as a virtual tool or weapon that can be used in the game. Characters or collectibles in an online game can be used to earn NTFs, sold or traded within the game, or on an NFT marketplace for fiat money.
- Via Cryptocurrencies: Cryptocurrencies can be gained by completing levels, missions, or achieving specific game goals. Tokens earned in Play to Earn can then be traded on the open market and converted into various digital assets or fiat money.
However, the value of P2E's rewards, whether NFTs or Cryptocurrency tokens, is proportional to the number of hours spent in the game.
The principle states that the more you play, the larger the rewards you will receive!
Are P2E Games Safe?
Play-to-earn games are based on and rely on the blockchain technology mechanism, which is widely regarded as a highly secure and reliable network. The blockchain network is a large, non-modifiable, and immutable database that cannot be tampered with. Furthermore, the data stored in a blockchain is virtually irreversible and cannot be deleted. As a result, each game is distinct and traceable.
Furthermore, because every transaction takes place on-chain, there is transparency among gamers, and because each game is decentralized, it does not require the services of a third-party developer. As a result, blockchain games are designed to prevent fraud and corruption, such as item duplication, gold hacking, and other flaws associated with traditional games. With this, cheating is challenging with P2E.
Popular Play-to-Earn Games
Now that you know what Play-to-Earn is let's look at the most popular ones within the ecosystem.
Axie Infinity is a Pokémon-style monster-creation game with its cryptocurrency payment and circulation system, the Axis Infinity Shards (AXS). You can use these tokens to partake in crucial game votes and decisions, but you must also play to stay up to date on what is going on. Based on their genes, each Axie has distinct strengths and weaknesses. There are numerous genetic combinations of Axis to choose from, and the possibilities for customization are limitless. When a player defeats another user and earns love potions, they can sell them for AXS tokens.
Decentraland is a virtual reality platform that allows players to create their own 3D world by purchasing land and transforming it into whatever they want. When you purchase land, you can do whatever you want, from creating a different game to opening an online store open for business. You can also play other players and employ their services to keep your land safe while you are away.
This blockchain-based game lets players build, craft, and survive in a blocky metaverse. In the Sandbox, there are numerous ways to make money. SAND, the metaverse cryptocurrency, can be earned by working as an artist, game developer, or landowner. You can buy LAND just like with Dcentraland —an NFT— to build a house or a castle, or you can go on quests to earn in-game currency. The Sandbox encourages players to actively participate on the platform by buying and selling NFTs through creativity, strategy, and survival skills. After all, the more items players build, the higher their level will be.
Users can collect NFT cards and compete against each other in this blockchain-based play-to-earn game. The game is centered on powerful beings known as "Gods," each with their unique ability. It is a free tactical card game where players have complete control over their game items. It is, however, a competitive card game in which players must outsmart their opponents by building decks that can counter a variety of strategies. Players in Gods Unchained own digital items, which they can trade, sell, and use as they see fit, just like real, tangible cards. These cards can be purchased with the in-game currency GODS, which can be earned by defeating other players in battle.
CCTIP PLAY-TO-EARN AIRDROP GAMES
As a platform that brings fun and social experience into crypto, the CCTIP wallet has a built-in game that enables users to establish giveaways via a Play-to-earn model.
How it works
- Download the CCTIP wallet app and create an account.
- From the wallet page, locate "Tools."
- Select Airdrop Arena
- Choose your preferred game
- Set up the difficulty, and other preferences
- Share the link to your customized game with your friends and community members.
Every token your friends win in the game will be automatically transferred to their CCTIP wallet, and the balance will remain in your wallet.
While "play and earn" gaming is still in its infancy, it has the potential to reshape more than just gaming. Indeed, we believe it can potentially change people's interactions with traditional socioeconomic structures like financial institutions, markets, and governments and how they perceive them.
This is because Play To Earn is a proof of concept for a self-sovereign financial system, an open creator economy, and pervasive digital representation and digital ownership, all suitable for various emerging digital environments and forms of value creation.
We hope you have gained insights into what Play To Earn games are and how they make the crypto community enjoyable. Remember that with the CCTIP wallet, you can create your own play-to-earn airdrop game to share tokens with your friends while having fun. Simply create an account, and enjoy many other benefits of the CCTIP wallet, including tips and zero-fee transactions.