Earning money while having fun… Who wouldn’t like that?? Now it’s possible with Play-to-Earn (P2E)! This category of games lets you earn money! But what is P2E NFT games? And how do Play-to-Earn games work?
As the name suggests, Play-to-Earn games allow users to earn rewards by playing. This is not new, as video game tournaments such as EVO have become more common in recent times. The difference, however, is that the Play-to-Earn games we are talking about are based on a blockchain and, therefore, their ecosystem is decentralized.
The rewards given for playing these games can be cryptocurrencies or NFT in various forms (cards, functionalities, etc.). These rewards can then be used in the game ecosystem, for example, to upgrade a character, or sold for cryptocurrencies and withdrawn. For example, in an interview with Euronews, gamer Dominic Lumabi from the Philippines revealed that he earned between €136 and €170 per month playing Axie Infinity for two hours every day.
This is a new economic model in which players not only enjoy playing, but are also rewarded for it. This model is different from previous games, such as The Sims or World of Warcraft, where players can buy assets in the game, but which have no value in the real world. Thus, the Play-to-Earn system places value on a player’s time and skills to encourage them to keep playing and promote the community.
By the way, if you want to invest in non-fungible tokens, read our guide to buy NFT.
Binance
- Low fees
- One of the largest crypto exchanges
- Fee discount for using native BNB
Binance
How to make money with Play-to-Earn (P2E)?
Very often, on a Play-to-Earn (P2E) game, the source of income is twofold. On the one hand, you earn money as you progress through the game. In other words, when you complete levels or beat other users, you earn money. Another way to earn revenue is through the game’s support. As explained below, Play-to-Earn (P2E) works on the basis of NFT. In concrete terms, if we take the two examples above, soccer player cards on Sorare or creatures on Axie Infinity are NFTs.
If your card or character becomes well-known, your NFT increases in value. By reselling your NFT, you can make a substantial profit. But that’s not all! As the value of an NFT is linked to a cryptocurrency, its price is highly volatile. So if you buy your NFT in Ethereum (for example) and the ETH price rises, your NFT increases in value. With the crypto boom in 2021, many players have seen the value of their NFT explode. Of course, conversely, if the price of the crypto in question crashes, the value of your NFT falls accordingly.
Steps to get started with Play-to-Earn (P2E)
Whatever Play-to-Earn (P2E) platform you choose, the principle always remains the same. Before you start playing on a P2E, you need to complete the following steps:
- Choose your P2E gaming platform;
- Open an account;
- Create a crypto wallet compatible with the blockchain used in your game;
- Deposit funds on your wallet in the crypto used on your game. If you already own this crypto, simply transfer it to your wallet. Alternatively, you can go through a crypto exchange to buy it and then transfer it to your wallet address.
- Connect your crypto wallet to the gaming platform.
Binance
- Low fees
- One of the largest crypto exchanges
- Fee discount for using native BNB
Binance
How does Play-to-Earn (P2E) work?
As mentioned above, Play-to-Earn (P2E) works with the following winning triptych: cryptocurrency, blockchain and NFT.
Play-to-Earn (P2E) and NFTs
The core element of Play-to-Earn (P2E) games is the NFT. As a reminder, an NFT is defined as a non-fungible token. In concrete terms, it’s a digital object which, depending on the game’s principle, can be a character, an avatar, a card, etc. This object is non-fungible, in the sense that it possesses a specific value. This object is non-fungible, in the sense that it has unique characteristics. By purchasing this NFT, you become its sole owner. To certify its authenticity and your ownership, the token is stored on the blockchain. So, at any time, anyone can see that you are the sole owner of this object.
Play-to-Earn (P2E) and blockchain
Play-to-Earn (P2E) gaming platforms are all blockchain-based. A blockchain is a digital public register. It contains all user-related information. In the case of Play-to-Earn (P2E) games, the blockchain stores the tokens that enable you to certify your ownership of NFTs. This same blockchain also enables you to carry out transactions.
As mentioned above, your NFT may increase in value. You may then decide to sell or exchange it. These operations take place on the blockchain, which will keep an indelible record of your transactions.
Currently, the blockchain most widely used by P2E applications is Ethereum. As a reminder, Ethereum is the world’s second-largest cryptocurrency in terms of capitalization. More than just a crypto, Ethereum is an ecosystem that enables the development of decentralized applications (Dapps), such as games.
Play-to-Earn (P2E) and cryptocurrency
Play-to-Earn (P2E) games are inevitably linked to cryptocurrencies. Since they are blockchain-based, they use cryptos rather than fiat money as the means of transaction. The cryptocurrency thus enables you to buy yourNFTs and participate in the game. The cryptocurrency in question depends on the Play-to-Earn (P2E) platform you use.
As mentioned above, the Ethereum blockchain is the most widely used for Play-to-Earn (P2E) games. This means that the Ethereum cryptocurrency (ETH) is the one used on many games. This is the case, for example, if you want to buy a card on Sorare or an Axie on Axie Infinity.
This means that, before getting involved in a Play-to-Earn (P2E) game, you need to be somewhat familiar with the field of cryptocurrencies. What’s more, you’ll need to learn how to manage a crypto wallet so that you can connect it to the gaming platform. This will provide you with crypto funds to get you started in the game.
The Metamask crypto wallet is compatible with Ethereum. It’s one of the most widely used wallets in P2E and NFT. It is a hot wallet, i.e. an online application. Metamask is very easy to use and secure. As a reminder, if you want maximum security, we recommend using a “cold wallet”. As opposed to a “hot wallet”, these wallets do not store your cryptocurrencies online. Ergonomically speaking, they resemble a USB stick.
As the world’s second-largest cryptocurrency, Ethereum is present on all crypto exchanges. What’s more, most wallets are currently compatible with Ethereum. In other words, you’ll have no trouble buying ETH coins and finding a compatible wallet.
Why does Play-to-Earn (P2E) have a future?
It’s easy to see why Play-to-earn (P2E) is so popular! After all, who hasn’t dreamed of making money while having fun? But the P2E concept goes even further. Indeed, while P2E is one of the practical applications of crypto and blockchain, it’s also a gateway. In concrete terms, many users have learned the basics of blockchain and cryptos thanks to P2E.
What’s more, P2E maximizes users’ commitment not only to a game, but also to a passion. Take the Sorare gaming platform, for example. The game consists of buying cards bearing the likenesses of soccer players to build your own team. Your team then competes against others in virtual championships. But Sorare’s greatest feat is to connect its game to the passion of soccer.
In what way? The performance of your team depends on the performance of your players in the real soccer championship! This concept places Sorare at the crossroads between the world of soccer fans, players and investors. Indeed, if you buy the card of a player whose potential hasn’t yet exploded in the “real” league, chances are it will increase in value in the future.
Finally, P2E NFT adapt to new player needs. For example, most Play-to-Earn platforms are available on mobile. This means users can play and win money from their smartphone or tablet. This distinguishes them from traditional video games, which always require more graphics power and therefore a very powerful computer.
Earning money with gaming: a crypto novelty!
The world of blockchain and cryptocurrency has revolutionized gaming, giving large numbers of users the opportunity to earn money through gaming.
Prior to these technologies, video games, whether console or PC-based, were pretty much confined to the realm of entertainment. To generate income from such games, you either had to create and sell your own game, or create advice videos or tutorials, for example. These activities are far from accessible to everyone, as they require considerable skills and resources.
With Play-to-earn games, a new era has begunQ From now on, players can earn money “simply” by playing!
Comparison of the best cryptocurrency games Play-To-Earn
Online gaming has experienced dizzying growth over the past decade, reaching a valuation of close to $207 billion by 2023, according to MarketWatch. At the same time, blockchain technology has also boomed and now allows games to be hosted. According to CoinMarketCap, there are currently more than 300 active blockchain games.
As we mentioned above, blockchain games have captured the attention of both fans and detractors. Supporters believe it is a revolutionary technology that will make gaming even more accessible. On the other hand, skeptics see it as a house of cards that will eventually collapse.
What is the difference between a Play-to-Earn game and the metaverse?
The term metaverse refers primarily to an alternative universe that may be unique if it exists on the blockchain. It is simply a virtual world where visitors can perform a variety of activities, such as buying real estate, purchasing products, attending shows and concerts, and also playing games. Imagine living in another life where you can do the same things as in real life.
Therefore, P2E gaming can evolve into a metaverse. As you can imagine, this has become very popular as people look for alternative sources of income. Blockchain-based gaming companies have also experienced a boom, as reported by EveryRealM.com, over $4 billion was invested in this industry in 2022.
The P2E NFT meaning and concept were not born with cryptocurrencies. Before blockchain, there were games that rewarded players. But the added value of the blockchain is the decentralization and ownership of game assets. The game publisher does not exclusively own the game assets, but they are distributed among the players.
The best cryptocurrency games Play-To-Earn
As mentioned above, there are more than 300 Play-to-Earn games, but in this article we will limit ourselves to highlight the 5 best P2E NFT games that we recommend you to try.
Axie Infinity
Axie Infinity, one of the most popular free P2E NFT games, can boast more than eight million registered players. Among them, approximately one million play every day, especially in Southeast Asia and the Philippines, where 35% of the network traffic comes from. This shows how lucrative the game has become.
This game involves Axies, NFTs that players collect, breed and raise. A player can then battle other players using their Axies or trade them with each other. The player who wins a battle is rewarded with Smooth Love Potion tokens that can be exchanged for the AXS token, the native token of the Axie Infinity network. At the time of writing, each AXS token was worth €5.74, according to CoinMarketCap.
To get started, you’ll need to buy at least three Axies, each unique and with a specific set of skills and characteristics. Then, you’ll be able to breed your Axies to create unique ones, or take on other players. Axies can then be traded for other Axies or sold if you wish to withdraw your investment.
Decentraland
Unlike Axie Infinity, Decentraland is a 3D virtual world where players are mainly involved in real estate. In Decentraland, you can buy a plot of land and develop it as you wish. Some players have created or organized games on their virtual land or even opened a store to sell digital assets.
Although the game had a shaky start after its 2017 ICO, which raised 86,206 Ethers (approximately $26 million at the time), it has since become a phenomenon. Companies such as Samsung, PwC, Adidas and JP Morgan all own land in Decentraland. Sotherby’s hosted its first virtual auction on the Decentraland platform. Land prices skyrocketed, with the cheapest plot selling for $11,000 in January 2022.
If you want to become a land owner as well, you’ll need to buy the network’s native token, MANA, which is worth $2.71 at the time of writing. With very little MANA in circulation (the Decentraland Foundation owns 20% of the supply), the value of the token is quite volatile.
The Sandbox
The Sandbox was an already popular mobile and PC game, but can now be monetized since it was launched as a blockchain Play-to-Earn game. Players create avatars called ASSETS that are issued as NFTs. ASSETS can also be other objects such as trees, vehicles, buildings, etc. They can then be exchanged and sold on the platform’s marketplace using the native SAND token. The latter can be stored in any Ethereum wallet.
On The Sandbox, you can create your own game for free without any coding skills. But to publish the game and make it accessible to others, you will need to buy LAND. It is also an NFT and is issued through public auctions. In total, 166,464 LAND will be available on the OpenSea secondary market.
OpenSea
- Huge NFT marketplace
- Interoperability and Integration
- User-friendly interface
OpenSea
Zed Run
Its operation is similar to Axie Infinity, the main difference being that players own horses instead of Axies. Horses are NFT, so they can be issued, sold and traded on the platform’s marketplace. It is also possible to breed and improve existing horses, each with unique strengths and weaknesses.
The object of the game is to compete against other players’ horses to earn rewards. Naturally, the better your horse, the easier it will be to win races and earn rewards.
Alien Worlds
This is perhaps the second most popular blockchain game today, with a reported 7 million all-time players and more than 700,000 monthly active users, according to Business Wire. It involves alien species in the form of NFTs that can be captured and traded.
In the game, players undertake missions on other planets and find different items that they can then trade. The game’s native token, Trillium(TLM), can also be gambled for additional rewards or used to vote in the game’s DAO.
