GameFi or Play to earn Gaming is a unique, emerging cryptocurrency trend that has gained significant traction.
It combines NFTs (non-fungible tokens) and Defi with a video gameplay reward system, allowing users who invest their time playing games to earn token rewards.
Crypto gaming allows enthusiastic gamers to own the items acquired in the games, sell them as NFTs for cryptocurrencies, and earn a profit. They can also create new skins and weapons and trade them as NFTs.
Cryptocurrency has made rapid strides in recent times by designing advanced blockchain networks that improve the entire industry.
It is poised to revolutionise various industrial sectors, especially in areas related to financial and digital assets. Digital assets are present in gaming, art and many more.
As a result, it has attracted young investors and enthusiastic game developers to create innovative games based on the blockchain technology. While enhancing gaming experiences manifold, blockchain technology has also allowed game developers to use emerging concepts like NFTs.
For instance, Some P2E (Play to Earn) games have taken the lead by crowdsourcing design concepts for unique weapons and skins from enthusiastic gamers. It allows them to create NFTs, trade them, and even get royalties on in-game purchases.
The following sections discusses the concept of crypto gaming and how one can benefit from playing blockchain-based games.
WHAT IS CRYPTO GAMING?
Traditional games are played on a centralised platform where one cannot use the characters, skins, coding, and weapons designed for a specific game for other games.
However, crypto gaming is different as it allows its participants to own particular parts of the games.
As a result, the characters and other resources associated with a specific game can work with other games. Besides this, gamers can trade their rewards and in-game purchases with other games. Thus, it enables them to enhance their overall gaming experience and earn passive income through royalties.
HOW DOES CRYPTO GAMING WORK?
Crypto gaming is different from traditional gaming in many respects.
First, while the game developer owns the gaming assets like skins, characters, weapons, vehicles, etc., used in traditional gaming, the users own these resources in a crypto game.
Secondly, crypto games are developed on blockchain networks. Therefore, all the connected gaming terminals have access to the same information. By decentralising the control over data, it gives equal powers and authority to gamers and developers alike.
On the other hand, NFTs play a significant role in in-game purchases and trading. It allows gamers to make money from crypto gaming.
HOW CAN GAMERS MAKE MONEY FROM CRYPTO GAMING?
In crypto gaming, the players own digital assets like skins, vehicles, weapons, and other gaming accessories. Gamers can sell them to other players online as NFTs or by receiving cryptocurrency in return.
These cryptos can then be exchanged for fiat currency, thus enabling gamers to make money from crypto gaming.
Another way of earning income from crypto gaming is participating in gaming contests online and winning rewards in cryptos. Some
A lot of P2E projects offer various other avenues for gamers to make money from crypto gaming. That is why you need to join a Guild to be well informed.
By joining a guild, you’ll be helped on what Play-to-Earn opportunities to look into. The guild will place you on a scholarship if you passed their tests and you’ll be able to play and earn but share your earnings with the guild. Before joining a guild, read their terms and pick one that suits your schedule and gaming strategy.
GameFi is still in its infancy, and it is due to that and its flexibility that more and more use-cases are being discovered with this newfound idea. As it sees more adoption, implementation and innovation, it will slowly shift from being a genre into being a standard.