Making money while enjoying video games, can you ask for more?
In Web3, this is a possibility even for casual gamers. Unlike Web2 games, where people mainly earn money if they are either professional players, successful streamers, YouTubers, or influencers, Web3 aims to change this through the concept of Play to Earn (P2E) gaming.
P2E gaming essentially allows gamers to obtain revenue directly from playing without needing to be the best or have a massive following. Instead, you can earn cryptocurrency just by completing tasks and quests.
This article will dive deeper into how you can make money by playing NFT video games.
P2E games look just like any other video game you’d come across on Steam or other game marketplaces. But if you look a little deeper, you will quickly see something that sets them apart.
In crypto video games, players can earn the game’s native cryptocurrency. These digital currencies hold a real value compared to other games where the currency is just virtual coins used for items in that specific title.
This is the big kicker for P2E games, as this is where real money is often created. You can think of it as earning Rupees in Legend of Zelda or Pokecoins in Pokemon GO, but this time these digital currencies have a value within a living economy.
These tokens can be earned by simply playing the game. Completing quests, winning PvP battles, or competing and winning tournaments are a few ways. Ultimately, the way you earn depends on the genre and design.
As a little extra spice to the concept, getting airdrops of additional tokens directly from the project creators is a possibility. This is a way to reward the most loyal players, often those holding the project’s NFTs.
Depending on the game, these tokens can possess unique utilities. Some tokens can be used for breeding, buying items, or other purposes.
Some are used for governance, which is voting on decisions related to the game’s direction. An example of this would be $AXS, the governance token for Axie Infinity.
As you dive into P2E games to begin earning, note that some games are free to play, but your earning potential is usually better if you hold an NFT.
Let’s explore more about these NFTs in the following sections.
If you are a fan of NFTs, then you’ll love how they can be used for gaming.
When playing a P2E game, you will often be able to earn in-game NFT items, which are 100% yours to do what you please with. They can be used in the game or sold off on an open marketplace.
Some games will have their own marketplace where you can sell NFTs for that exact title and hit your targeted audience directly. Major NFT marketplaces, such as OpenSea, may also have listings where you can sell a specific collection.
You can think of this as farming gold or items in World of Warcraft or other MMORPGs.
One other way to make money from P2E games is through passive income. By renting out your NFTs, you can start earning cash without needing to play the game and helping out those who want to play but cannot afford to.
Renting NFTs has allowed more players to enter P2E gaming while NFT holders keep a steady income through their assets.
This concept breaks down barriers and helps grow the P2E gaming industry. It has even reached a point where guilds have formed to recruit individuals to play for them under scholarships.
Not only do NFT games help people earn money while having fun, but they also have been changing lives.
For some, NFT games have provided a liveable wage and become a full-time job. In some parts of the world, this revenue can be plenty to live off of. Vietnam of the Philippines has become two regions where these games have made an impact.
Axie Infinity is one such game that helped Filipino gamers immensely and became a hit.
NFT games all sound super fun, but before jumping in head first, make sure you understand the risks behind them.
First, there is a risk when buying an NFT for a game. Like any other investment, you risk having your NFT decrease in value, or the game’s token could tank completely, thus causing your NFT’s value to do the same.
Furthermore, there’s always the risk that the team behind a game abandons the project, known as a rug pull. Before investing in an NFT game, do your research on the team behind it to ensure that it’s a legit project.
If you find a solid project with a lot of hype around it, you will also risk that this hype dies down. As new P2E games constantly hit the market, it’s tough for many to keep momentum and stay relevant in the competitive market.
After understanding these risks, ensure you’re aware of the utility behind the respective NFT before buying into it. After all, they are highly speculative, and their value can go either up or down.
A golden rule to always take into account is NEVER risk more than you can afford to lose. Lastly, always be sure to do your own research (DYOR) before making a decision.
When you understand all these risks and have found a suitable NFT game to try out, then it’s just a matter of diving in and having fun.
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