Do you know that you can make money by playing blockchain games? The Internet as we know it is undergoing a disruptive revolution, with blockchain gaming being one of the most recent targets.
Blockchain applications in the gaming space have soared to new heights as a result of the seemingly unstoppable rise of NFTs, driving widespread cryptocurrency adoption along the way.
The Infinity Axie, Decentraland, the Playground, THNDR and the Seven Dragons are all examples of blockchain games you can play online.
Crypto is now being used by gaming platforms to financially incentivize new players to join their ecosystems, tapping into an already tech-savvy community. People are reportedly earning more than the national minimum wage in some countries.
But how does it all work, and can you make a living playing blockchain games? Let’s start with the basics to get a better understanding of this new industry and how to get involved.
What is GameFi?
The idea behind GameFi, or gaming finance, is to monetize certain aspects of traditional (and new) online games. Its goal is to enable players to own specific in-game objects, which can then be sold, traded, or swapped among other users within the virtual ecosystem. A good example is the popular online game PUBG.
Blockchain gaming exists at the crossroads of gaming and finance, with three major components:
- Games,
- Decentralized finance (DeFi), and
- Non-fungible tokens (NFTs).
These three components, when combined, are revolutionizing video games.
Consider owning your game’s favourite sword or football player, which you can then sell to another player for a tidy profit. It is comparable to applying financial markets to World of Warcraft or FIFA.
The second major component is decentralised finance, which is facilitated by the use of cryptocurrencies. These crypto tokens serve as in-game currency, allowing players to buy and sell items in the game world.
The play-to-earn (P2E) model is at the heart of GameFi, and it is here that crypto’s role truly shines.
How much money can I expect to make from playing blockchain games?
It all depends. It’s important to note that, while there have been reports of people making a lot of money playing blockchain games, it’s not a get-rich-quick scheme.
As an example, consider one of the most popular games on the market. In 2021, Axie Infinity saw an increase in users all over the world, but particularly in the Philippines.
According to some estimates, Axie players who play for several hours per day earn between $8 and $40 per day. Earning potential varies greatly depending on the creatures you have, the powers they have, and the number of wins you can collect.
Read- Crypto.com Review – An in-depth examination of the trade ecosystem on Crypto.com.
How Does a Blockchain Game Function?
As an example, consider Axie Infinity. One of the most famous blockchain games on the market is Axie Infinity. The native token of the project, AXS, is used to reward specific activities and behaviours within the game.
Users can earn AXS tokens by participating in battles or competitions, caring for other players’ lands, trading in the Axie Infinity market, and breeding new creatures.
After that, players can sell their AXS tokens on a centralised platform, such as AAX Cryptocurrency Exchange, which provides crypto-to-crypto and fiat conversion services.
Otherwise, they can exchange their items for an agreed-upon item or quantity of AXS tokens with other game players.
Read- Coinbase Review – Is it available in Nigeria.
10 Ways to Make Money by Playing Blockchain Games
- Just have fun!
The first is self-explanatory: play your favourite blockchain games, have fun, and earn some of the in-game crypto tokens that they provide along the way! The emphasis here is on having a good time.
Any money you make as a result of doing so is a bonus. The benefit of this approach is that you’ll learn as you go, and if you’re having fun, you won’t put yourself under pressure or see it as a ‘job.’
When you’ve found your footing, you can advance to higher-paying positions. Not sure where to begin? Try Axie Infinity, a popular and fun game.
- Participate in tournaments
You can start looking for competitions and tournaments that provide rewards in addition to the tokens you will earn by playing if you know what you’re doing and have developed a high degree of expertise in the appropriate game.
Others are significant international competitions, while others are modest, unofficial events. There are also regular in-game tournaments, battles, and competitions, and once you reach a certain level, you might be able to access more profitable chances.
- Create new characters or borrow more interesting ones.
Depending on the game, your earning potential increases the longer you play and the more your character (usually represented by an NFT) develops. For instance, characters with more experience might be able to participate in combat with greater stakes.
Naturally, this procedure requires time. Thankfully, there is a shortcut. A “scholarship” is a common way to borrow valuable NFTs from other users in exchange for a share of the revenue you make utilising them.
Read- Direct Deposit – Meaning and How it Works.
- Lending NFTs
If you put in the effort to construct an NFT to the point where it is valuable, you have the choice to lend it out and generate passive revenue by offering scholarships.
If you’ve already invested a lot of time in games that you don’t play as frequently, this is a terrific method to make money off of their assets.
You don’t need to transfer ownership of the assets to another blockchain wallet because there are platforms that help you accomplish this safely and securely.
- Market NFTs
You could also just sell it on the secondary market if you own a valuable character or an NFT for a desired piece of equipment. This is a simple way to turn assets you don’t need into cash, which can then be used to buy the NFTs you do need, or else held as a cryptocurrency or withdrawn to pay your bills.
The majority of play-to-earn games have built-in marketplaces where users trade NFTs.
Read- What Startups Should Know About Zero-Based Budgeting.
- Live stream
In addition to the tokens you’ll earn through going through various games, there are options to make money from playing if you already have a following on Twitch or other comparable sites.
Although growing your audience can be difficult, there is nothing wrong with using your current audience to add a second source of income and, in the process, teach others about the finest play-to-earn games.
- Join a Guild
Players can pool resources, study, locate the greatest games, and find ways to make extra money in the form of native platform tokens by assisting others through initiatives like Crypto Gaming United.
Since everyone’s earning potential is being increased, it’s a win-win situation for everyone involved. There are options to make money in addition to the games itself since several community-building activities will result in bonuses.
Additionally, after receiving your prizes, you can stake them to generate passive income and get a portion of the profits that everyone generates collectively.
- Create manuals and instruct others.
Mentoring other players is one of the most effective methods to improve a community, whether you do it on your own or (preferably) as part of a guild like CGU.
You must have attained a specific level of experience and be informed about various games, procedures, or technology to do this. The good news is that there are many opportunities available.
You might be a professional player, or you might have acquired knowledge of blockchain, cryptocurrency wallets, or even cryptocurrency trading (a useful auxiliary skill).
However, there are methods to make money with skills that might benefit others, such as writing blogs and articles for crypto media websites or creating content for the CGU DAO.
- Contribute to development
The majority of us like playing games for no other reason than that they are fun, and we look forward to the introduction of a new, intriguing game with a mixture of excitement and annoyance.
But you can truly take advantage of this as a fantastic opportunity. Before a game is released, developers frequently seek feedback from players to help them polish it.
You could even be able to make a more direct contribution if you are a developer yourself or have additional abilities, such as graphic design, especially if you can get engaged early.
Blockchain games generally have sizable communities on Discord or other social media for several months before launch because they are frequently funded through crowd sales, allowing you the ability to participate in a variety of ways. Participate, communicate with the team, and learn about potential roles and rewards.
- Farm
Play-to-earn games go beyond simple gaming. Some of them offer chances for you to invest money in integrated DeFi yield farming systems. For instance, the finance and investing section of SafeHamsters, an augmented reality combat game now supported by CGU, allows players to profit from staking and liquidity providing.
It’s an effective technique to gain knowledge about yield farming and earn some extra money with your cryptocurrency profits that could otherwise be sitting inactive in your account.
What is the Play-to-earn Model?
Simply put, P2E works by rewarding users financially for completing specific tasks or reaching milestones within the game they are playing. Rewards are typically distributed in one of two ways.
The Cryptocurrency tokens are used as in-game currencies that can be accumulated over time and used to purchase other items or sold on the market for a profit.
NFTs add a new dimension to the P2E landscape’s rewards. Non-fungible tokens are digital representations of ownership over specific items.
5 Most Common Blockchain Games
What are some of the most common blockchain games? There are nearly 400 blockchain games to chzxoose from, so do some research to determine which style of gameplay you prefer.
Another option is to base your earning strategy on CoinGecko’s list of the top P2E tokens by market capitalization.
Here are a few popular blockchain games:
- Infinity Axie: A blockchain-based gaming platform inspired by Pokémon-style role-playing games (RPGs) in which players can trade, battle, and breed pet-like creatures known as Axies.
- Decentraland: A virtual reality ecosystem in which users can purchase plots of land and construct any type of property, from universities to music stores. Creators can also mint their own NFTs and sell them on their land plots.
- The Playground: NFTs are used to represent land that users can buy, develop, and then sell to others. Furthermore, players create content that can be traded on the Sandbox marketplace as another way to earn money.
- The Seven Dragons: This RPG game, built on Enjin, the leading gaming blockchain, allows users to explore vast lands, farm resources, and create craftworks, which can then be traded to other players.
- THNDR GAMES: Provides a variety of games that users can play to earn Bitcoin. The latest game from THNDR is a spin on the classic Snake in which you can earn sats by eating worms.
Conclusion
Although these are some of the most well-liked methods of earning money through blockchain games, there are more, since the play-to-earn market is increasing quickly and presenting fresh chances every week.
To maximise revenue, CGU monitors the market and screens players to match the greatest games to the right players. I guess you have learnt that you can make money playing blockchain games. You can add your contributions and suggestions via the comment section.
Disclaimer: Cryptocurrencies are complex, risky, and speculative; they are also quite volatile and susceptible to secondary activity. Performance is unpredictable, and past success does not ensure future success.
Before depending on this information, take into account your own circumstances and seek your own counsel. Before making any decisions, you should also confirm the specifics of any product or service (including its legal status and any regulatory requirements) and examine the websites of the appropriate regulators.
