Play-to-earn Games: New Way to Monetize Games Using Cryptocurrencies?

Over the next few years, the gaming industry is expected to undergo significant changes. Rather than making companies wealthy, developers are looking for ways for gamers to profit.

According to Statista, the global game industry will be worth 268.8 billion dollars annually in 2025, up above 178 billion dollars in 2021.

Online gaming, like any other sector, has seen a variety of trends and patterns over the years. The list of games ranges from first-person shooters (FPS) to multiplayer online battle arena (MOBA) games.

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Now it seems like game monetization using cryptocurrencies are the next big thing. The play-to-earn concept becomes even more important at this point.

But, what exactly are Play-to-earn crypto games? Can games be monetized using cryptocurrencies? Let's find out!

Firstly, let's talk about,

What are Play-to-earn games?

Play-to-earn is exactly what the name implies: a business model in which users may play a game while also earning cryptocurrencies.

This model's main feature is that it gives gamers ownership of some in-game assets and allows them to grow their values by proactively playing the game. These mainly entail performing missions, winning fights, and accomplishing various types of challenges in order to earn in-game currency.

On a decentralized exchange, users may usually trade this in-game cash for Bitcoin, Ethereum, or another token.

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Users can get started for free in some cases, but you may need to make the initial investment in others.

The money gained from these games can be transferred to a cryptocurrency wallet or used to purchase other in-game things. They can also be used to purchase non-fungible tokens, or NFTs.

NFTs are the in-game currency in some circumstances. Gamers can claim ownership of in-game things and sell or trade them as a result of this.

Players are attracted to these games because of the monetary benefits, which is why the play-to-earn game development is booming.

What are the fundamentals of play-to-earn games? How do they work?

Play-to-earn games are based on a business model in which users are rewarded with cryptocurrencies in exchange for playing the game. In-game assets can now be identified by a unique blockchain identifier thanks to the introduction of non-fungible tokens (NFTs).

This enables digital things with monetary value in the game world to have a single owner as well as a monetary value. In play-to-earn crypto games, the primary concept is that players can be compensated and the games can be monetized using cryptocurrencies.

To participate in any of these play-to-earn games, users must-have the following:

• Crypto wallet - To keep track of their virtual currency and NFTs, as well as conduct in-game transactions. Depending on the blockchain the game was developed on, you'll need a different wallet.

• Prefund - To buy starter products and move forward, you'll need to pre-fund your crypto wallet with a certain cryptocurrency.

Moving ahead, let's talk about,

Top Play-to-earn crypto games of 2022!

Here is an overview of some of the most popular Play-to-earn crypto games currently accessible for players wishing to get involved and earn cryptocurrencies and NFTs.

#1. Axie Infinity

In the crypto realm, Axie Infinity is without a doubt the most prominent play-to-earn game. There are two modes in Axie Infinity: adventure mode and fight mode.

The adventure mode entails fulfilling tasks and quests, whilst the battle mode entails combat with opponents.

Read more: How to Create a Game like Axie Infinity?#2. Upland

Upland is an NFT metaverse game, where people can buy, sell, and exchange real-world properties. Users can then play games, manage businesses, and communicate with Uplanders all around the world.

Players control an Upland avatar who may explore a city looking for available properties to buy. They can even go to the properties of other players.

#3. Decentraland

Another popular game is Decentraland. It's essentially a virtual world — a parallel universe powered by Ethereum – where people may develop, enjoy, and monetize various types of content and applications.

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Land plots can be purchased by users. After that, they can moderate it in a way that makes it more appealing, build on it, and possibly monetize it using cryptocurrencies.

#4. Sandbox

Sandbox is another Play-to-earn crypto game where participants may make money while having fun. It combines the capabilities of decentralized autonomous organizations (DAOs) and distributed ledger technologies (NFTs) to build a digital environment with a large gaming community.

In the game's blockchain-based virtual environment, players can construct, create, purchase, and trade numerous digital goods.

You can also join the gaming industry just by developing your own Play-to-earn crypto game like Axie Infinity and others like the aforementioned. But, developing blockchain-based games which use cryptocurrencies as monetization models is not an easy task! You need to partner up with the right game app development company.

To sum up!

Many individuals believe that blockchain gaming is the future of the gaming business, and there are lots of reasons to believe such.

Play-to-earn is becoming a viable business strategy for both game app developers and gamers, allowing them to monetize their games using cryptocurrencies. It will take time to determine if Play-to-earn crypto games gain traction in the long run, but that appears to be the case right now.

Are you interested in developing a play-to-earn game like Axie Infinity? To get started, hire a top game app development company.

Original Source: Play-to-earn Games

I am Maria Murphy. Working as a Sr. Business Development Manager and empowering clients to exceed their business goals by enabling them to learn about social selling, content marketing, and social media strategies that help in revenue generation.