November 29, 2022

How profitable are crypto games and how do they work?

How profitable are crypto games and how do they work?

Crypto game

Introduction

In just a few years, cryptocurrency has captivated our attention and altered our understanding and use of money. As cryptocurrencies become more and more mainstream, game developers have begun to take notice of the development of games based on blockchain technology.

A few years ago, it was only played for fun. Things have changed because of new technologies such as blockchains and cryptocurrencies. A number of blockchain-based games exist that allow players to make money while having fun. Even some countries, such as Finland, have experienced an influx of excessive resignations as a result of people earning more money playing Axie Infinity, a Cryptogame, than working.

Traditional games are centralized, which means you can’t utilize your stuff or experience (XP) obtained in one game to play in another. This has altered as a result of the incorporation of blockchain technology into crypto games. Players can now use their prizes and other items on a variety of cryptocurrency gaming sites.

Players can also win money by playing crypto games. As cryptocurrencies become more and more mainstream, game developers have begun to take notice of the development of games based on blockchain technology.

What Is Blockchain?

Blockchain
Blockchain

To understand crypto games, you need to understand blockchain technology. Blockchain is the core of crypto games as a technology that supports Bitcoin, Ethereum, and other cryptocurrencies. Essentially, the block is a chain across a computer network shared database as a system for recording information. It is almost impossible to change or crack the data, making it extremely difficult to spoof the system. Computers connected to the network are constantly checked to ensure that all database copies are the same. Encrypted games are built on blockchain technology.

Relationship between cryptocurrencies and video games

Gamers worldwide are taking advantage of the leading Blockchain technology to use cryptocurrencies as payment in video games. Many developers are also using cryptocurrencies to reward players who succeed in their creations. In the same way, they are also being used as exchange currency to buy extra lives and other functions within the game. This is how cryptocurrencies are becoming part of digital games. The world of video games represents a dynamic market with great potential to generate economic dividends. And as is logical to assume in this digital age, Blockchain technology is taking a leading role in the world of video games. It has revolutionized the way games are developed and the vision of gamers. It is estimated that the world of video games could become one of the most significant contributors to the world of cryptocurrencies.

Play-to-Earn: How Does It Work? 

Essentially, a crypto game is a video game running on a cryptocurrency network that includes a fully or partially distributed accounting structure that provides players with verifiable ownership of the virtual products contained in the game. Therefore, players can exchange virtual goods for cryptocurrency, exchanging cryptocurrency for real money.

For a long time, only game developers or game studios can profit from virtual currency sold to players or users because these assets are just vanity value. This means that almost everything you can buy in the game (such as skins, armors, upgrades, etc.) has only a limited deal, even though users spend real money to buy them.

But with the rise of crypto games, the status quo is changing. Although regular games are mainly for entertainment, encrypted games bring joy and bring extra rewards for earning real money while playing games. Every time a player purchases an asset, the game economy’s worth is indirectly increased. Some of the most popular encrypted games that let players use virtual items to earn money to reach game goals are Axie Infinity, CropBytes, and Gods Unchained.

What kinds of games are there?

Collectible Video Games

Collectible games are the lifeblood of the crypto and blockchain gaming worlds. The most well-known game in this genre is CryptoKitties. Players train, gather and sell digital creatures in a virtual universe in this game. Players train, collect and sell digital animals in a virtual world in this game. It’s similar to Pokémon but with CryptoKitties.

Role-Playing Games (RPG)

In these games, players directly control characters as they engage in real-time combat. The gameplay mirrors hack-and-slash or shooter games. You can earn NFT and crypto rewards by playing these games. There are few RPG-based blockchain games available.

Open World Games

Open world crypto games are just that: explorable worlds built with cryptocurrency-based assets. In these games, you can purchase Land for real money and personalize it with people, buildings, plants, and other features. You can also sell your Land to others for real money

Crypto games vs. NFT games

NFT games
NFT games

Crypto games and NFT games are two different segments, as the former is more focused on spending, cryptocurrencies to win and transact with other players. NFT games, on the other hand, focus on leveraging native currencies to generate and accumulate unique NFTs that may be used in-game for specific actions or held and later sold.

What Are The Advantages Of Crypto Games?

In general terms, cryptocurrencies in video games provide the same advantages as their use in other fields. Based on the significant market potential that the use of Blockchain technology represents. It’s not just about using crypto to buy digital items. The developers create authentic virtual economies linked to their worlds by allowing the purchase of weapons, objects, or characters, among others. And that they are just flirting with the endless possibilities it offers them.

In addition, although the transactions carried out by video game players are not considered international operations, they are carried out through the online stores that distribute their products in each country. This type of financial transaction through regular channels would generate a commission or tax rate that can be very high. The use of cryptocurrencies allows the cost of these fees to be very low or non-existent. It is only enough to carry out the transfer of cryptocurrencies between the wallets of those involved. Another critical advantage that using cryptocurrencies brings to video games is speed. Speed is paramount for many of the transactions carried out in this field. Since this is required when buying or selling a trophy or virtual object obtained. In addition, there are additional advantages such as decentralization, security in different transactions, and, ultimately, the entire set of benefits that operating with cryptocurrencies brings to its users.

Can you make money playing?

Yes, You really can. Many factors determine how much money will be generated with each video game, so it is impossible to precisely know how much will be won, but it is possible to make estimates. But if it is possible to earn money, it is easy to understand. The player, while connected playing, will earn cryptocurrencies. Those cryptocurrencies have a market value determined by the players and investors themselves.

Many people who lose their careers in the physical world see the world of video games as an opportunity to play games and earn money. Although some think we are still “in the early stages” of construction, Blockchain-based games are already developing powerful economies. These become an attractive alternative to the dwindling supply of jobs. And it is that automation presents an increasing difficulty for people to find work.

Mainly, Younger people are taking their first steps in finance. They are the ones who see investing in cryptocurrencies and video games as the best option to generate income, especially in countries where the economy has been hit hard. This is because, in addition to the limited supply of job opportunities capable of satisfying an economic need, it is much easier for them to understand the operational and development principles of these crypto assets

What Determines How Much Money Is Earned?

To know how much you can earn, you need to know the methods to make money. The first is the simplest, through the cryptocurrencies earned by playing. So, among the factors that will determine the player’s profit are:

  • The number of hours of play.
  • The skill level of the player.

Best blockchain games (Play to Earn) to make money with cryptocurrencies

  • Axie Infinity
  • Neon District
  • Plant Undead
  • CRYPTO Space
  • DOGE DASH
  • Town star
  • Illuvium
  • Splinterlands
  • Alien worlds
  • Farmland
  • BOMB CRYPTO

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