Today’s cryptocurrency market provides many opportunities for people to earn tokens. Whether through regular investing, slot auctions, staking, or other means, earning cryptocurrency is often tedious.
What if, though, you could earn cryptocurrency through video game playing? It is not a scam. You can earn digital assets by playing crypto games. But what exactly is it, and what is the secret behind play to earn crypto game projects? Let’s find out.
Play to earn (or P2E) crypto games, as the name implies, involve earning cryptocurrency by playing games. Making in-game currency by completing quests, winning battles, and completing other types of challenges is usually one of them. On a decentralized exchange, you can typically exchange this in-game currency for Bitcoin, Ethereum, or another token.
You can sometimes get started for free, but you may need to make an initial investment (which could be considered the “catch”).
The money earned by playing these games can be transferred to a cryptocurrency wallet or spent on in-game purchases. You can also use them to purchase non-fungible tokens (NFTs). NFTs are the in-game currency sometimes. Players can thus claim ownership of in-game items and sell or trade them.
Play-to-earn games are available in a variety of themes and game difficulties. There have been various P2E games that cater to different player personalities since the rise of Axie Infinity in 2018. Most of these games feature simple gameplay typical of games in their early stages of development.
Popular types of play-to-earn games include:
Play-to-earn is not a new concept. Many online games (typically MMORPGs) have fiat-based auction houses or secondary markets run by gold farmers. The crucial difference in cryptocurrency games is that these currencies and items exist on blockchains. A blockchain has several properties that make it simple to show ownership, legitimacy, and rarity.
Think of a blockchain network as an immutable database. It is kept up by a distributed network of computers (users), each of which has a copy of the blockchain data. As a result, it is nearly impossible for someone to alter, duplicate, or delete blockchain data.
As a result, blockchain games can avoid fraud or corruption, such as item duplication, gold hacks, and other exploits common in traditional games. The rarity of an in-game item is an essential factor in its value. There is no copy and paste with blockchain. If an item is a one-of-a-kind, it cannot be replicated. This contributes to the creation of true value for in-game items.
Conclusion
Play to earn crypto games are poised to become an exciting component of the decentralized ecosystem. With their intriguing developments and appealing financial incentives, they may one day become some of the most popular games available. Time will tell whether P2E games gain traction in the long run, but that appears to be the case right now. Contact SmartOSC if you are interested in blockchain development.
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