NFTs And Crypto Growth Fueled By Play-to-Earn Gaming

Play-to-earn gaming has taken the NFTs crypto world by storm. Adults are rewarded with cryptocurrency or NFTs just for playing games they would normally play for free. Users of Axie Infinity’s most popular play-to-earn platform can collect “Axies” to use across the company’s games. The company then uses Blockchain to reward participants.

However, play-to-earn gaming isn’t technically “free” at first. Axie Infinity requires three Axies to get started, and these Axies aren’t free. According to the game’s Marketplace Dashboard, you may need to spend $1,000 USD or more to meet this requirement.

From there, you can profit by selling SLPs, breeding rare Axies, and AXS staking. You can also earn crypto by playing the platform’s games.

Interestingly, each Axie is a non-fungible token minted on the Ethereum blockchain. That’s why Axies are expensive and sell for a profit.

No need to sell your digital game assets through the platform. Your in-game assets can be traded on platforms outside the game’s universe. If you stop playing the game, you can sell your Axies to recoup your losses.

Annual E3 Gaming Industry Conference Held In Los Angeles

NFTs Play-to-Earn Gaming’s Power

No wonder Axie Infinity has such a large following, says Gallant Token CEO and founder Steven Walters. The ability to earn real-world value by playing a blockchain game is luring people into the market, he says. Adding NFTs, he adds, “not only earns money for your time, but also gains an asset.”

“These NFTs can be bought, earned, or gifted,” he says. “Players can level up NFTs and resell them on the market.”

Walters also believes that traditional gaming may become extinct due to the play-to-earn model. After all, parents can create a wallet and let their kids or teenagers play these games in the future, allowing them to do things they couldn’t do after playing an Xbox. They could earn money for real-world purchases, college savings, or future savings.

Major gaming industry players have begun laying the groundwork for this new era of gaming, he says.

Play-to-earn gaming, says OVR.ai co-founder and COO Diego Di Tommaso, shows how NFTs are the future internet’s building blocks. The ability to own a digital asset and sell it without permission outside the platform where it was created is a game changer, he says.

Can you sell Fortnite skins in open markets? Tommaso says no for now, but if those skins were NFTs, yes.

The play-to-earn gaming model also shows the potential of blockchain technology. When was the last time Google or Facebook repaid you for using their services?

Tommaso adds that this type of gaming “allows us to imagine a world where people can actually make their living in a metaverse.” A dystopian future where we spend our time in a metaverse we can’t own?

That’s a big difference from today’s world, where private companies capture all the economic value generated and don’t share it with the people who made it possible.

What’s next?

Many people worldwide are currently earning a side income through play-to-earn gaming, according to CryptoBlokes founder Stefan Ateljevic. Average players make several hundred dollars per month just by playing a few hours per day. It’s a great way to earn money while having fun, he says.

However, this process has enabled people in developing countries to earn a living by playing games online. Many people in countries like Venezuela and the Philippines are “playing to earn” on blockchain games, he says.

It will be possible to make a living as a professional gamer as the metaverse evolves, says Ateljevic.

And he adds that mainstream games like Counterstrike, DotA, and so on are only accessible to top-tier players. But blockchain games linked to their native cryptocurrency and blockchain, giving them infinite value.

The Bottom Line

Some experts believe we’re just getting started. According to Oleg Kurchenko, CEO of Binaryx digital asset exchange, the industry is evolving in real time. As more people participate in P2E gaming, the number of projects increases. This has increased interest in cryptos and NFTs.

Moreover, play-to-earn gaming is a way to make money doing something you love. Kurchenko predicts more games and more sophisticated products on the market in the near future, attracting more investment.

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