Play-to-earn games enables users to make a consistent stream of cryptocurrency money just by participating in the game. The mechanics of each game can vary, but generally speaking, staking, farming a game’s cash, or creating tradeable NFT products yields benefits. Users depended primarily on random chances to win in earlier blockchain games. However, play-to-earn has produced in-game economies and business models where users can generate income.
One well-known illustration is Axie Infinity on the Ethereum network. The game combines gameplay from classic video games with components from more recent blockchain games. For instance, the adventure mode, PvP fights, and tournaments in Axie Infinity are characteristic of the conventional gaming industry. For Windows, Android, Mac OS, and iOS, the game is accessible.
How do play-to-earn games function?
Play-to-earn video games are included in the GameFi category since they combine gaming and finance. Each game offers rewards for participation and achievement. As previously indicated, there is typically a grinding component to repeating particular behaviors that allow users to earn money in two ways:
1. Acquiring virtual currency in-game.
Axie Infinity’s Smooth Love Potion (SLP), which is obtained by finishing daily quests or going up against players and monsters, is one illustration.
2. Acquiring or exchanging NFTs in-game.
Each NFT could be a representation of a game collectible, character, or object. These can be just decorative or provide a function or usage in-game, depending on the game.
Staking is a third way to make money using play-to-earn games. Users can lock up NFTs or cryptocurrencies in smart contracts in some NFT games, which results in incentives. For instance, users that stake MBOX tokens are rewarded with MOMO NFT Mystery Boxes.
Each one includes a randomly selected NFT with a range of rarities that can be sold later on the secondary market. You will need a very high initial investment, though, in order to receive significant staking incentives.