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CRYPTOCURRENCY IS being incorporated into certain video games, meaning gamers can be paid to play.
Games are using blockchain technologies such as non-fungible tokens (NFTs) as rewards and these have monetary value.
Axie Infinity is the most popular pay-to-play game
What are play-to-earn games?
A play-to-earn game is any video game that harnesses cryptocurrency to reward players with something that has real-world – as well as virtual-world – value.
Rewards given as part of these games tend to be NFTs, cryptographically unique tokens that can be used to prove ownership of content such as images or music.
The NFT will represent an in-game asset, such as a virtual tool or weapon to be used as part of the game.
Once players have won them, these NFTs can be traded for other assets within the game or sold for money on an NFT marketplace.
What are the most popular play-to-earn games?
The most popular play-to-earn game is Axie Infinity, a monster-battling game launched in 2018 in which cartoon creatures called Axies represent NFTs.
In countries such as the Philippines and Indonesia, people are playing Axie Infinity to support their families.
Splinterlands, a game that sees players trading cards that depict fighters and represent NFTs, is also well-liked.
In Alien Worlds, another popular play-to-earn game, NFT-backed assets include land, tools, weapons and avatars.
More NFT games attracting plenty of players
What play-to-earn games are being released in 2022?
Both game developers and NFT owners are taking advantage of the emerging play-to-earn industry.
Bored Ape Yacht Club, which owns 10,000 NFT images, has announced collaboration with game software company Animoca Brands to develop a new play-to-earn game.
NFT owner The Forgotten Rune Wizard Cult has partnered with game developer Bisonic to build a play-to-earn game, which is likely to include NFT-backed assets such as land used to build virtual worlds.
Loopify, a well-known NFT collector, is developing Treeverse, a multiplayer role-playing game with artwork inspired by titles such as The Legend Of Zelda: Breath Of The Wild.
How can I make money from play-to-earn games?
To make money from play-to-earn games, you need to sell the NFTs you earn on an NFT marketplace.
Some pay-to-play games, such as Axie Infinity, require players to buy NFTs from an NFT marketplace before playing.
Success, of course, rests on your gaming skill, but it’s also important to remember that making money through NFTs requires caution to avoid scams.
One example of a common NFT scam is the “rug pull”, when developers of an NFT project abandon it part-way through and disappear with the investors’ money.
Sudden hype around a project and spike in coin prices can point to a rug pull, while projects that lock their pooled liquidity for a fixed period tend to be safer.