Play to Earn Crypto Games Explained for Beginners 2022

Play to earn Crypto games usually allow users to collect crypto and NFTs that can be sold on the market. By playing the game often each player can earn more items or tokens you sell and generate an income.

However, the activity involves risk because you need to put up an initial investment to purchase characters and items to play the game.

What are Play to Earn Games

‘Play to earn’ video games are those that use cryptocurrencies to provide players both virtual and real world rewards. NFTs, cryptographically unique tokens that may be used to confirm ownership of material like photographs or music, are the value rewards offered as part of the games.

How do Play to Earn Crypto Games work?

Play to earn fits under the Gamefi umbrella since it combines gaming with money. There is always a financial incentive to play and advance in each. As previously said, individuals may make money in two separate ways by doing two significant specified acts.

1. Earning in-game cryptocurrencies

One perfect example of this is the Axie infinity’s smooth love potion (SLP). Acquired by completing daily quests or battling monsters and players. Some other play to earn games also have this concept of rewarding users with in-game cryptocurrencies

2. Earning or trading in-game NFTs.

Each NFT may represent an item character or another collectible in the game, which depends on the game you are playing. These can be purely cosmetics or fulfill a use or purpose in-game.

How Does Blockchain Technology Secure Play to Earn Crypto Games?

Playing to earn cryptocurrency types of games is nothing new. It’s not uncommon to see online auction houses or secondary marketplaces run by gold farmers for cryptocurrency games in the form of online auctions. The blockchain allows for the creation of virtual currency and goods. The attributes of a blockchain are so many that it is easy to establish ownership.

Think of the blockchain as an immutable database when discussing the technology. Computers (users) all have a copy of the blockchain data, and they all work together to keep it up to date. As a result, altering, duplicating, or erasing blockchain data is almost difficult.

These kinds of attacks, including item duplication and gold hacking, may be avoided in blockchain games since they can be constructed in such a manner as to prevent them from occurring in conventional games.

The rarity of an in-game object contributes significantly to its price since there is no way to clone and paste a blockchain-based item. Helps generate actual value for in-game assets.

How much Income do People Make From Play to Earn Crypto Games

It is difficult to comprehend that normal gamers may earn money from a blockchain game. In reality, many individuals, particularly in impoverished nations, make a livelihood through crypto games like Axie infinite.

Farming may give a more consistent income, with returns directly proportionate to talent and effort invested. In the Philippines, Axie infinite has even replaced workplace benefits.

Those that play for money may always make $200-$1000. (USD). Monetary farm SLP Affects pricing and playtime. For those who require a consistent income, farming is a safer option than trading NFT creatures and things.

In games like Axie Infinity, you may utilize your NFT (Axies) to breed new ones while predicting their worth. The most expensive Axie (Angel) sold for $131,970 in November 2020 and is presently offered for $300,000

How to Start Playing Play to Earn Crypto Games?

Each game where you play to earn crypto has different rules for new players. At the minimum, you are going to need a crypto wallet like metamask or Binance chain wallet to store your crypto and connect it to the game.

You may also have to make a small investment in order to play, such as setting up a team of characters or buying items that can be used in the game. A player who joins a digital crypto-economy is not usually free. As of February 2022, Axie infinity requires an initial investment of about $300 to buy three Axies. Even though this can be paid off in a few months of gameplay, it still makes it difficult for people to start playing.

Another way to do this is to look for a “scholarship,” where you can borrow Axies from another player for free and then share the money you make with that player (called an ad manager). On the other hand, a custom percentage of your income is given to the players who helped you start your team and complete daily tasks and challenges.

You will start to earn SLP, an ERC-20 token that can be found on Binance and other crypto exchanges.

How to Earn Money Playing NFT Games

When playing NFT games, there are primarily two methods to earn money: discover NFTs to sell or play often to generate a steady supply of in-game cash.

These actions will always provide you with NFTs tokens or both, which you can then sell on the secondary market. However, it is dependent on the specific cryptocurrency and goods you have. On Binance, you may be able to sell both your-NFT and tokens.

Ethereum and Binance smart chain (BSC) NFTs may be readily added to the Binance NFT marketplace, but you must always check if the non-fungible token you plan to sell is listed by Binance in your jurisdiction, and you must also complete the KYC procedure to authenticate your account.

How to Earn Cryptocurrency Playing NFT Games

In a nutshell, withdrawing a token such as SLP or SAND. If you want to spend your earnings in real life, you’ll need an exchange like Binance that provides play to earn crypto in a tradeable pair. You’ll also need to examine if you can swap the tokens for fiat money, like US dollars or Euros, and withdraw them to your bank account.

Another option to utilize is to spend your cryptocurrency using a crypto card, such as the Binance Visa Card. The best aspect is that you may convert your profits into a stable coin as well.

However, changing them to fiat will need a further procedure. A coin like BUSD will keep your money more steady than a volatile cryptocurrency like SLP, SAND, or Bitcoin (BTC).

How to Withdraw Your In-game Assets

After playing the sandbox, you have managed to earn some SAND that you will now want to sell out, to cash out your SAND, but first of all, you need to deposit your sandbox into your Binance account.

1. Copy the deposit address into the sending wallet if you’re using metamask or another crypto wallet to send the cryptocurrency tokens. Keep in mind that you’ll always need crypto to pay your fees, such as BNB for Binance smart chain and ETH for Ethereum.
2. Select an appropriate SAND pair to trade on the exchange view now. SAND/BUSD is an excellent choice since BUSD is readily convertible to fiat currencies and may be utilized to lock in profits.
3. The next step is to sell your SAND using whichever order type you like, however a limit or stop-limit order is still an option.
4. You will now have BUSD, which you may convert to fiat on BUSD exchanges such as EUR/BUSD. Once you have sold for fiat, the procedure for withdrawing your money from Binance will vary based on the nation you live in and the methods accessible.

Cashing Out NFTs From Play to Earn Games.

1. If you’ve won in-game NFT goods and collectibles in your play to earn game in any manner, you’ll need to trade them on an NFT exchange to cash them out. The Binance NFT marketplace offers a deposit option that enables you to sell your NFT directly on Binance; however, if your NFT is complete with them, you may also utilize Decentralized exchanges.
2. To sell you NFTs on Binance, you have to create or log into your Binance account, you will need to complete KYC verification.
3. Next, you have to go to the Binance NFT home page, click on the user center, and then deposit.
4. You have to select either BSC or ETH depending on the network your NFTs are on. Then you will see the address that you will need to send your NFT to, after you have successfully imported your NFT, you can then now sell it via an auction in a fixed-price format in a variety of different cryptocurrencies. BUSD is a good option when setting up your sale, as it has little volatility and can be easily converted to fiat.

Tax Implications.

If you use Binance to cash out your gains, you always have a variety of choices to pick from, based on your region and local legislation. However, it is always a good idea to double-check the tax consequences of any exchange you use to cash out. You may also be in a legal country that impacts the legality of cryptocurrency, so always do your own research.

How Play to earn Game Work With The Metaverse

When it comes to conventional gaming, creators always profit, while players only pay for in-game assets. However, this may be set to change as players seek rewards for the amount of time spent in the virtual gaming environment. This was made feasible by the Metaverse’s advertisement, which resulted in the growth of the play to earn model.

Mobile phones have seen dramatic changes in the last several years, evolving from small palm-sized devices to computer games and wireless consoles.

Additionally, gamers went from basic vanilla games to Grand Theft Auto, Call of Duty, and Assassin Creed, where they spent hundreds of dollars on in-game things such as skins and weaponry to show off to their friends and competition.

However, only the creators of these farms benefited financially, while players paid to have fun. However, the next generation of gamers desired a change in the system; they wanted rewards for the number of hours spent in virtual gaming environments, which the Metaverse enabled. This resulted in the development of the play to earn concept.

How Are Metaverse’s Play to Earn Crypto Games Different From Mobile Games

Historically, the majority of video games have featured a centralized economy and the ability to distribute in-game goods as they pleased. If you possessed skins or other in-game objects, for example, the creators had the ability to enable you to keep them.

However, if they choose to disable the game or remove any features that influence the item you own, you will be without recourse and the item or skin will be gone.

With the introduction of the play to earn paradigm, all digital assets acquired inside the game become completely yours to use as you like. You may even take it a step further and sell them on a marketplace.

How does the Play to Earn Model And Ownership Work?

In fact, play to earn games depend on blockchain technology since you may earn stuff in the form of crypto tokens, which are non-fungible tokens while playing the game (NFTs). And using a technique called staking.

Most of these games will provide you with a digital item in exchange for your time. For example, in the gaming world of Axie infinite, you may earn SLPs, which you can trade for cash or stablecoins on exchanges.

In a specialized marketplace, you may also sell and exchange digital goods like land and weapons in the form of NFTs with other players.

Because these objects are tokenized, they are one-of-a-kind assets that cannot be replicated, and their tokens are safely recorded on a distributed ledger.

You may sell and purchase virtual plots in the game Decentraland. A virtual plot of property on Decentraland was just sold for $1.3 million. You don’t have to worry about the security of these assets since they’re held on a blockchain.

And you would be the exclusive proprietor of these assets; the developer or publisher would have no claim to them.

A Step-by-Step Guide on Play to Earn Crypto Games.

We’ll go through the basics of getting started in a play to earn game in this initial stage. The top Play to earn crypto games Axie infinity, Pegaxy and Decentraland, both have their own unique development procedures, which we’ll cover in this first phase.

• First, you’ll need an Ethereum wallet to hold your cryptocurrency. Metamask is a nice wallet that is simple to use.
• After that, you must create a ronin wallet. It’s a wallet for storing in-game goods and assets on the ronin blockchain, and it’s available for download via the Chrome Web Store.
• After you’ve set up your ronin wallet, go to Axie Marketplace and establish an account using your ronin wallet.
• After you’ve finished setting up your account, go to your account settings and link to your Ethereum-based wallet.
• To begin playing the game, you must purchase three Axies (monsters in the game) from the Axies marketplace. Due to its growing popularity, the price of Axie has climbed to about 0.15 ETH ($300).
• Alternatively, you might apply for a scholarship program. These are programs formed by Axie owners that lend their Axies in exchange for a percentage of SLP revenues.
• After you’ve completed registering your Axie account and obtaining the required quantity of Axie, all you have to do now is download the game and begin playing.

2 Decentralan

• You must first open your browser and go to Decentraland website. Once there, you will be given the choice of playing with your wallet or as a guest. Playing using a digital wallet is advised since it provides you the full gaming experience.
• If you choose to play using a digital wallet, you must link the game to your preferred wallet.
• You will be prompted to log in after linking your wallet and then routed to the avatar customisation page. On the avatar modification page, you may change the head, torso, top, bottom, shoes, and accessories of your avatar.
• After personalizing your character, you must give your character a name. You’re now ready to explore Decentraland’s realm.
• Buy a horse from the marketplace (each horse’s value is determined by personal attributes, rarity, and bloodline) then start racing and earn VIS rewards for finishing in the top 3. The current floor price to purchase a horse is around $1500 (February 2022). All your VIS winning would be 100% yours
• Race as a Scholar. With this system of earning, you can find a horse owner to partner with on the Pegaxy marketplace and agree a profit share of the VIS (% share decided by the owner). An example could be a share of 80–20.
• Renting a horse for a fixed period will give you the option to keep all the VIS earned racing that horse in that period. An example deal on the marketplace today is renting a horse for 1 month at the cost of 1600 VIS
• If you want to take the breeding approach you will need to purchase a minimum of 1 male and 1 female Pegaxy horse. When breeding you need to consider which Bloodline and which breed type your breeding pair are.

What Are Play To Earn Crypto Games?

Did you trust me when I said you could expand your cryptocurrency portfolio by playing games?. Currently, the cryptocurrency market offers consumers several ways to obtain tokens. Regular investment, stake, slot auctions, etc. Making bitcoin is usually a difficult process. How about earning bitcoin by playing video games? It’s not a fraud. Many people already earn money from it.

As the name implies, play-to-earn (or P2E) crypto games involve earning some form of cryptocurrency through playing games. These usually include making in-game currency by carrying out guests, winning battles, and completing other forms of challenges.

You can absolutely exchange this in-game currency for Bitcoin, Ethereum, or another token on a decentralized exchange. P2E crypto games could have a promising feature in the industry.

P2E crypto games and Gamefi, in general, are warming up to become an exciting element of the Decentralized ecosystem. They may one day become some of the most popular games out there, with their intriguing development and attractive financial incentives.

Play to Earn Crypto Games Frequently Asked Questions

Many people are confused by play to earn as a controversial topic, possibly because they do not believe one can earn money by playing games. I was not convinced until I earned my first income from playing various crypto games, after which I gained a thorough understanding of the entire play to earn model. Other frequently asked questions about play to earn cryptocurrency games may be found below.

What is Crypto Gaming And Is It Worth Playing?

One thing that is paramount is that the funds earned from playing these games can either be transferred into a cryptocurrency wallet or used to buy other in-game. You can even use them to buy NFTs or non-fungible tokens. In some cases, NFTs are the in-game currency. This means players have the right to own in-game items and sell or trade them.

What Are The Best Play to earn Crypto Games Right Now?.

Now that you know that play-to-earn crypto games are step-forward for crypto enthusiasts, now which one in particular are the best to play.

The answer to this question might be subjective as different game players always have different tastes for different games.

[1]. Axie infinity.

Axie infinity is one of today’s most popular play-to-earn crypto games. One of the reasons is that smooth love potion, or SLP, the in-game money in Axie infinity, may be exchanged into cash. Another token in the game is the Axie infinite token (AXS).

Adventure mode and fight mode are the two primary modes in Axie infinity. The adventure mode entails fulfilling tasks and quests, whilst the battle mode entails combat with opponents.

You may also cultivate form in the Axie infinity world to make SLP, which you can then sell inside the game. You may also create your own character with whom you can win fights (called Axies) and earn AXS by participating in PVP or the player leaderboard.

[2]. Plant vs. Undead.

Plant vs. Undead is a great and nice game if you are not highly into nonstop combat. The plant vs. Undead game focuses on farming, where you can produce light energy or LE. To advance further light energy is the in-game currency of plant vs. Undead, which you can convert into the official plant vs. Undead or (PVU) tokens. Then you can trade them in various Decentralized exchanges.

[3]. Battle of Guardians

Battle of Guardians is the first real-time multiplayer NFTs platform. This sci-fi-themed game, developed by the unreal engine, involves three character types, which are human, demons, and guardians, and also has an exciting storyline.

The game also has multiple playing modes, a tournament mode, which consists of different challenges, and the main one that you can earn or make money through is Battle of Guardians with NFT.

[4] MetaWars

Metaverse is an exciting multiplayer sci-fi-themed game set in the feature, it was launched in October 2021 on BNB smart chain or Binance smart chain, this play to earn game combines space exploration with combat and offers a user-controlled in-game economy.

You can earn the game’s nature token WARS by Winning battles and completing challenges. You can even stake WARS and use it to take part in auctions and in-game governance.

How do play to earn games make money?.

To make money under the play-to-earn model, gamers must earn or trade in-game NFT, cryptocurrency, or lock up the assets in smart contracts in a process called staking.

What is play 2 earn?

Play 2 earn games refer to the concept of gaming in which a platform provides its players with a chance to earn. Any form of in-game assets that can be transferred to the real world as a valuable resource.

Can I earn crypto by playing games?.

Instead of your money going only to game developers and distributors, you can now make or generate income from cryptocurrencies or non-fungible tokens (NFT) using your computer or smartphone in playing play-to-earn games.

Closing thought.

When it comes to making money with cryptocurrency, many projects and ideologies are turning to the emerging trend of “play to earn” games. In order to take advantage of them, you must first be in line.

Even yet, the concept of “play to earn” has allowed gamers to make some extra cash, but you should exercise extreme caution since some of these opportunities may be fraught with danger owing to poor tokenomics or outright fraud.