Playing video games is one of the most popular online activities, with millions of enthusiasts around the world. But with the industry growing at a fast pace and people having more expectations of new opportunities, the next generation of games has emerged in the last few years.
Being online just for fun is slowly but surely decreasing in popularity. As a famous saying goes, time is money, and gamers have undoubtedly taken notice that they put considerable amounts of money into digital experiences with little to no return. Therefore, they’ve started focusing on monetizing their hobby. That’s where blockchain games – also called NFT games or P2P games – come into play. The Play-to-Earn model allows players to earn real-life rewards while immersing themselves in fascinating gaming multiverses. And it’s not just a fad. Digital currency in the gaming industry is emerging as a fruitful combination, and the success of games such as Axie Infinity and Decentraland is clear proof of this. The so-called crypto games blend virtual and real so that people can enjoy both physical locations and digital characters and earn tangible rewards as they complete various missions.
Undoubtedly, this is a chance to invest in a new type of tokens – gaming tokens – such as AXS and MANA and diversify your portfolio. So, after checking the Ethereum price on a reliable exchange platform and proceeding with a purchase, it might be worth your while to have a look at gaming coins of the likes mentioned above. And for you to have a clearer idea of the phenomenon – and make an informed decision regarding your investments – we’ve collected some valuable information on the subject.
What is crypto gaming specifically?
Crypto games change the traditional concept of centralization by introducing blockchain technology. This allows players to use their in-game collectibles and rewards across various crypto-gaming projects, as well as explore more advanced, engaging, and complex multiverses or metaverses. Blockchain gamers are the first to provide players with the unique chance to monetize their in-game items and thus earn real-life money. In Axie Infinity, for example, gamers can purchase cute, Pokemon-like creatures called Axies, level them up – or breed them – and then sell them at the desired price on the NFT marketplace. Those indulging in this game can also battle their Axies to win AXS (Axie Infinity’s native token) or SLP (Smooth Love Potion), two Ethereum-based crypto gaming tokens increasingly popular among investors.
Normally, most games dispose of marketplaces where users can buy and exchange collectibles such as loot boxes, avatars, and weapons. But following the traditional gaming model, people have no real ownership of these items, as it goes to the developers designing a particular game. However, this is no longer valid for decentralized games, where players can finally have full control over their in-game treasures, which are, in most cases, represented by NFTs.
Interoperability, fair experience, and unlimited creativity are the most prominent upsides of this gaming model. Without a doubt, it flips the conventional model on its head, allowing users to own a part of the game itself, as well as transfer their purchases and winnings from one game to another. Undoubtedly, this is as promising as it sounds, but the question is, ‘Is it really worthwhile?’ Let us answer this for you.
What are the benefits of participating in crypto games?
Crypto-gaming companies experienced significant investments totaling $1.2 billion in Q1 2022 alone, so it’s clear as day that this gaming model could become the norm in the future. In addition to the evident gain potential, playing blockchain video games has some undeniable benefits, including increased anonymity and safety, just as cryptocurrency itself does. Needless to say, due to blockchain technology, there’s no longer a need for third-party intermediaries, such as banks and government institutions, to validate transactions repeatedly. That, in turn, leads to faster withdrawals and deposits.
The question ‘Can I earn real money from P2E games?’ is on every player’s lips, which is normal since their time and resources are at stake. Well, if you’re wondering just the same thing, learn that you can, indeed, earn tangible rewards from these NFT games, but playing for gains is not really the most recommended way to do things. That’s because the crypto gaming industry is still in the early stages, meaning that items’ value could fluctuate daily, just like in the case of cryptocurrencies. Surely, you can transfer your NFTs between platforms or trade them with other players if you want to. This gives you a chance to make money from marketplaces and reap hence the most significant benefit of the P2E model.
On the other side of the coin, there would always be those interested not in the rewards but in creating avatars and exploring the many multiverses out there. If you’re one of those with undeniable artistic inclinations, consider designing your collectible items and selling them on the marketplace.
Last but not least, you could enter the gaming world just for investment purposes – the number of available gaming tokens out there is rapidly expanding and increasing in value, so they could be a great addition to your holdings’ portfolio.
What are the risks?
As it is only normal for any digital investment, crypto gaming does come with downsides. The access barriers characteristic of games like Axie Infinity, the risk of losing your NFTs and tokens (if you fall victim to a cyberattack, for example, and the ever-present volatility of assets are some prominent disadvantages in this regard. So, if you try your hand at playing Axie Infinity, be sure to purchase the three Axes required to get started. An Axis price is approximately $100, so ensure you don’t invest more than you can afford.
Is it worth your time?
In other news, crypto gaming may be worth your time, especially if you’re here for the overall experience. And since the crypto gaming market is expected to improve in terms of both functionality and diversity, it might be worth a try.
So, what do you think? Are you in?