David Morey 
Not so long ago, video games were designed with the sole purpose of allowing players to escape into fantastic digital worlds. Today, a new kind of game has arrived to shake things up and blur the lines between the concepts of play and income generation. The meteoric rise of crypto gaming within the past few years has opened up a whole new frontier for gamers and investors alike.
To explore how crypto gamers can combine a love for gaming with a desire to boost their bottom line, let’s delve into the fascinating world of play-to-earn blockchain games and examine how they can potentially increase a person’s income.
Crypto Games And Bitcoin Casinos: What’s The difference?
Before exploring the new frontier that is crypto gaming, it’s valuable for newcomers to understand that crypto games are different from crypto casinos in a number of ways. Crypto casinos closely resemble regular online casinos a player might enjoy today. Unlike normal online casino platforms, they offer gamers chances to wager their crypto funds on familiar games like slots, poker and blackjack.
Crypto casinos offer other benefits too. For gamblers, their appeal has everything to do with blockchain-powered features including lightning-fast blockchain transactions, enhanced anonymity, provably fair games and potentially lower fees compared to traditional sites. Some of the most popular crypto casinos will offer many of these features, along with attractive bonuses, if players know where to look.
If a person is interested in crypto gambling, they should ensure they choose a site that prioritizes player safety. Licensed casinos with transparent fair play policies and verified Random Number Generators are often the best choice for newcomers. It’s important to note that individuals engaging with crypto casinos should play responsibly and never bet more that they are willing to lose. Casinos should be seen as spaces that provide entertainment only.
On the other hand, crypto games offer players an experience that’s more similar to regular video games. They go beyond the flashing lights of Bitcoin casinos to offer adventures where individuals have the opportunity to own their gear, their land, and even their companions as valuable NFTs. With crypto games like Axie Infinity or Decentraland, players can sell or rent their hard-won items, land, and assets to other players for passive income.
Understanding Play-To-Earn
Recent reports on the blockchain gaming industry suggest that the sector has 34% industry share. This metric is promising because it proves the industry has shown significant growth and sustained popularity in a very short amount of time. Unlike traditional titles, where most in-game items hold no actual monetary value, P2E games make use of blockchain technology to give players a chance to own and sell the valuable NFTs they earn.
The ability for gamers to own assets outright unlocks a treasure trove of income-generating potential:
- NFT Trading: Player-owned NFTs can be bought and sold on dedicated marketplaces, much like physical collectibles. Skilled and dedicated players have the chance to earn additional income by earning, crafting, and trading these NFTs to others.
- Direct Earnings: A growing amount of P2E games are rewarding players with the game’s own cryptocurrency for playing, completing quests or winning battles. These assets, coins or tokens can be exchanged for fiat currencies on cryptocurrency exchanges.
- Passive Income: Some popular P2E games allow players to stake their earned assets within the game’s economy. Players can lock their assets for an amount of time in exchange for regular rewards, creating a passive income stream.
- Guild Participation: Connecting with play-to-earn guild allows crypto gamers to cooperate and share resources, which can increase their earning potential.
Crypto Games Should be Approached With Caution
Crypto games aren’t perfect, and potential players should keep in mind that cryptocurrencies aren’t known for being stable. Some games also use special, native cryptocurrencies within their digital ecosystems. Some of these coins might not be supported by many of the most popular crypto exchanges. For these reasons, it’s important to consider the risks involved before choosing to invest time or money into any crypto game.
In order to stay safe, it’s a good idea to do lots of research first. Don’t simply jump into the first game that pops up on an internet search. Read a variety of player reviews, watch a handful of gameplay videos, and consider investing a small amount in a few different crypto games at first to spread out potential risk.
While the potential for income from gaming might be exciting, it’s important to approach crypto games with some caution:
- Volatility Risk: Cryptocurrencies are notoriously volatile, and the value of in-game assets can shift significantly at short notice. Players should prepare for potential losses when deciding to include crypto game earnings into a financial plan.
- Time Investment: Like many other income-generating activities, success in play-to-earn games often forces players to invest significant amounts of both time and effort. Don’t expect overnight riches.
- Technical Barrier: Blockchain technology and crypto concepts can be confusing and complicated. Players should take time to learn as much as possible before diving in.
Crypto gaming presents an interesting glimpse into a future where entertainment and income generation come together. While some significant risks and barriers exist currently, the potential for players is undeniable. Anyone looking for a fun and potentially lucrative way to spend their time can consider the exciting world of play-to-earn games if they do thorough research and invest responsibly.
