How To Earn With Play-to-Earn: Basics of Hottest Crypto Trend Right Now

How To Earn With Play-to-Earn: Basics of Hottest Crypto Trend Right Now

By GetBlock | GetBlock | 5 Apr 2022


Play-to-Earn or GameFi protocols became mainstream in Q3-Q4, 2021 - and euphoria around them still gains steam.

Play-to-earn (blockchain games, decentralized gaming, and so on) is among the most eccentric technical developments of the Web3 era. It bridges blockchain-based systems and online gaming and unlocks impressive opportunities for passive income.

What is Play-to-Earn?

Play-to-Earn (P2E) should be referred to as a class of on-chain protocols that integrate financial elements into gamified designs. Most commonly, such games also leverage non-fungible tokens as an instrument of ownership for in-game assets and territories.

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That’s how Play-to-Earn games look like // Image by The Sandbox

Largely, first-gen Play-to-Earn platforms represent primitive MMORPGs or arcades; also, some shooters and simulators were released by GameFi devs in 2021-2022.

While the majority of Play-to-Earn (P2E) protocols represent novel designs and plots (like majors Axie Infinity and Decentraland), some of them supercharge legendary Web2 games with blockchain-based instruments: e.g. ERTHA GameFi is inspired by Heroes of Might and Magic.

Some of the most advanced Play-to-Earn protocols call themselves ‘Metaverse’ hinting at an immersive experience that goes far beyond online gaming.

Why are Play-to-Earn protocols popular?

First, some of them released truly amazing and captivating gameplays. The user experience of flagship Play-to-Earn products is almost equal to that of mainstream mobile games.

Then, Play-to-Earn protocols unlock massive opportunities for passive or semi-passive income. They are of particular importance for citizens of emerging economies: Play-to-Earn communities (so-called Gaming Guilds) amassed hundreds of thousands of people in the Philippines.

Last but not least, rocketing popularity of the Play-to-Earn segment should be attributed to a corporate-driven aggressive promotion of metaverses.

Play-to-Earn 101 by GetBlock: Three easiest ways to earn in P2E

There are a plethora of ways to earn in Play-to-Earn ecosystems. One may choose the most suitable method for him/her depending on his/her level of skills in blockchain, gaming, and trading.

For traders: Buy P2E tokens low, sell high

The majority of Play-to-Earn games and gaming ecosystems have issued native cryptocurrency tokens. These tokens are the backbone elements of their tokenomical structures as they serve as payment methods, governance instruments, collaterals, and so on.

As we have already reported in GetBlock, some gaming tokens are rallied 1000% and even more. MANA, AXS, GALA, SAND, SLP are among the best performers in the segment.

How to find P2E tokens? Check the corresponding category on Coinmarketcap.

For gamers: Join tournaments and challenges

Many Web2 gamers moved to the Play-to-Earn segment, lured by high rewards and generous prizes for their participation in tournaments and competitions.

Sometimes, this participation can look more like betting: to join the tournament with a randomized outcome, people should ‘stake’ cryptocurrency or buy entry tickets. The winner often takes the stakers of his/her competitors.

For blockchain enthusiasts: Trade in-game NFTs

Play-to-Earn ecosystems tokenize in-game equipment (tanks, weapons, cars, and so on) as well as the plots of virtual land. These assets are available as NFTs; they are subject to rapid price fluctuations and therefore can bring good ROI.

As we covered in our GetBlock's Day in Crypto #12, Axie Genesis Plot, a premium territory in the world of Axie Infinity (AXS) game, was sold for 550 Ethers or $2,460,000 at the time of trade.

Weapons and armory for in-game battles are available at 0.01-0.1 BNB so there are a lot of opportunities even for low-budget investors.

Bottom line

 

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